Latest news with #OrangeEconomy
Qatar Tribune
23-05-2025
- Business
- Qatar Tribune
India's creator economy may exceed $1 trillion by 2030
Agencies Mumbai In a bold and strategic shift in direction, the Government of India has reinforced its commitment to expanding the country's 'creative economy — known as the Orange Economy' — with the successful hosting of the WAVES Summit 2025 in Mumbai, India's financial and entertainment capital. India's creator economy is also deeply interlinked with consumer behavior. According to a Boston Consulting Group (BCG) report, Indian content creators currently influence over $350–$400 billion in consumer spending, and this figure is projected to exceed $1 trillion by 2030. The three-day summit, inaugurated by PMNarendra Modi, showcased India's ambition to evolve into a global hub for media, content creation, and digital entertainment, complementing its already established leadership in sectors like pharmaceuticals, R&D, and manufacturing, according to news agencies. WAVES 2025 was designed to position India not merely as a participant but as a leader in the global media and entertainment value chain. Indian Prime Minister Modi articulated the government's vision, emphasizing 'content, creativity, and culture' as the three foundational pillars of the Orange Economy. The message was clear: 'Create in India, create for the world.' This initiative is part of a broader national strategy to diversify India's economic engines, tapping into the high-growth potential of creative sectors including film, television, gaming, music, design, and digital platforms. Information and Broadcasting Minister Ashwini Vaishnaw highlighted that WAVES differs from traditional film festivals by serving as a dedicated business platform for global content creators, with technology as its cornerstone. India's Orange Economy — encompassing industries such as advertising, fashion, architecture, software, publishing, electronic media, and performing arts—currently contributes 2.5 percent of GDP, estimated at over $30 billion, and supports approximately 8 percent of the country's workforce. The film and television sector alone accounts for 2.6 million jobs, both directly and indirectly. Recent data underscores the surging global demand for Indian content as Indian films screened internationally have more than doubled since 2021 and revenues from overseas markets rose sharply from INR 6 billion to INR 20 billion, according to an EY report. The creative industries' export potential—in content, gaming, animation, and production services—is expected to see robust growth, underpinned by government policy, internet penetration, and India's demographic advantage. In a first-of-its-kind move, the Indian government announced the launch of a $1 billion content creator fund, in partnership with the private sector, to catalyze content production and monetization. Simultaneously, it allocated INR 3.91 billion for the establishment of the Indian Institute of Creative Technologies (IICT) in Mumbai. This institution will serve as a center of excellence for next-gen media innovation, equipping India's young creative workforce with access to advanced tools, including AI, immersive technologies, and digital IP management. These interventions reflect a paradigm shift in policy, viewing the Orange Economy not just as a cultural asset but as a core economic growth driver. The creative sector also plays a crucial role in amplifying India's soft power globally. As Minister of State for I&B Dr. L. Murugan noted, India's storytelling prowess and cultural depth have been increasingly recognized on the world stage, with Indian content transcending borders and achieving critical and commercial success internationally. India is entering a pivotal phase in its economic development, where hard infrastructure and soft cultural assets are being developed in parallel. With rising internet penetration, high mobile data usage, and a large pool of creative talent, the country presents a compelling market for advertisers, content investors, and international media companies. The WAVES 2025 summit is not just a showcase of India's creative capacity but a strategic policy and economic instrument. It underscores India's intent to lead in the global content economy, leveraging its digital infrastructure, demographic dividend, and global diaspora. As India advances toward becoming a top-tier global player in creative industries, investors, technology enablers, and media conglomerates would be well-positioned to explore opportunities in the country's rapidly expanding orange economy.
