In 2019, at the inauguration of National Museum of Indian Cinema, prime minister Narendra Modi had expressed his wish to have a forum of global repute similar to the World Economic Forum, Davos, for India’s media and entertainment (M&E) industry. That wish became reality with the WAVES Summit in Mumbai this year.

The packed debut edition of the summit during May 1-4 was jointly organised by the central and Maharashtra governments. The event was a convergence for the global media and entertainment ecosystem with a high wattage mix from all sectors of the industry. It saw an overwhelming response of celebrated artists, influential content creators, tech innovators, and corporate leaders as also from exhibitors, policymakers, academia, and general public. 

To know more about its impact, Geetanjali Minhas spoke to industry experts. Here is what they said.

[You can also see the video of this conversation here: https://youtu.be/avZ2ibAMOQg?si=_TJqmqbPnN-_lRxg]  

India’s Creative Renaissance on the Global Stage
Chaitanya K Prasad, head, communication and outreach, MoE, GoI, ex ADG, DD News & DFF 

WAVES, India’s pioneering media and entertainment conclave, has emerged as a transformative platform, setting new benchmarks for global cultural exchange, creativity, and collaboration. It began as a visionary idea by prime minister Narendra Modi during the inauguration of the National Museum of Indian Cinema in 2019 to have a forum of global repute similar to Davos has now evolved into a landmark initiative.

WAVES was not just another industry event – it was a paradigm shift. Curated as a multi-genre global confluence, it united cinema, digital content, gaming, fashion, and live performances under one platform. As the Prime Minister described it, WAVES is not an acronym but “a wave of culture, creativity, and universal connectivity.” It’s a movement to “Create in India, for the world.”

A new creative architecture
WAVES institutionalized a new media and entertainment (M&E) architecture. It went beyond commerce, embedding storytelling, tradition, and technology into a unified ecosystem. India's rich cultural identity found renewed global voice through curated experiences, start-up accelerators, business forums, and international collaborations.
With over 3,000 B2B meetings, WAVES generated business worth approximately Rs 1,328 crore, including Rs 971 crore in the B2B segment alone – marking it as a robust market platform on par with prestigious global festivals like Cannes, Venice, or the European Film Market.

Some landmark collaborations and announcements
WAVES became a launchpad for several high-impact partnerships:
•    Film India Screen Collective and Screen Canterbury NZ announced the first-ever Indian Film Festival in New Zealand.
•    Gazprom Media (Russia) and Only Much Louder (India) initiated discussions for cross-cultural festivals and co-productions.
•    A strategic partnership was unveiled to distribute Korean content globally.
•    The Indo-UK co-production “Devi Chowdhurani” and the film “Violated” were formally announced between Fusion Clicks UK and JVD Films.

The WAVES Declaration: A global commitment
A major milestone was the WAVES Declaration, signed by 77 countries, highlighting a collective commitment to bridge the digital divide and use media as a force for global peace, cultural understanding, and innovation. This was a first-of-its-kind global media agreement led by India—positioning the nation as a catalyst for a new global information order.

Start-Up ecosystem and orange economy
WAVES featured a Start-Up Accelerator program supporting 30 promising M&E ventures from across Tier 1 and Tier 2 cities, attracting interest from angel investors like Lumikai, Jio, and KABIL, Warmup. Over 1,000 start-ups registered, generating discussions worth Rs 50 crore.
The prime minister introduced the concept of the “Orange Economy”—anchored in creativity, content, and culture—and emphasized India’s role not just as a market, but as a hub of unmatched creative talent. WAVES celebrated the synergy between technology and tradition, showcasing innovations where AI, storytelling, design, and software seamlessly intersected.

A platform for the future
WAVES offers a level playing field for creators, businesses, and thought leaders across B2B and B2C segments. With a focus on youth, excellence, and inclusivity, WAVES has become a visionary platform where coding meets creativity, software merges with storytelling, and design meets digital dynamism.
 
Landmark initiative that signals serious intent
Shibasish Sarkar, Group CEO, Reliance Entertainment, President, Producers Guild of India
Waves is a landmark initiative that signals serious intent and vision from the highest levels of government for India’s media and entertainment industry.

“For the first time, we are seeing day-long engagement by key policymakers—from the prime minister and I&B ministry to chief ministers and senior bureaucrats—not just making appearances but actively participating in stakeholder discussions.” 

WAVES vs. legacy forums: what makes it different?
While India has hosted established industry platforms like IFFI and FICCI Frames for decades, WAVES signifies a systemic shift—particularly due to the active involvement of the government machinery in supporting and institutionalizing the creative economy.

India has the scale, cultural depth, and a century-old M&E ecosystem, but it now needs global-class support structures and policies to become a true hub for global content creation.

