Union IT Minister Ashwini Vaishnaw Announces WAVES Summit in Goa

The Ministry of Information Broadcasting will organize the first edition of the World Audio Visual & Entertainment Summit (WAVES) from November 20-24, 2024. The summit will be hosted in Goa in collaboration with the State Government of Goa.

Key Announcements

Speaking with reporters, Union IT Minister Ashwini Vaishnaw said, “The Media and Entertainment industry is a major source of employment, currently providing jobs to approximately 25 lakh people. In recent years, the industry has experienced significant structural changes, driven largely by advancements in technology. To address these changes and boost employment, WAVES is being organized in Goa. This global summit, held alongside the International Film Festival of India (IFFI), aims to create substantial job opportunities and will serve as a significant employment generator in the country.”

Support from Goa

Welcoming the move, Pramod Sawant, Chief Minister of Goa, said, “I welcome the decision made by the Ministry. We have been hosting the IFFI for the last 20 years. We are committed to making the WAVES summit successful.”

Industry Impact

According to the Ministry of Information and Broadcasting, the global Media & Entertainment (M&E) industry, covering Films, TV, Broadcast, Print, Radio, News, Advertising, Animation, VFX, Gaming & E-sports, Music, and LIVE events, reached a revenue of USD 2.32 trillion in 2022, showing significant growth. India’s market size is currently USD 26.2 billion but has the potential to expand its share of the global market.

“WAVES will emerge as a pivotal forum, fostering dialogue, trade collaboration, and innovation within the evolving M&E industry landscape. It will convene industry leaders, stakeholders, and innovators to explore opportunities, tackle challenges, attract trade to India, and shape the sector’s future,” according to a document by the Ministry.