Bahrain News Gazette
05-05-2025
- Business
- Bahrain News Gazette
UNIDO Launches Creative Orange Economy Year in Collaboration with RAK Art Foundation
Manama: The UNIDO Investment and Technology Promotion Office in Bahrain has announced the launch of the Orange Economy Year, a national initiative celebrating the power of creativity as a driver of economic growth, innovation, and sustainable development, in collaboration with the RAK Art Foundation. The initiative was announced during a press conference at the RAK Art Foundation, reinforcing the Kingdom's commitment to fostering innovation, cultural leadership, and creative entrepreneurship globally. According to Bahrain News Agency, the Orange Economy, also known as the creative economy, encompasses art, culture, media, design, technology, and heritage industries. This sector is a catalyst for inclusive growth and economic diversification, contributing over $2 trillion to global GDP and supporting 50 million jobs worldwide. A central pillar of the initiative is the UNIDO-ITPO Bahrain Global Call 2025: Creative Orange Economy, a competition inviting entrepreneurs, artists, and innovators to submit creative and sustainable business ideas. This competition is open to participants worldwide, encouraging diverse and inclusive participation across three main categories: Eco-friendly Production, Digital Innovation, Cultural Heritage, and a special category for school and university students to foster young talent. Applications are open until September 1, and selected participants will be recognised at an awarding ceremony in December. The initiative offers access to mentorship, exposure, and potential global partnerships. The Orange Economy Year will also feature conferences, exhibitions, community engagement activities, and workshops focused on fostering innovation, preserving cultural heritage, and connecting Bahrain's creative talent with international markets. In collaboration with UNIDO, the RAK Art Foundation will play a central role by activating its educational arm, The Art Station, as a dynamic platform for creation, learning, and cross-cultural exchange. Shaikh Rashid bin Khalifa Al Khalifa, Founder of the RAK Art Foundation, expressed support for the UNIDO in launching the Orange Economy Year. He emphasized the Foundation's mission to support local talent, promote cultural dialogue, and position creativity at the core of sustainable economic development. Through The Art Station, they aim to empower Bahrain's creative community by providing access to mentorship, international networks, and professional opportunities. Dr. Hashim Hussein, Head of UNIDO-ITPO Bahrain, commented on the collaboration with Shaikh Rashid bin Khalifa Al Khalifa, highlighting the transformative power of art. This collaboration underscores the significant role of creativity in fostering economic growth, innovation, and sustainable development. By promoting cultural leadership and nurturing creative entrepreneurship, they aspire to position Bahrain as a global epicenter for the Orange Economy.
Time of India
03-05-2025
- Business
- Time of India
India's 'orange economy' making waves to trend on your feeds & shopping carts
At India's first World Audio Visual and Entertainment Summit (WAVES) in Mumbai earlier this week, the country's creator economy was brought to the centre of the national economic conversation. Prime Minister Narendra Modi , addressing thousands of attendees, called on young creators to 'drive the nation's Orange Economy forward', crediting their work as fuelling a new wave of creativity. #Pahalgam Terrorist Attack How Pakistan is preparing for the worst as India weighs response 'Enter at your own peril': Indian Navy's firing drills off Gujarat send strong signal to Pakistan If India attacks Pakistan, China and Bangladesh should seize 7 NE states, says Yunus' aide This summit comes months after the Centre's announcement of a $1 billion fund dedicated to supporting India's growing creator economy. According to the government, the fund will allow creators to access capital, hone their skills, upgrade production quality, and connect with global markets. In addition to this fund, the government has sanctioned ₹391 crore to establish the Indian Institute of Creative Technology (IICT), a new institution aimed at building expertise in digital and creative technologies. Together, these initiatives suggest a strategic shift in how the government views the creator economy — no longer as an informal or side-hustle driven ecosystem, but potentially as a structured and export-ready industry akin to India's software and MSME sectors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sanggye-dong Modular Homes: See Prices Mobile Homes | Search ads Undo This comes at atime when Indians collectively spent 1.1 lakh crore hours staring at their smartphones in 2024, according to EY, as cheap internet makes platforms from Instagram to Netflix more accessible to the world's most populous nation. Also Read: Indians spent 1.1 lakh crore hours staring at smartphones to make many richer Live Events You Might Also Like: Why is the govt handing out $1 billion to content creators? A trillion-dollar force in the making A report by the Boston Consulting Group (BCG), titled 'From Content to Commerce: Mapping India's Creator Economy', estimates that creators already influence over $350 billion in annual spending in India, a figure that could cross $1 trillion by 2030. Direct revenues from the ecosystem are also projected to grow from $20–25 billion today to $100–125 billion by the end of the decade. Vipin Gupta, managing director and partner at BCG, said that 'India's creator economy is poised to play a pivotal role in shaping consumer behaviour', adding that creator-driven spending could make up 25–30% of total consumer expenditure in the country by 2030. He said that what was once seen as a metro and Gen Z-centric phenomenon has now spread across age groups and geographies, particularly smaller cities. 