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Indian Media and Entertainment Sector Set to Reach ₹3.08 Trillion by 2026, Despite Slower Growth in 2023

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The Indian media and entertainment sector, valued at ₹2.3 trillion in 2023, is poised for significant growth in the coming years, according to the annual media and entertainment (M&E) report by Ficci and consulting firm EY. Despite facing challenges such as a slowdown in advertising during the first half of 2023, the sector is expected to grow at a compound annual growth rate (CAGR) of 10% to reach ₹3.08 trillion by 2026. In 2023, the sector witnessed a growth of ₹17,300 crore, which was significantly lower than the ₹37,100 crore growth recorded in 2022. This slowdown was primarily attributed to headwinds in advertising. However, except for television, all segments of the M&E sector experienced growth. New media, including digital and online gaming, emerged as the fastest-growing segment, contributing ₹12,200 crore to the total growth. As a result, the contribution of new media to the M&E sector increased from 20% in 2019 to 38% in 2023. The M&E sector is projected to grow by 10.2% in 2024, with various segments reaching significant milestones. Television, digital media, filmed entertainment, and animation and VFX are estimated to touch ₹71,800 crore, ₹75,100 crore, ₹20,700 crore, and ₹13,200 crore, respectively. At the Ficci Frames event held in Mumbai, the report highlighted specific trends in different segments. Television advertising experienced a decline of 6.5% due to reduced spending by gaming and direct-to-consumer (D2C) brands. However, subscription revenue saw growth after three years of decline, driven by price increases. Print media continued to thrive, with advertising revenues growing by 4% in 2023. Subscription revenues also saw a 3% increase, indicating the resilience of print as a medium for affluent and non-metro audiences. Digital advertising grew by 15% to reach ₹57,600 crore, representing 51% of total advertising revenues. However, digital subscription growth slowed to 9%, as premium cricket properties such as the Indian Premier League (IPL) became available for free. The online gaming segment witnessed a growth slowdown to 22% in 2023, reaching ₹22,000 crore. Real money gaming accounted for 83% of segment revenues, with over 90 million gamers paying to play. The film segment grew by 14% to reach ₹19,700 crore, with theatrical revenues reaching an all-time high of ₹12,000 crore. However, the rise in box office was mainly due to increasing ticket prices, as footfalls remained below pre-pandemic levels. Animation and VFX experienced a modest growth of 6% in 2023, impacted by global supply chain disruptions. Potential mergers and falling ad revenues also affected the production of animated content for broadcast in India. Despite the challenges, industry experts remain optimistic about the future of the Indian M&E sector, emphasizing the enduring appeal of traditional media alongside the rapid growth of digital platforms. With evolving consumer preferences and technological advancements, the sector is poised for continued expansion in the years to come.

Indian Media and Entertainment Sector Set to Reach ₹3.08 Trillion by 2026, Despite Slower Growth in 2023 Read More »

Vodafone Idea Launches Vi Movies and TV App for Comprehensive Entertainment

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Vodafone Idea has unveiled a new all-in-one entertainment app, catering to the telco’s subscribers with a plethora of over-the-top (OTT) content and live TV. The app boasts access to more than 13 OTT platforms and over 400 live TV channels, complemented by complimentary access to various content libraries. Priced at Rs 202 for prepaid users and Rs 199 for postpaid users, the subscription to the app aims to streamline the viewing experience by offering one subscription for multiple platforms. Dubbed as Vi Movies and TV, the app provides access to leading OTT platforms like Disney+ Hotstar, SonyLiv, Manorama Max, NammaFlix, Klikk, Chaupal, and Playflix, among others. Additionally, users can enjoy access to TV channels such as Discovery, Aaj Tak, Republic Bharat, ABP, and India Today, along with complimentary content libraries from Shemaroo and Hungama. Accessible across smartphones, smart TVs, and the web, the app enables users to simultaneously stream two content feeds on all OTT platforms. Avneesh Khosla, Chief Marketing Officer at Vi, highlighted the significance of the app in today’s content landscape, stating, “India is watching content like never before – multiple formats, multiple subscriptions, and multiplying hours on the screen every day. However, this unlimited choice also brings fatigue and complexity. We take immense pride in announcing Vi Movies & TV – one app, one subscription with the best of OTTs and TV content. We are committed to providing an entertaining experience to our consumers by empowering them to access entertainment in a simple, affordable, and accessible way. We will soon add new partners and more curated options for ease of choice for our viewer.” With its comprehensive offering and user-friendly interface, Vi Movies and TV app aims to redefine the entertainment experience for its subscribers, providing them with a seamless and engaging platform to enjoy their favorite content.