Key Policy & Industry Recommendations 
1. Institutional Finance Must Be Unlocked
India’s M&E sector has operated on private capital and passion projects, unlike mature markets such as the U.S., Europe, or South Korea, where institutional financing for entertainment has existed for 70–100 years.
“We lack an entertainment finance ecosystem. There are no dedicated film or media desks in Indian banks, unlike JP Morgan or BNP Paribas in the West.” 
We need to make media an “investable asset class”, and to facilitate structured financing through public and private financial institutions.

2. Public Sector Support for Studio Infrastructure
There is urgent need for state-backed world-class studio infrastructure. India, despite being one of the largest content producers, has only one large-scale integrated studio (Ramoji Film City).
The 500-acre Film City in Mumbai is a redevelopment opportunity. We urge the Maharashtra government to turn it into a cutting-edge production zone, comparable to global benchmarks like Pinewood or Universal Studios.

3. Cinema Screen Penetration in Tier 2 & 3 Cities
India suffers from the lowest screen density globally, with only 9,500 screens versus 40,000 in the U.S. and 90,000 in China. The government needs to:
•        Facilitate small-screen investments in smaller towns.
•        Utilize existing public infrastructure (e.g., town halls, panchayat auditoriums, bus depots) for public-private partnerships to set up 100–200 seat theatres.
•        Provide low-cost land or leasing options to reduce barriers to entry for entrepreneurs.

4. Global-Standard Shooting Incentives
India’s ambition to become a global filming hub must be backed by competitive incentives, comparable to Spain, Korea, and Canada, where rebates of 25%–40% are the norm.
While India already offers a foreign film incentive policy, as Producers Guild we are asking for equal treatment for domestic producers to ensure local content creators also benefit from tax credits and grants.

5. Extend Copyright Duration
India currently offers 60 years of copyright protection post-author’s death, compared to 80–90 years in many developed countries. We need similar laws for an extension to protect producers' investments and maintain control over valuable legacy content.

6. Need for World-Class Media Institutes
There is need for a national push to expand premier media training institutions beyond FTII and SRFTI. 
•        Have branch campuses across states
•        Collaborations with global film schools like NYU, USC, or London Film School to set up campuses in India
•        Focus on building a next-gen talent pipeline with globally validated education

7. Tackling Piracy with Stronger Enforcement
•        Have stronger cyber law enforcement
•        Coordinated action between MEITY, IT Ministry, and I&B Ministry
•        Faster and more permanent solutions beyond John Doe orders

“Piracy continues to drain revenue and value from the industry. Strong laws are essential, but effective implementation is the real game-changer.” 

India’s bold new platform for global entertainment collaboration
Girish Johar, film producer and industry expert  
The inaugural edition of WAVES has been met with resounding success, setting a promising precedent for an annual celebration of Indian and global entertainment. Industry voices are hailing the event as a transformative platform that could redefine India’s position in the global media and entertainment landscape.

A new chapter for Indian soft power
WAVES is a “brilliant and much-needed platform” to showcase India's creative strength. "Cinema is India’s soft power,"  "but we’ve lacked the platforms to project it on a global scale. WAVES is helping change that by placing Indian storytelling, talent, and innovation on an international pedestal."

Speaking of other major global festivals, "Cannes for example, leans heavily toward fashion and glamour. WAVES, on the other hand, is a convergence of business, creativity, technology, and partnerships. It’s a meeting of minds—curators, creators, and industry leaders coming together."

A hub for collaboration and opportunity
The event has opened doors for cross-border collaboration. From exploring international shooting opportunities and production partnerships to engaging in conversations around co-creation and incentives like tax rebates, WAVES fosters a unique environment for mutual growth.

"For Indian producers who’ve found it difficult to access overseas markets, WAVES brings global opportunities to their doorstep. "  "It's a space where talent meets business, and even government representatives are present, creating a rare ecosystem for real problem-solving and partnership-building."

Industry challenges and the path forward
Among key concerns discussed at the event was digital piracy, with recent reports revealing losses of over Rs 13,000 crore annually. Stakeholders expressed optimism that such pressing issues could now be addressed more cohesively through continued dialogue at WAVES.
Storytelling today transcends borders. "If I have a story that can resonate globally, WAVES is where I can meet the right collaborators to take it forward. Likewise, international creators see India as a thriving market ripe for culturally rich stories."

A national vision backed by government support
The initiative, supported by the PM and the government of India, is seen as a strategic move to elevate India’s cultural capital. "Our heritage is vast, our stories are powerful, and PM Modi was absolutely right in saying it’s time to harness that. WAVES gives us the platform to do just that—year after year."

Looking ahead
The response from India’s media and entertainment industry has been overwhelmingly positive. From gaming to web content, film, and short-form storytelling, WAVES promises to unlock a plethora of opportunities. With innovations like satellite internet and the rapid growth of the gaming sector, the future of Indian entertainment looks vibrant and expansive. With consistency and vision, WAVES could become a global event on par with the Oscars—only more grounded in business, culture, and creativity.”