'Categories like fashion, beauty, and entertainment are leading the charge, while emerging monetisation models—such as live commerce and virtual gifting—are redefining how creators and brands drive value together,' Gupta said. Also Read: India's creator economy set to influence $1 trillion in consumer spending by 2030 You Might Also Like: WAVES Summit: How creator economy is gaining clout From content to commerce India is currently home to an estimated 2 to 2.5 million active digital creators with over 1,000 followers. But only 8–10% are able to monetise their content effectively, pointing to a large unrealised potential. The BCG report suggests that short-form video remains the most dominant format, with YouTube Shorts, Instagram Reels and Moj at the forefront. Popular genres include comedy, films, daily soaps and fashion. BCG said that to fully benefit from this growth, brands must trust creator-led outcomes, streamline internal decision-making, adopt faster content creation processes, and invest in long-term partnerships with creators. It also said that budgets for creator marketing could rise by 1.5 to 3 times in the next two to three years. Gupta said, 'To fully leverage this potential, brands must trust creator-led outcomes, streamline decision-making, embrace agile content strategies, and invest in long-term creator partnerships.' From soft power to strategic asset In his inaugural address at WAVES 2025 summit, Modi said that creators — whether 'musicians from Guwahati, podcasters from Kochi, game designers in Bengaluru, or filmmakers in Punjab' — are fuelling India's growing creative sector. He compared their potential impact to that of Hindi cinema, citing actor Raj Kapoor's legacy in making India a global soft power. He also said that the creator economy is bringing 'new energy' to India's ambition of becoming a $5 trillion economy. Alongside WAVES, the government launched WAVES Bazaar , a global e-marketplace designed to connect Indian content creators with international buyers and collaborators. It allows creators to showcase their work, pitch projects and find commercial opportunities abroad. The platform aims to make India a net exporter of content by simplifying business interactions and providing tailored resources. The push towards formalising the creator economy is supported by recent growth numbers. A report by Qoruz, an Influencer Marketing Intelligence Platform, shows that the number of influencers in India grew from 962,000 in 2020 to 4.06 million in 2024, a 322% increase in four years. Aditya Gurwara, co-founder and head of brand alliances at Qoruz, said, 'Over the years, we've seen a significant shift in how brands approach their marketing strategies. Influencers have moved beyond product endorsements to becoming strategic partners for brands.' He added that brands now seek creators who can produce authentic, context-driven content. 'Categories like Gaming, Travel, and Lifestyle are growing at an exceptional pace, and brands have an incredible opportunity to align with creators who truly understand their audiences,' he said. Turning influence into income According to an EY report last year, about 12% of Indian content creators earn between ₹1 lakh and ₹10 lakh per month. Around 86% expect a 10% hike in income over the next two years, and 77% reported some income growth over the last two years. Influencer marketing is projected to grow by 25% in 2024, reaching ₹2,344 crore and rising to ₹3,375 crore by 2026. About 40% to 57% of brands in FMCG, ecommerce, and automobile sectors are expected to increase their influencer marketing spend by 10% by 2026. Devarajan Iyer, executive director and CEO of Lifestyle International, said, 'As volatile times push marketers to spend on more sure-footed channels that deliver on return on investment, brands will move away from metrics like cost per impression and engagement and link their influencer marketing initiatives with sales conversion.' About 47% of brands prefer working with nano and micro influencers — those with 100 to 100,000 followers — because of their lower cost per reach. The EY report said that there are around 7,000 mega influencers in India, defined as those with over 1 million followers. It added that smaller brands are more likely to rely on nano and micro influencers to build brand identity, while large firms tend to use mega influencers. The report also noted that 73% of creators in India work less than 10 hours a week on content, compared to up to 39 hours in other countries. This suggests that a majority of Indian creators see content creation as a side gig, with only 30% consistently securing brand deals that allow full-time work. As India attempts to position content creators as serious economic actors, the next few years will show whether initiatives like the $1 billion fund and IICT will formalise this fast-growing ecosystem into a structured, high-growth sector with export potential.
