Prime Minister (PM) of India Narendra Modi inaugurated India’s first-of-its-kind World Audio Visual and Entertainment Summit, WAVES 2025, at the Jio World Centre in Mumbai, Maharashtra. The four-day event, organised by the Ministry of Information and Broadcasting (MoI&B) in collaboration with the Government of Maharashtra(GoM), held from May 1-4, 2025.
- WAVES 2025 was held under the tagline “Connecting Creators, Connecting Countries.” The summit showcased areas like films, Over-The-Top (OTT) platforms, gaming, animation, Artificial Intelligence (AI), and Animation, Visual Effects, Gaming, Comics – Extended Reality (AVGC-XR), highlighting India’s growing strength in entertainment and emerging tech.
- The summit witnessed participation from over 10,000 delegates representing more than 90 countries. It aimed to unlock a USD 50 billion market by 2029.
Highlights of WAVES 2025:
PM Narendra Modi Releases Commemorative Stamps Honouring Icons of Indian Cinema:
During the WAVES 2025, PM Narendra Modi released special postage stamps to honour five great personalities of Indian cinema.
- These included filmmaker Guru Dutt, director Raj Khosla, filmmaker Ritwik Ghatak, actress P. Bhanumathi and music composer Salil Chowdhury.
Note: On May 3, 1913, India’s first feature film, Raja Harishchandra, was released., directed by Dadasaheb Phalke, who is known as the father of Indian cinema.
First Global Media Dialogue(GMD):
At WAVES 2025, the MoI&B organised the Global Media Dialogue (GMD) for the first time, with the support from the Ministry of External Affairs (MEA) and with ministerial participation from over 50 countries. The dialogue was co-chaired by Union Minister Dr. Subrahmanyam Jaishankar,MEA, Union Minister Ashwini Vaishnaw, MoI&B and Union Minister of State (MoS), MoI&B, Dr Loganathan (L.) Murugan.
- During the GMD, 77 countries adopted the 13-point ‘WAVES Declaration’, focusing on promoting the responsible use of emerging technologies like Artificial Intelligence (AI).
- According to the declaration, Member countries pledged to promote people-to-people, culture-to-culture, and country-to-country exchanges by championing media and entertainment as channels for dialogue.
WAVES Bazaar:
The summit also featured the WAVES Bazaar, a global e-marketplace with over 6,100 buyers, 5,200 sellers, and 2,100 projects, designed to connect buyers and sellers locally and globally, creating valuable networking and business opportunities.
- The WAVES Bazaar, has secured Rs 254 crore in business deals across film, music, animation, radio, and Visual Effects(VFX) industries, with major agreements between Indian and international film industry players.
Key points:
i.During the event, the GoM signed Memorandums of Understanding (MoUs) worth Rs.8,000 crore in the media and entertainment sector.
ii.Also, the WAVEX Startup Accelerator unveiled a Rs.50 crore investment fund, designed to support and propel emerging startups within the media and entertainment industry.
Union MoS Dr. L Murugan Unveils 5 Key Reports on India’s Growing M&E Sector:
Union MoS Dr. L. Murugan,MoI&B released five reports at the WAVES 2025 Summit that offer a detailed look at India’s growing M&E industry. The reports were prepared by well-known national and international organizations.
The reports included:
1.Statistical Handbook on Media & Entertainment Sector 2024-25:
The Statistical Handbook was prepared by the MoI&B offers key data and trends to support informed policymaking in the media and entertainment sector.
2.Legal Currents: A Regulatory Handbook on India’s Media & Entertainment Sector 2025:
The handbook “Legal Currents: A Regulatory Handbook on India’s Media & Entertainment Sector 2025” by Khaitan & Co, a law firm, served as a clear legal guide for India’s media and entertainment (M &E) industry, covering key topics like content laws, incentives, gaming taxes, and AI guidelines.
