‘Media undergoing fundamental shift’: Ashwini Vaishnaw backs creator economy

IT minister Ashwini Vaishnaw

Union minister of information & broadcasting Ashwini Vaishnaw on Saturday said the media landscape is undergoing a fundamental shift with the creator economy growing exponentially.

Vaishnaw addressed representatives from approximately 20 national and regional media outlets, emphasizing that the world of creators and their associated economy is fundamentally changing. “The world of creators and their economy is going through a fundamental change. With the advent of technology, the old model is giving way to the new model, creating opportunities as well as challenges."

He pointed out how technology has democratized content creation, stating, “Gone are the days when a large studio was necessary for producing content. Today, a creator from a remote village in Jharkhand or Kerala can produce high-quality content and garner millions of views.”

“The world of creators and their economy is going through a fundamental change. With the advent of technology, the old model is giving way to the new model, creating opportunities as well as challenges,”

Vaishnaw mentioned that the World Audio Visual & Entertainment Summit (WAVES), which will take place in Mumbai from May 1 to 4, has already attracted over 100,000 registrations. He emphasized that WAVES aims to establish itself as a global platform for media and entertainment, similar to how Davos serves as a platform for economic policies.

He also noted that Prime Minister Narendra Modi has recognized the contributions of creators to the economy by promoting India's soft power on a global scale. The summit will honour top innovators with awards to celebrate their contributions to the evolving global media and entertainment landscape.

Leaders from various media organizations expressed appreciation for the government’s initiative in conceptualizing WAVES, which aims to bring together policymakers, creators, industry leaders, tech giants, and startups on a single platform.

Information and Broadcasting Secretary Sanjay Jaju welcomed participants and underscored the importance of collective dialogue in shaping the future of the media landscape.