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Business Standard
02-05-2025
- Business
- Business Standard
'India must set clear AI rules, promote local content': Ashwini Vaishnaw
Information and Broadcasting Minister Ashwini Vaishnaw on Friday addressed key issues shaping India's media landscape, including the need for clear regulations on the ethical use of artificial intelligence and measures to promote locally produced content through incentives. Chairing the Global Media Dialogue at the World Audio, Visual and Entertainment Summit (WAVES) in Mumbai, he stressed the importance of local content production, and collaboration between the government, industry and creators for greater focus on local stories. 'As a government, we must provide a fair chance for everyone to showcase their story to the world. We must incentivise local content promotion and enforce IP framework among other things,' Vaishnaw said. The session was co-chaired by External Affairs Minister S Jaishankar, Minister of State for I&B L Murugan. The minister also underlined the need for policies that preserve and promote all cultural forms as they connect people across borders. 'Focus is shifting towards local stories. We aim to build people-to-people and country-to-country exchanges. Tie-ups with government, industry and creators have, therefore, become indispensable,' Vaishnaw said. He further called for practical measures such as co-production treaties to ease licensing and talent movement, the creation of joint funds for emerging technologies, and the establishment of shared standards, and clear rules for ethical AI. WAVES summit The WAVES summit is taking place from May 1-4. The summit aims to boost India's media and entertainment industry by fostering international collaborations, investments, and content co-creation opportunities. On Monday, Prime Minister Narendra Modi inaugurated the summit at the Jio World Convention Centre, stating that the event showcases a 'true wave of culture, creativity, and universal connection'. 'In the coming years, the creative economy can increase its contribution to India's India is emerging as a global hub for film production, digital content, gaming, fashion, music and live is the dawn of the Orange Economy in India,' PM Modi said.
Time of India
01-05-2025
- Business
- Time of India
India's billion plus stories will fuel economic growth: PM Modi
MUMBAI: Today, when the world is looking for new ways of storytelling, India with its "timeless treasures" can help build an Orange Economy of content, creativity and culture, PM Modi said at the World Audio Visual Entertainment Summit (WAVES) in Mumbai Thursday. Stressing on the event's potential as a platform for entertainers and investors to connect and collaborate, he said it could transform India into the world's third-largest economy. The arc of Indian cinema beginning with Dadasaheb Phalke's Raja Harishchandra in 1913, the PM said, has widened over the years with the popularity of Raj Kapoor in Russia, Satyajit Ray at Cannes and the Oscar-winning RRR. The creative economy 's contribution to GDP is set to increase significantly, he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo Dream big & tell your story: PM to creators & investors India is not only home to a billion-plus population, but also a billion-plus stories,' said the PM, adding that every street in the country has a story, every mountain carries a song, and every river hums a tune. Cautioning against potential dehumanisation resulting from technological advancements in the creative industries, Modi stressed the necessity of retaining emotional depth and intellectual richness in expression. Advising creators and investors to 'dream big and tell your story', he urged them to invest in people, not just platforms. 'We must not turn humans into robots; instead, we must make them more enriched and sensitive,' he said, noting that genuine progress should factor in the arts—including music, dance and painting — not just information, technology, or speed. As an example, Modi cited the $430-billion global animation market which is projected to double in the next decade. The PM said this presents a significant opportunity for India's animation and graphics industry, which could leverage the expansion for greater reach. 'Indian films have now reached audiences across the globe. Today, Indian films are screened in more than 100 countries. Foreign audiences are not just watching Indian films but also trying to understand them. A notable aspect of Indian cinema is that many international viewers are watching Indian content with subtitles. India has become a global hub for film production, digital content, gaming, fashion, and music,' he said, pointing to the tenfold growth in the OTT segment in recent years. India is a world leader in global fintech adoption and the second-largest mobile manufacturer, he added, showing the way forward in other areas such as the creative fields. He also noted Indian cuisine's global popularity and expressed confidence in similar recognition for Indian music — 'Khaana' is becoming popular worldwide; similarly, 'gaana' also has tremendous potential for growth, said Modi. The Centre has now allocated Rs 400 crore to build the first Indian Institute of Creative Technology (IICT) in Mumbai, a decision that was reiterated by Information and Broadcasting minister Ashwini Vaishnaw at the event. IICT is all set to become a national hub for the Animation, Visual Effects, Gaming, Comics, and Extended Reality sector. Work on the institute has already commenced. 'IICT has aligned with a few tech giants for collaborative efforts towards courses. These include NVIDIA, Google, Apple, Microsoft, Meta, Star India, and Adobe,' said Vaishnaw. Maharashtra CM Devendra Fadnavis said Mumbai's Film City, spread over 500 acres, is being developed into a global centre for next-generation studio ecosystems. Of this, 120 acres will be dedicated to a media and entertainment city focused on animation, visual effects, and gaming, he added. IICT is being established by the I&B ministry, in strategic collaboration with FICCI and CII, as a national Centre of Excellence on the lines of IITs and IIMs. Modi also unveiled postage stamps in memory of Gurudutt, P Bhanumathi, Raj Khosla, Ritwik Ghatak, and Salil Chowdhury on the occasion for their contributions to Indian cinema.
