Cyrus John, Editor, Emerging Tech, India Today Group
The Indian media and entertainment industry is one of the fastest-growing media industries in the world. Its growth has been largely driven by increasing digitalisation and high internet usage over the past decade. The rapid evolution of technology has transformed media and entertainment into an experience-led industry. All in all, the sector is on a growth trajectory and is presenting stakeholders with a plethora of opportunities. Cyrus John, editor, Emerging Tech, India Today Group, shares his views on how new technologies such as artificial intelligence (AI), machine learning (ML), AR/VR and metaverse are transforming the media and entertainment space in India, their deployment status and the way forward…
What are the digital trends shaping the media and entertainment industry? What are the various ICT solutions being deployed by enterprises in the sector?
Currently, a lot of focus is still being directed at mobile devices for information dissemination. Since 4G-enabled mobile devices have penetrated even Tier 2 and Tier 3 cities in India, a majority of publications are pivoting towards creating mobile-friendly content. This also opens a window to the possibility of exploring the metaverse as developers are creating the Web 3.0 ecosystem as device agnostic. Since mobile phones are more affordable as compared to many of the virtual reality (VR) devices in the market, content creators are also looking at developing VR content that can be easily consumed on mobile devices. Eventually, creators will learn to leverage AI and advanced content creation tools as the focus will shift to Web 3.0 where most of the media consumption will be via devices that support AR and VR.
How has been the sector’s response to new-age technologies such as AI, ML, IoT, AR/VR, etc.?
I am seeing a lot of development in the field of AR/VR, AI and ML in India, especially with the buzz of the metaverse and Web 3.0 in the air. As big brands like Nike, Coca-Cola and even J.P Morgan have begun to showcase their products on the metaverse, smaller companies are looking to follow suit with non-fungible token (NFT) integrations for some of their products. The media has been proactive in covering these developments and communicating the same to consumers. Since this form of new-age technology is still in its nascent stage, it will be a while till its mass adoption takes place. I believe that the next 10 years are going to be crucial for the development of the metaverse, Web 3.0 and emerging technologies.
How will the rising adoption of metaverse impact the way content is produced, aggregated, distributed and consumed in the media and entertainment sector?
The metaverse is being touted as the next version of the internet which is why we will need to develop technologies that are compatible with the ecosystem. As the adoption of metaverse technologies rises, different companies and the media will have to develop AR/VR-friendly content. This also implies that more investments will have to be made in terms of acquiring hardware and technologies that help create better VR content. Just like Meta has invested more than $10 billion on a separate division to work on metaverse technologies, similarly, companies wanting to create content in this space will have to set aside a portion of their earnings to invest in emerging technologies if they want to stay relevant in the future. Since this would be an expensive proposition, I feel that it will take time for various stakeholders to adopt these technologies but that is certainly the way ahead.
What, according to you, could be the possible impediments hampering technology adoption in the sector?
Take the example of blockchain technology here. Its adoption worldwide is currently being plagued by the antagonistic sentiment toward cryptocurrencies. Somehow, there are people who believe that crypto and blockchain are the same, which is not the case. There needs to be proper education in this sector for emerging technologies to thrive. Industries need to be educated about the benefits as well as the risks involved so that they can take better investment decisions. Also, there need to be more stringent policies to eradicate bad actors in the emerging tech space. If regulation can get the job done then so be it. These hindrances need to be taken care of without compromising on the opportunity for the technology to thrive, co-exist and nurture with the current ecosystem.
Going forward, what are the three key technology trends to watch out for in the media and entertainment sector?
Three key technologies that could see growth in the media and entertainment sector are the adoption of VR streaming, 5G and the metaverse. Since consumption of VR content has been on a rise with big tech giants like Meta and Apple pushing for VR hardware, don’t be surprised if these platforms start producing and offering VR content in the days to come. Also, high-speed internet is quintessential for the success of emerging tech which is why 5G deployment and adoption will play a key role. And last but not the least, advertising and brands are slowly venturing into the metaverse to leverage some of the opportunities it has to offer. I feel the metaverse is going to play a pivotal role in reshaping advertising and media consumption in the next 5-10 years.