Vodafone Idea Launches Vi Movies and TV App for Comprehensive Entertainment Read More »

Karnataka Health Minister Accuses Centre of Disrupting Anti-TB Drug Supply

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Karnataka’s Health Minister, Dinesh Gundu Rao, has voiced concerns over interruptions in the supply of anti-tuberculosis (TB) drugs by the Central government. Rao highlighted the critical shortage of medications, putting the lives of over 80,000 TB patients at risk annually in the state. Expressing dismay over the lack of adequate drug quantities, Rao emphasized the detrimental impact of delayed communications and directives from the Union Government, especially during the model code of conduct period. He urged immediate action to rectify the situation, stressing that neglecting people’s health amid electoral considerations is unjustifiable. Rao’s assertions come amidst accusations of “stepmotherly treatment” towards Karnataka by the Centre regarding funding for various development projects, particularly in drought-affected regions. State Deputy Chief Minister DK Shivakumar also criticized the Centre for not providing the mandated extra 50 days of work under the MGNREGA program for drought-hit taluks, despite repeated appeals from state officials. Shivakumar underscored the urgency of addressing these issues, pointing out the legal obligation to provide additional support during times of crisis. Despite appeals to Union Ministers, including the Prime Minister and Home Minister, Shivakumar lamented the lack of financial assistance for drought relief efforts in Karnataka.

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Argentina’s President Plans Mass Government Job Cuts

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Argentina’s President, Javier Milei, has announced plans to terminate the employment of 70,000 government workers as part of his aggressive measures to trim the bloated state apparatus. While representing a fraction of the country’s 3.5 million public sector employees, Milei’s sweeping actions have ignited concerns and protests from powerful labor unions. In addition to the massive job cuts, Milei has initiated a freeze on public works projects, reduced funding to provincial governments, and discontinued over 200,000 social welfare programs, citing corruption. These moves align with his overarching goal of achieving fiscal equilibrium amidst soaring inflation rates, which have eroded wages and pensions by 276% annually. Addressing the IEFA Latam Forum in Buenos Aires, Milei emphasized the need for drastic measures to combat economic challenges, likening his approach to wielding a “chainsaw” to address the nation’s fiscal woes. However, Milei’s austerity measures have sparked backlash, with some labor unions staging strikes in protest. Private sector workers have also experienced significant wage losses since Milei assumed office in December, according to government reports. Responding to Milei’s announcement, the leader of the state workers union ATE declared a national strike, signaling growing discontent among labor groups. Despite the contentious nature of his policies, Milei highlighted growing public optimism about Argentina’s economic prospects. He cited polls indicating increased confidence in the government’s ability to address economic issues, suggesting that his measures are viewed favorably by the populace. While Milei remains resolute in his pursuit of fiscal stability, the pushback from labor unions and the broader implications of his austerity measures on Argentina’s workforce and economy remain subjects of intense debate and scrutiny.

