India Is No Longer the World’s Back Office—It’s Reimagining Entertainment

By Pickle  November 10, 2025

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Biren Ghose, Founder & CEO of Astra Studios, in his latest provocation, envisions new asset classes and capital frontiers as catalysts for propelling India’s creative industries into a new era.

With India’s media and entertainment sector racing toward a new era of global leadership, Pickle sits down with industry visionary Biren Ghose tounlock the path ahead. In this exclusive interview, Ghose shares why India is uniquely positioned to become the world’s next creative infrastructure hub—fusing the storytelling scale of Hollywood, the technological prowess of Silicon Valley, and the bold ambition of global destinations like Dubai. He discusses the major forces driving this convergence, the emergence of new asset classes, and how India is moving from “service chain” to “creator nation” status—offering fresh insights for investors, policymakers, and creators alike.

Biren, you say India will become the world’s next integrated media and entertainment hub, blending the creative scale of Hollywood, the tech muscle of Silicon Valley, and the grand-scale vision of destinations like Dubai. What’s driving this convergence?

Biren Ghose: The convergence isn’t just aspirational—it’s structural. Global appetite for immersive content, cloud-driven production, and franchise IPs is at an all-time high. India possesses a unique advantage: it boasts world-class creative talent, a vast digital consumer base, and is rapidly investing in experience infrastructure.

But the magic lies in hybridizing these advantages. Imagine virtual production campuses that are both real estate assets and tech stacks; IP franchises that travel from mythology-based animation to blockchain-enabled games; and cultural venues that fuse physical and digital—think an “Indian Sphere” in every metro.

As capital, culture, and code blend, India is no longer just a production back office. It’s the laboratory for the world’s next creative infrastructure economy.

You view the coming wave as building new “asset classes” and not just media properties. Can you elaborate for institutional investors and policymakers?

Biren: Certainly. Traditionally, media investments were project-based: one film, series, or studio. Now, the ecosystem is delivering recurring, multiplatform returns.

For example, an AVGC-XR park is both a capital-intensive asset (like a tech campus or mall) and an ESG-positive one, driving local employment, tourism, and export revenue. A franchise like the India-origin mythology world is simultaneously an IP, a toy line, and a data-rich consumer brand.

A regional OTT platform is not just content—it’s also a data platform and a micro-audience marketplace. These new asset classes sit at the intersection of creative, technological, and consumer verticals, generating multiple streams of revenue—from licensing and digital distribution to live experiences and brand extensions.

What are your highest-conviction investment themes for 2025–2030, and what makes them resilient?

Biren: This decade is all about scalable, ESG-friendly, and tech-enabled plays. My top themes:

AVGC-XR Parks & Studios: Large campuses and experience zones that anchor the industry, blending production, community, and tourism.

IP-led Franchises: Games, animation, and mythology-rich stories that create hit entertainment and merchandise.

Experience Infrastructure: “Sphere-like” venues in Tier 1-3 cities, democratizing high-end entertainment.

Cloud & Rendering: Distributed AI-accelerated pipelines that make India the backbone of global media production.

Creator Economy Platforms: Blockchain-enabled marketplaces unlocking global monetization for Indian creativity.

Immersive Education & Museums: New models where storytelling meets learning—think “museum as experience.”

Sports & Live IPs: Next-gen “IPL-style” leagues in esports and live media.

Rights Tech & AI Analytics: Systems to track, verify, and monetize global IP—driving trust and liquidity.

Tourism + Culture Integration: Venues that blend Indian heritage with immersive tech to boost both domestic and inbound tourism.

Regional OTT & Export Pipelines: Platforms that take India’s regional stories global.

Each theme delivers not only financial returns but also long-term systemic value—helping India move from “service provider” to “creator nation” status.

For institutional capital entering the space, what vehicles and exit paths exist?

The spectrum of risk and returns is unique; here’s a framework for capital entry points and investor pathways:

Investment Vehicles at a Glance

The rise of media-tech REITs, city-scale master assets, and securitized IP rights is mirroring what telcos, energy, and infrastructure did for the previous industrial eras. Whether you’re an infra fund seeking annuity-style returns, a hedge fund chasing yield, or a VC looking for quick exits, Indian media’s new asset classes offer diversified outcomes—including strategic and systemic impact.

You mention moving from a “service chain” to a “creator nation.” What will define success, both financially and in terms of national soft power?

Success is measured on multiple axes. Financially, India will see recurring revenues across new platforms—studio leases, SaaS production tools, IP royalties, and live event incomes. Critically, these generate cash flows and attract global capital, making investing in Indian M&E less speculative and more annuity-like.

Strategically, when India creates global cultural phenomena—mythology franchises, immersive venues, and new sports leagues—it moves up the value chain in soft power. Studios and experience hubs will become national assets, like Bollywood for cinema or IPL for sports, but spanning new creative frontiers like gaming, XR, and digital IP.

The integration of technologies like blockchain and AI analytics will also build transparency and trust, giving Indian IP global liquidity and legitimacy.

The idea of “Virtuous Cycles” keeps surfacing. How do these cycles benefit investors and Indian society?

Every capital asset—whether a virtual production campus, a franchise IP, or a streaming platform—triggers a chain reaction. They create jobs (direct and indirect), drive upskilling, attract tourism, and stimulate adjacent sectors like retail, F&B, and hospitality.

Exporting IPs attracts foreign investment and enhances India’s international recognition. The money flows back into the ecosystem—fueling education, technology investments, and new content creation. Investors benefit from recurring income and potential capital gains; society benefits through employment, inclusion, and national pride. It’s a flywheel that, once in motion, builds both profit and purpose.

What new opportunities do you foresee for global investors, especially those seeking to partner or acquire in India’s media-tech sectors?

A new wave of global investors is seeking the edge of frontier assets—media cities, immersive campuses, IP libraries, and next-gen tech platforms. The maturity of Indian firms and their growing global ambitions set the stage for cross-border M&A, joint ventures, and strategic alliances.

For tech and venture funds, tokenizing IP and creating streaming-royalty instruments open up innovative portfolio opportunities. For sovereign and hybrid funds, city-scale developments combining tourism, culture, and media present a once-in-a-generation chance for transformational value capture.

Indian partners offer unmatched local insight, regulatory liaison, and access to burgeoning regional markets—a compelling mix for global players.

As you look at the decade ahead, what note would you sound for stakeholders across the value chain—from entrepreneurs and content creators to policymakers and institutional investors?

The call to action is clear:

Entrepreneurs and Creators: Build for scale and the world; the next billion consumers are Indian but global in taste.

Investors: Think across asset classes; blend annuity-income REITs, IP royalty streams, and high-growth tech bets.

Policymakers: Prioritize infrastructure, IP protection, and export pipelines; India’s creative future hinges on seamless regulation and global connectivity.

India’s trajectory is to become not just an M&E “service hub,” but a creator—and owner—of global cultural and digital assets. The next decade belongs to those who can blend capital, culture, and code.

Biren Ghose’s Message to Global Stakeholders
“India is no longer just the world’s back office for media. We are the next creative infrastructure economy. The next decade belongs to those who blend capital, culture, and code—and build platforms, pipelines, and experiences for the next billion.”

Outlook:
With a standing ovation from global investors and a new breed of Indian visionaries, the country stands ready to lead the next wave of creative and technological disruption. For those who act now, the rewards are not only financial, but generational.