Ministry of Information & Broadcasting (MoIB) will organize first World Audio Visual & Entertainment Summit (WAVES), a global summit for the media and entertainment industry, specifically focusing on the Indian media and entertainment industry, at Goa on the sidelines of 55th International Film Festival of India (IFFI) from 20-24 November.

India is one of the largest content creators as well as consumers of media and entertainment sector. The Indian Media & Entertainment (M&E) industry is one of the fastest growing sectors of India's economy, with the second-largest online market in the world. Driven by rising incomes, the increasing availability of fast internet and low data rates, large smart phone penetration, growing consumer demand and advertising revenues, the sector is expected to reach a value of nearly USD 54 billion by 2026, up from around USD 28 billion in 2021. With favorable policy interventions, the Media and Entertainment sector will play major role in taking India's economy to achieve a USD 5 trillion economy target.

WAVES will bring M&E leaders from across the globe to one platform to discuss the issues, mechanisms and create frameworks for enhancing opportunities. The summit will include roundtable discussions among countries; cross cultural content promotion; boost AVGC industry; promote Indian IPs; enhance business opportunities for global and Indian players; showcase indian talent pool; and poise M&E as a means to genrate employment in sustainable media ecosystem.

WAVES will serve as a premier platform for industry stakeholders to delibrate and collaborate on emerging trends, innovations and opportunities in the print, digital, audio-visual and entertainment sectors. The professionals and enthusiasts working in the media and entertainment landscape would greatly benefit from engaging with WAVES. Therefore, all the relevant stakeholders including media houses, production companies, content creators and industry associations are invited to participate in WAVES.

Approach paper about the WAVES