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NCERT to Introduce New Textbooks Only for Classes 3 to 6, CBSE Informs Schools

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The Central Board of Secondary Education (CBSE) has conveyed to its affiliated schools that the National Council of Educational Research and Training (NCERT) will introduce new syllabi and textbooks exclusively for classes 3rd to 6th for the academic year 2024-25, starting from April 1. This update comes via an official communication from the CBSE to school heads. According to the communication, NCERT is currently developing new syllabi and textbooks for classes 3 to 6, aligning with the new national curriculum framework for school education (NCF-SE) 2023, as part of the implementation of the National Education Policy (NEP) 2020. The CBSE advises schools to transition to these new syllabi and textbooks for classes 3 and 6, replacing those published by NCERT until 2023. NCERT is also working on a bridge course for class 6 and concise guidelines for class 3 to facilitate a smooth transition for students, introducing them to new pedagogical practices and areas of study aligned with NCF-SE 2023. These resources will be disseminated to schools online once they are received from NCERT. Furthermore, the CBSE will organize capacity-building programs for school heads and teachers to familiarize them with the new teaching-learning perspectives envisioned in NEP-2020. However, there will be no alterations in the curriculum and textbooks for other classes for the academic year 2024-25. The board has advised schools to incorporate methodologies such as Multilingualism, Art-Integrated Education, Experiential Learning, and Pedagogical Plans, as recommended in NCF-SE 2023, wherever feasible. It emphasizes adherence to guidelines concerning content, pedagogical strategies, assessment methodologies, and other pertinent areas communicated by the Board. This development follows NCERT’s rationalization of syllabi for classes 6 to 12 in 2022 to reduce the content load on students amidst the Covid-19 pandemic. While the rationalization aimed to streamline curriculum delivery, it sparked political controversy over alleged selective omission of historical topics.  

NCERT to Introduce New Textbooks Only for Classes 3 to 6, CBSE Informs Schools Read More »

Tech Mahindra Plans Merger of Two US-Based Subsidiaries to Enhance Operational Efficiency

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Tech Mahindra, a prominent IT services and consulting company, has announced its intention to merge two of its wholly-owned subsidiaries, Born Group and Tech Mahindra (Americas). The move aims to streamline business operations, optimize costs, and mitigate compliance risks. The merger proposal, subject to regulatory approvals in the respective countries of incorporation, sets April 1, 2024, as the appointed date. This strategic decision, approved by both entities on March 22, 2024, signifies a consolidation of resources and capabilities within the Tech Mahindra ecosystem. Born Group, specializing in brand strategy and visual design for digital and physical products in the US market, and Tech Mahindra (Americas), offering computer consulting and IT management services, will align their operations to capitalize on synergies and enhance overall efficiency. Tech Mahindra (Americas) serves as a significant subsidiary of Tech Mahindra Ltd, with Born operating as a wholly-owned subsidiary of TMA. The consolidated turnover for the financial year ending March 31, 2023, stands at USD 55.08 million for Born and USD 1,201.37 million for TMA, according to regulatory filings. The merger is anticipated to result in operational synergies, cost optimization, and reduced compliance risks, leveraging the complementary nature of Born and TMA’s businesses. Notably, there will be no cash consideration or issuance of new shares as part of the merger process. The investment of TMA in Born will be nullified upon the merger’s completion. Despite the merger, the shareholding pattern of Tech Mahindra will remain unaffected, ensuring continuity in ownership structure.  

Tech Mahindra Plans Merger of Two US-Based Subsidiaries to Enhance Operational Efficiency Read More »

Central Government Employees Anticipate Pay Hike and Arrears on March 30: 7th Pay Commission Updates