3.A Studio Called India:
At WAVES 2025, a report titled “A Studio Called India” by Ernst & Young (EY), a global accounting firm based in London, United Kingdom (UK) was released, highlighting showed how India had become a major force in the global media and entertainment (M&E) sector due to its expanding digital audience, cultural richness, and strong production capabilities.
Key Points from the Report:
i.India produced around 200,000 hours of original content in 2024, which included 1,600 films, 2,600 hours of premium OTT content, and 20,000 original songs—making it one of the top content producers globally. India hosted over 30,000 live events in 2024,
ii.In 2024, digital media became the largest segment of India’s M&E industry, generating over Rs 800 billion (around USD 9.4 billion) and making up 32% of total sector revenue.
iii.Indian content became globally popular, drawing 25% of OTT views from outside the country, with 40% to 60% lower Animation and visual effects (VFX) costs and a skilled workforce.
4.BCG Report :From Content to Commerce: Mapping India’s Creator Economy:
i.The report, “From Content to Commerce: Mapping India’s Creator Economy,” prepared by Boston Consulting Group (BCG), headquartered in Boston, Massachusetts(United States of America, USA), highlights the rapid growth of India’s creator economy in the digital age.
ii.As per the report, India, home to 2 to 2.5 million active digital creators, has become one of the fastest-growing creator ecosystems globally, influencing over USD 350 billion in annual consumer spending, a figure projected to exceed USD 1 trillion by 2030.
5.Whitepaper on India’s Live Events Industry: Rising Tourism and Demand for Premium Experiences:
i.The Whitepaper on India’s Live Events Industry highlights a 15% year-on-year (YoY) growth, with the sector generating Rs 13 billion in revenue in 2024.
ii.It highlights that nearly half a million fans now travel between cities for events, driving the growth of event-based tourism and increasing demand for premium experiences.
Launch of IICT for AVGC-XR Sector:
At WAVES 2025, Union Minister Ashwini Vaishnaw, MoI&B, announced the launch of the Indian Institute of Creative Technology (IICT), a National Centre of Excellence (CoE) backed by Jio Star based in Mumbai dedicated to Animation, Visual Effects, Gaming, Comics and Extended Reality (AVGC-XR).
- This initiative was developed by MoI&B in collaboration with the New Delhi (Delhi)-based Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) also based in New Delhi.
About Indian Institute of Creative Technology (IICT):
i.Initially, IICT will offer seven specialized courses across various AVGC-XR domains. Plans are underway to expand the curriculum to over 35 courses in the coming years, catering to all segments of the AVGC-XR sector.
ii.Tech giants such as NVIDIA (USA), Google (USA), Apple (USA), Microsoft (USA), Meta (USA), Star India Private Limited (Mumbai, Maharashtra), and Adobe (USA) joined hands with the IICT to help design courses and training programs in the AVGC-XR sector.
iii.PM Narendra Modi has allocated Rs 400 crore for setting up IICT, while the land for the project has been provided by the Maharashtra government. Ten acres of land at Mumbai Film City have been identified and will be used for IICT development.
iv.The Executive Team of IICT includes Dr Vishwas Deoskar, Chief Executive Officer (CEO), Ninad Raikar, Chief Operating Officer (COO), and Shweta Verma, Lead Marketing.
vi.The GoM has launched its AVGC-XR Policy 2025 to transform the state’s tourism sector, targeting USD 240 million in investments and creating over 20,000 jobs by 2029.
Other Points:
i.The Create in India Challenge (CIC) Season 1, a flagship initiative under the World Audio Visual and Entertainment Summit (WAVES) 2025, culminated in a grand awards ceremony. The event featured 750 finalists, among whom were 43 international participants.
ii.The Bharat Pavilion at WAVES 2025 emerged as a standout attraction, offering visitors an immersive journey through India’s rich storytelling traditions under the theme “From Kala to Code.”
iii.WAVES 2025 was concluded with remarkable success, recording business transactions totaling Rs.1,328 crore across various sectors including film, music, radio, VFX, and animation.
