"Going to be one of biggest platforms for audio-visual entertainment industry": Ashwini Vaishnaw on WAVES 2025

New Delhi [India], March 13 (ANI): Union Minister Ashwini Vaishnaw on Thursday said that the World Audio Visual and Entertainment Summit (WAVES 2025) is poised to be a game-changer for the audio-visual entertainment industry, providing a platform for creators to showcase their talents, collaborate, and drive innovation.
"This is going to be one of the biggest platforms for the audio-visual entertainment industry. CEOs and creators from all over the world will be joining," said Vaishnaw.
One of the key highlights of WAVES 2025 is the "Create in India" challenge, which has already attracted over 80,000 entries. Creative professionals will analyze these entries, providing a unique opportunity for creators to gain recognition and support.
"Create in India challenge has attracted more than 80000 entries by getting analysed by creative professionals... We are also setting up a fund of USD 1 billion in public-private partnership. The first IICT (Indian Institute of Creative Technologies) will be built in Mumbai. 400 crores have been sanctioned for it. Land has been allocated in Mumbai by the Maharashtra government. A fund is also being created under private-public fund partnership for opportunities in the creative start-up," said the Union Minister.
The summit is expected to be one of the largest gatherings of its kind, focusing on celebrating creativity, technology, and entertainment.
According to Union Minister Ashwini Vaishnaw, Prime Minister Narendra Modi will inaugurate the summit in Mumbai from May 1-4, 2025.
"The world of creativity and entertaining are changing and transforming because of the use of technology... PM Narendra Modi foresaw this, and that is why the creators' awards were organised last year. Taking that forward at a much larger scale, this year, PM Narendra Modi will be inaugurating the 1st WAVES Summit in Mumbai from 1st- 4th May," said Vaishnaw.
Lauding Prime Minister Narendra Modi ahead of the inauguration of the first WAVES Summit in Mumbai, the Union Minister said that this is going to be one of the biggest platforms for the audio-visual entertainment industry.
Ashwini Vaishnaw said, "In recent years, many movies have been created using technology. We have seen a large creative economy emerge because of the convergence of creativity and technology. The world of creativity and entertainment is changing and transforming because of the use of technology. Last year, he instituted the first Creators' Awards. PM Modi has taken this step to boost the creative economy."
India is gearing up for the inaugural World Audio Visual and Entertainment Summit (WAVES 2025), a groundbreaking event that promises to revolutionize the audio-visual entertainment industry.
"Today, ambassadors from 130 countries arrived here. They were requested to raise awareness on WAVES in their countries and participate so that the new platform for creative world. There has been good participation in the 'Create in India' challenge. More than 25 lakh people registered. After shortlisting 1000 people will be recognised," said Vaishnaw.
Maharashtra Chief Minister Devendra Fadnavis announced on Thursday that Mumbai will host the 'WAVES summit' and said that the state government is "excited to witness discussions, innovations, and the strategic alliances that will define the future of the global media landscape as we engage in this dialogue".
"We will host the WAVES summit in Mumbai. The city that never sleeps," Fadnavis said.
Fadnavis was speaking at a session on 'WAVES 2025' at Sushma Swaraj Bhawan in New Delhi.
Besides, Fadnavis Union Ministers External Affairs Minister S Jaishankar, Minister of Railways Ashwini Vaishnaw, Minister of State L Murugan, and Ambassadors and High Commissioners of Foreign Missions were also present.
Fadnavis said that India has nearly 60 OTT platforms, surpassing Southeast Asian nations and developed markets like the UK, Japan, South Korea and Australia.
"Investment in local entertainment, including scripted, unscripted and sports programming has been robust, reaching USD, 5.8 billion in 2023, " CM Fadnavis said.
He also underlined the potential of India's online video industry.
"Looking ahead, India's online video industry alone has the potential to attract USD 17 billion in investments over the next five years, significantly boosting the country's creative economy. This session offers an unparalleled opportunity for global media leaders to forge the partnership," CM Fadnavis said.
"I must say that Mumbai is ready to host the world. We are excited to witness discussions, innovations, and the strategic alliances that will define the future of the global media landscape as we engage in this dialogue," CM Fadnavis added.
In December 2024, Prime Minister Narendra Modi announced the launch of the World Audio Visual Entertainment (WAVES) Summit, saying that this is a crucial step towards making India a hub of global content creation.
He urged the young people working in the creative space to join the summit scheduled to be held next year.
"Next year, for the first time, the World Audio Visual Entertainment Summit, i.e. WAVES, is going to be organized in our country. At the WAVES summit, giants from the media and entertainment industry and people from the creative world will come to India. This summit is an important step towards making India a hub of global content creation. I feel proud to tell you that in this summit young creators are also participating in this," PM Modi said in his address during the 117th episode of 'Mann Ki Baat'.
The World Audio Visual & Entertainment Summit (WAVES) serves as a crucial platform for fostering dialogue, collaboration, and innovation within the Media & Entertainment industry.
The event aims to bring together industry leaders, stakeholders, and innovators to explore opportunities, tackle challenges, promote international trade, and shape the future of the sector. (ANI)