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Finding a mention in the budget where Finance Minister Piyush Goyal announced a series of incentives for the sector was a welcome change for the media and entertainment (M & E) industry.
In the United States, the 2019 budget had much to offer the entertainment sector as part of the shooting in India and the introduction of anti-registration provisions in the film law to fight against piracy.
Speaking to Moneycontrol, Kamal Ginachandani, CEO of PVR Pictures Ltd, said, "The big change seems to be a change in mindset with the reduction of the GST and the elimination of a one-stop shop. In addition, this discussion of stricter anti-piracy rules involves a change in mentality. The entire power of the film industry is examined in a much more positive and proactive way. "
However, this was not the case in previous budgets. Although it is one of the main sources of revenue for the government, the monitoring and evaluation sector has not caught the attention of the government. Minister of Finance in recent years.
Many industry players expressed disappointment at not even finding a mention in the 2018 budget, at the time, few had also stated that the M & S sector E would win with the strengthening of the economy.
They also claimed that other measures, such as the provision for MNREGA and allocations for the rural sector, agriculture and related sectors, were clearly going forward. affordable housing will lead to better purchasing power of citizens
The experts said that important steps had been taken to improve electrification, which would also help the industry to television. Some also appreciated the government's efforts in digitization and expected strong growth in the consumption of digital video on the higher platforms (OTT).
Last year, many OTT platforms made significant investments in the production of original content, taking into account the growth of the market. India. Some also said 2018 was a sign of the power and scale with which OTTs would operate in the country in the future.
The main expectation of the monitoring and evaluation sector in the 2017 budget was digitization. priority this year. And that helped digital media grow its business.
In 2017, digital media grew by 29.4%, with 28.8% growth in advertising and 50% in subscriptions, according to an EY report from 2018. And Digital Subscription increased by 50% in 2017.
Industry stakeholders said that Digital India would turn India into a mobile-based economy, which would lead to an increase in the number of consumers subscribing to content related to mobile phones. media and entertainment.
Video consumption, 250 million people viewed online videos in 2017, a growth of 64% over 2016.
Tax uniformity was one of the main industry's demands in the 2017 budget. However, this request has not been taken into account in this year's budget. .
The government took action to combat piracy in the 2017 budget. Finance Minister Arun Jaitley had said that the threat of piracy would be managed by the establishment of the anti-piracy teams. Rapid action to advance cybersecurity.
Budget, Jaitley announced the abolition of the Council for the promotion of foreign investment. According to experts, this decision will allow foreign studios to invest in the Indian market. This in turn will generate more employment opportunities in the entertainment and international film industry
. This decision was made at a time when more and more foreign studios are collaborating with Indian production companies. Fox, Disney and Viacom have made considerable efforts to set up shop in Bollywood.
Lionsgate collaborated with AKFC's Anil Kapoor production house for the Indian adaptation of Red .
Eros International Trinity Productions reached an agreement with Chinese companies Huaxia Film Distribution and Peabad Mountain Culture & Media to co-produce three bilingual films. These include Kabir Khan's Zoo Keeper and Love in Beijing . Tubelight is the first fruit of this strategic collaboration between India and China.
But this year, the space dedicated to entertainment was so well recognized in the budget that the acting finance minister said how much he liked watching the recent publication. Vicky Kaushal-starrer Uri: The surgical strike . He even finished his speech by asking people How is the Josh a slogan used by movie stars during promotions.
Budget of the Indian Union 2019: What does the Minister of Foreign Affairs have in mind? in general elections? Click here to see the news, views, badysis and more regarding the 2019 budget.
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