Reliance Industries (RIL) Chairman Mukesh Ambani on May 1 said that AI tools are dissolving the barriers between dreams and reality. They can make goods thousand times more captivating. "What AI is doing to entertainment industry is hundred times more revolutionary than what cameras were in the silent period," he said.
Ambani was speaking at the World Audio Visual Entertainment Summit (WAVES), which is being held at the Jio World Centre in Mumbai from May 1 to May 4. The summit, which will have an extensive list of speakers from the entertainment world, aims to boost the potential of the media and entertainment industry that reached a revenue of Rs 2.5 lakh crore in 2024.
Speaking on building the next global entertainment revolution from India, Ambani said, "Mumbai is the entertainment hub of India. The day is not for when India will become the entertainment hub of the world."
This Summit marks the start of a long journey, he said. The beginning has been auspicious. In the future this will become the much awaited event of who's who in the entertainment world globally
On Culture and Arts, Ambani said that is India's real power. "Culture and arts have the power to unite the world. We are living in the era of the media renaissance. Most of the creation and consumption of media and entertainment industry products will start taking place in Asia," he said.
Mukesh Ambani spoke about the four action plans which will help India's media and entertainment industry, which stands at 28 billion dollars, to grow over five times. "India's media and entertainment industry today stands at 28 billion dollars. We can easily grow this five times to over 100 billion dollars in the next decade. This will give birth to huge new opportunities in employment and entrepreneurship," he said.
To achieve this. India should invest in state-of-the-art content clusters across India, Ambani said. "India should train thousands of talented young people in animation, VFX and other technologies. India should incentivise IP creation and AI-powered innovation. India should have a new investment avenue for this industry and India should create an enabling, encouraging and empowering regulatory environment that rewards imagination and inclusion...We should forge partnerships and collaborations with innovative entrepreneurs, artists and studios from around the world. The Prime Minister has given us this mandate. India should become the modern global center for content and creativity."
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