Media Business Updates…

By Pickle  July 20, 2023
Media Business Updates…, Pickle Media

1. Who is right in their projections on the growth of the Indian Media and Entertainment industry, going forward. PwC has estimated the Indian Media and Entertainment industry to reach $73.6 bn in 2027. Boston Consulting Group (BCG) had stated Indian M&E will touch anywhere between $55 bn to $70 bn by 2030. Earlier in April 2023, EY said Indian M&E will grow to $35.6 bn by 2025. Indian M&E industry in 2023 is hovering around $32 bn (Global M&E is at $2.3 trillion). Top Indian media and entertainment industry leaders have been debating on ways to take M&E sector to $100 bn.

2. The long awaited Press and Registration of Periodicals Bill 2023 got Union Cabinet approval and will replace the archaic Press and Registration of Books (PRB) Act, 1867 that governs the registration of print and publishing industry in the country. The provisions in the new Bill will do away with prosecution and imprisonment of publishers and provide a simple online system of periodicals (without human interface) with the Registrar of Newspapers for India (RNI). The new Bill that will replace the 155-year old PRB Act will also bring digital media under its ambit.

3. The National Film Development Corporation (NFDC) is now accepting entries for films under the Indian Panorama section at the 54th edition of the International Film Festival of India (IFFI) Goa, November 20-28, 2023. Twelve member Jury will select 26 films in the feature and 21 films in the non-feature section. All films must include English subtitles and films should have been completed between August 30, 2022 to July 31, 2023 or have a certification of the Censor Board in this period. The last date of submission of films is August 10. For more information

4. Toronto International Film Festival has announced the World Premiere of Atom Egoyan’s Seven Veils at the 48th edition of the Festival. The opera-inspired film stars Amanda Seyfried with Rebecca Liddiard, Douglas Smith, Mark O’Brien and Vinessa Antoine. Special Avant-première screening, in partnership with the Canadian Opera Company, to take place at the Four Seasons Centre for the Performing Arts on September 8.

5. The five-day TIFF Industry Conference 2023 will be held at the Glenn Gould Studio from September 8–12, with Spotlight sessions taking place each morning at TIFF Bell Lightbox. New this year is the Sloan Science and Technology Project Pitch, which allows creatives to pitch their science- and/or technology-focused projects. The TIFF Industry Conference serves as a vital platform for business development, lead generation, and networking initiatives, creating space for professionals to connect, learn, and explore the latest trends impacting the industry today.

6. Beginning January 1, 2024, the UK Government has announced new tax relief to animated film productions. The new tax changes will be worth £5 million each year to business and come alongside the Audio-Visual Expenditure Credit (AVEC) which was uplifted at budget from 33.33% to 39%. This also follows the Creative Industries Sector Vision published recently which set an ambition to grow the creative industries by an extra £50 billion by 2030. UK’s creative industry has grown at more than 1.5 times the rate of the wider economy over the past decade. This AVEC uplift and incentive will lead to the UK to produce big budget animation films and promote UK creativity across the world.

7. Microsoft and Activision have agreed to extend the $69 billion merger agreement deadline until October 18 due to regulatory pushback. This new agreement included a provision to increase termination fee to $3.5 bn if the transaction is terminated by parties by Aug. 29, while by Sept. 15, the potential breakup fee will rise to $4.5 bn. In the aftermath of US trade commission expressing concern that Activision acquisition would hurt gamers, Microsoft agreed to keep the Call of Duty game on PlayStation.

8. The 80th Venice International Film Festival will have more European and films from Asia if the ongoing SAG-AFTRA strike bars Hollywood Stars from attending the festival. Venice festival will run Aug. 30-Sept 9 and the complete lineup will be announced on July 25. The opening film is Luca Guadagnino’s sports comedy “Challengers,” starring Zendaya as a former tennis prodigy turned coach entangled in a love triangle with two pro tennis players, played by Josh O’Connor and Mike Faist. Zendaya, star of Challengers, is likely to be be prohibited from attending the Venice premiere. Challengers will be distributed internationally by Warner Bros Pictures and in the US by Metro Goldwyn Mayer Pictures/Amazon Studios.

9. Take a look at some new numbers and reflections on the media sector

  • The Milken Institute estimates that the economic impact of the Hollywood strike could be around $4 bn
  • Microsoft is set to rollout Copiliot Assistant (Generative AI Tool integrated to its Office Platform) at $30 a month. Enhancing productivity, Copiliot will instantly summarize docs, create emails and speedup excel insights
  • Meta’s Threads reached 100 mn users faster than ChatGPT
  • Over 850 people in the UK have been referred to a London clinic for video gaming addicts. They spent money on loot boxes (gambling-style features) that offer random rewards such as weapons or outfits for characters.

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