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Central government employees are eagerly awaiting potential salary increases and arrears, with reports suggesting that they might receive them on March 30, a day earlier than usual, due to March 31 falling on a Sunday. However, the Reserve Bank of India (RBI) has instructed banks to operate on March 31, despite it being a non-working day, as it marks the end of the financial year. The increase in salaries is linked to the dearness allowance (DA) for employees and pensioners, calculated based on the latest Consumer Price Index for Industrial Workers (CPI-IW) data. The increment follows the accepted formula recommended by the 7th Central Pay Commission. Earlier this year, the government approved a 4 percent rise in DA, effective from January 2024, bringing it up to 50 percent. This elevation in DA triggers corresponding increases in House Rent Allowance (HRA) and various special allowances, benefiting millions of central government employees and pensioners. The last increase in DA occurred in October 2023, when it rose from 42 percent to 46 percent, benefiting nearly 49 lakh central government employees and over 67 lakh pensioners. Additionally, the government had approved Diwali bonuses for certain officials, setting a limit for non-productivity linked bonuses. The anticipation of salary hikes and arrears reflects the government’s commitment to enhancing employee welfare, particularly during a challenging economic period.

Central Government Employees Anticipate Pay Hike and Arrears on March 30: 7th Pay Commission Updates Read More »

Global Health Crisis Updates: Yemen, Somalia, OCHA Chief’s Resignation, Haiti Insecurity Continues

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Amid mounting health crises worldwide, urgent responses are underway to address pressing challenges affecting vulnerable populations. Here are the latest developments: Yemen Healthcare Crisis: In Yemen, nearly 18 million people, including 2.4 million children, urgently require medical assistance, according to the UN health agency (WHO). The ongoing conflict has led to a decline in international support, leaving communities increasingly vulnerable to adverse conditions exacerbated by climate change. Natural disasters, such as heavy rains and flash-flooding, have triggered new displacements, affecting millions, with women and children bearing the brunt of the crisis. However, funding for WHO activities has seen a significant decline in recent years, posing a threat to essential health services. Despite challenges, WHO continues to operate therapeutic feeding centers and provide vital assistance to those in need. Cholera Outbreak in Somalia: In Somalia, a deadly cholera outbreak has claimed nine lives in the past week and over 50 in recent months, according to UN aid teams. The disease is rapidly spreading, particularly in high-risk districts along river basins. With the onset of the Gu rains expected to exacerbate the situation, urgent measures are required to mitigate its impact. Cholera outbreaks are exacerbated by malnutrition, poor sanitation, and limited access to clean water, disproportionately affecting children under five. Efforts to combat the outbreak include the approval of cholera vaccine doses and prepositioning of essential supplies across the country. OCHA Chief’s Resignation: Martin Griffiths, the Under-Secretary-General for Humanitarian Affairs, has announced his resignation due to health reasons. Griffiths, who led the Office for the Coordination of Humanitarian Affairs (OCHA), played a pivotal role in advocating for life-saving aid and mobilizing resources to address humanitarian crises worldwide. His resignation comes at a critical juncture, highlighting the ongoing challenges faced by humanitarian organizations in providing assistance to vulnerable populations globally. Haiti Insecurity Continues: In Haiti, violence and insecurity persist, disrupting aid operations and hindering access to healthcare facilities. Less than half of health facilities in the capital, Port-au-Prince, are functioning at their normal capacity, exacerbating the humanitarian crisis. Rampant gang activity and human rights abuses have further destabilized the situation, forcing facilities like the Bernard Mevs hospital to suspend operations due to security concerns. Despite these challenges, humanitarian agencies continue to provide essential services and assistance to displaced populations. These developments underscore the urgent need for sustained international support and coordinated efforts to address the complex health and humanitarian challenges facing these regions.

Global Health Crisis Updates: Yemen, Somalia, OCHA Chief’s Resignation, Haiti Insecurity Continues Read More »

