Intellectual Property Rights

India is set to host the inaugural World Audio Visual and Entertainment Summit (WAVES) in Goa from November 20-24, alongside the International Film Festival of India (IFFI). Announced by Information and Broadcasting Minister Ashwini Vaishnaw and Goa Chief Minister Pramod Sawant, WAVES aims to position India as a global hub for the media and entertainment industry. Described as a visionary initiative by Prime Minister Narendra Modi, WAVES will focus on intellectual property rights (IPR), fostering collaboration, and driving innovation in the sector. “IP rights hold immense value in the media and entertainment sector. We are committed to strengthening the ecosystem for protecting these rights,” Vaishnaw said at the event’s curtain raiser. The summit will explore providing low-cost funding for the industry, drawing inspiration from the venture capital model. Vaishnaw emphasized that this initiative reflects the government’s broader strategy to support growth and innovation in the sector. Goa Chief Minister Pramod Sawant highlighted the rapid evolution of the industry, noting that in 2023 alone, India produced 3,000 hours of content for OTT platforms. He added that WAVES would serve as a platform for industry leaders to network, collaborate, and explore investment opportunities. With a market value of $27.5 billion, India’s media and entertainment sector is poised for substantial growth. WAVES is designed to evoke transformative ideas, facilitate knowledge sharing, and position India as a business-friendly and attractive investment destination. I&B Secretary Sanjay Jaju stated that WAVES seeks to elevate India as a global leader in the sector, fostering international partnerships and showcasing the country’s potential as a creative and economic powerhouse in media and entertainment. Source: Business Standard Photo Credit: Business Standard