Global media magnate James Murdoch has called for the digitization of infrastructure to unlock the potential of India's creative sector and underlined the need for ensuring that India's creative market is competitive at home.
Murdoch said that digitization and competition had the prospects of raising the size of India's media and entertainment sector from US$ 15 billion to US$ 120 billion. "Viewers deserve choice. In a vast and diverse country like India, no channel can try to be everything to everyone, and yet the prevailing regulatory system forces channels to adopt a uniform
ad-dependant business model," Murdoch pointed out.
James Murdoch, Chairman and Chief Executive of News Corporation (Europe and Asia), a conglomerate that also includes Fox Star India, was delivering his keynote address on the inaugural day of media and entertainment convention, FICCI FRAMES 2011, in Mumbai, on 23rd March.
"For the creative sector, digital infrastructure will allow the right incentives for a more diverse and dynamic industry", Murdoch added. This can be done through the market by accelerating the liberalization of rules with respect to investment, content, distribution, and innovation. "Give the new generation of Indians the incentives they need to encourage their talent. Allow them to reap the rewards of their success and enterprise. Encourage them as they build a creative sector that reflects the passions and energies and beauty of this incredible nation. If we do, we will find not only that India will have changed, but India will be changing the world," Murdoch concluded.
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