Princess Kate Announces Cancer Diagnosis: A Story of Courage and Resilience

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In a poignant and courageous announcement, Catherine, the Princess of Wales, revealed in a heartfelt video message the discovery of cancer following her recent abdominal surgery. Facing widespread speculation about her health and controversy over doctored images, the 42-year-old princess shared that she is now undergoing preventative chemotherapy on the advice of her medical team. The news, which came after months of public scrutiny and silence from Kensington Palace, shed light on the princess’s journey towards healing and resilience. With her characteristic grace and strength, Kate expressed gratitude for the outpouring of support from well-wishers worldwide, while emphasizing the importance of privacy and family during this challenging time. In her message, Kate underscored the shock of her diagnosis and the subsequent efforts to process and manage the news for the sake of her young family. With unwavering support from her husband, Prince William, and the love of her children, George, Charlotte, and Louis, she navigates the complexities of treatment and recovery with courage and determination. The announcement also sparked conversations about cancer awareness and early detection, as medical experts weighed in on the significance of preventative chemotherapy in Kate’s case. Despite the uncertainty surrounding her diagnosis, the princess’s resilience and optimism serve as a beacon of hope for those facing similar challenges. As messages of support pour in from across the globe, the royal family rallies around Kate, offering words of encouragement and solidarity. With her strength and grace, she reminds us all of the power of resilience and the importance of facing adversity with courage and determination. Her story serves as a testament to the indomitable spirit of the human heart and the enduring power of hope in the face of adversity. In the midst of uncertainty, Kate’s unwavering courage and resilience shine brightly, inspiring us all to embrace each day with hope, gratitude, and unwavering determination.

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NVIDIA Healthcare Launches Generative AI Microservices to Advance Drug Discovery, MedTech, and Digital Health

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NVIDIA has unveiled over two dozen new microservices aimed at empowering healthcare enterprises worldwide to leverage the latest advancements in generative AI across drug discovery, medical technology (MedTech), and digital health. These microservices, available on every NVIDIA DGX Cloud, enable healthcare organizations to harness the power of generative AI from any location and on any cloud platform. The suite of NVIDIA healthcare microservices comprises optimized NVIDIA NIM™ AI models and workflows equipped with industry-standard APIs. These microservices serve as foundational elements for developing and deploying cloud-native applications, offering capabilities in advanced imaging, natural language processing, speech recognition, and digital biology generation, prediction, and simulation. Moreover, NVIDIA has made available accelerated software development kits and tools, including Parabricks®, MONAI, NeMo™, Riva, and Metropolis, as NVIDIA CUDA-X™ microservices. These tools accelerate healthcare workflows, spanning drug discovery, medical imaging, and genomics analysis. The deployment of these microservices marks a significant milestone in transforming healthcare, enabling pharmaceutical companies, physicians, and hospitals to capitalize on generative AI for various applications. This includes screening vast libraries of drug compounds, enhancing patient data collection for early disease detection, and implementing intelligent digital assistants. NVIDIA’s Vice President of Healthcare, Kimberly Powell, highlighted the transformative potential of generative AI in revolutionizing drug discovery, stating, “For the first time in history, we can represent the world of biology and chemistry in a computer, making computer-aided drug discovery possible.” The suite of healthcare microservices includes NVIDIA NIM, which provides optimized inference for various models across imaging, MedTech, drug discovery, and digital health domains. These models enable generative biology, chemistry, and molecular prediction. Additionally, a collection of models for drug discovery, such as MolMIM for generative chemistry and ESMFold for protein structure prediction, are included. Various industry leaders and application providers are already leveraging these microservices to advance healthcare. Companies like Amgen and Abridge are utilizing generative AI to enhance drug discovery processes and clinical interactions, respectively, demonstrating the broad impact and potential of these technologies in transforming patient care and medical research. Developers interested in experimenting with NVIDIA AI microservices can access them at ai.nvidia.com, while production-grade NIM microservices are available through NVIDIA AI Enterprise 5.0. These services can be deployed on NVIDIA-Certified Systems™ and leading public cloud platforms, including Amazon Web Services (AWS), Google Cloud, Microsoft Azure, and Oracle Cloud Infrastructure, as well as on NVIDIA DGX™ Cloud.

NVIDIA Healthcare Launches Generative AI Microservices to Advance Drug Discovery, MedTech, and Digital Health Read More »