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“Traditional media in India is also experiencing a steady growth”: Kevin Vaz
Mumbai: Viacom18 CEO- Broadcast entertainment Kevin Vaz reflected on the Media & Entertainment sector, both on a global scale and within the Indian context at FICCI frames 2024 event. He said, “In 2023, our industry witnessed a remarkable era of content creation, with over 200,000 hours of content produced annually. Indian content has transcended international boundaries, captivating audiences in more than 160 countries and topping streaming charts on global platforms. In 2023, Indian content bagged not one but two Oscars for the best song and the best documentary respectively. Indian music talent has bagged 3 Grammys recently. 2 Indians (Vir Das And Ekta Kapoor) won the prestigious International Emmy’s awards. This shift indicates a new era where local flavors and stories are embraced by audiences worldwide, showcasing the universal appeal of Indian stories and our storytelling.
The integration of digital technologies in the Indian M&E industry is at a scale without parallel amongst the comity of nations. Driven by accessible and affordable internet, with Commercial 5G services rollout propelling the growth of India M&E, we must recognise the virtuous cycle of investments in creativity that drive the expansion of affordable internet in India. We can be proud of the fact that Indian companies, Indian creators, Indian producers, are at the forefront of the digital content revolution, be it in films, music or gaming.
Platforms like JioCinema have revolutionized sports viewership in India, offering accessible and affordable access to live matches like the IPL. This goes to show the importance of internet accessibility in driving the growth of the M&E industry. Unlike other industries, M&E has caught the digital transformation wave early and stand ready to reap the benefits with supportive developments in the all-critical triad of infrastructure readiness, consumer market growth, and enabling public policies.
The surge in digital media is forecasted to propel the M&E sector’s growth to a 10% annual rate, reaching INR 3 Trillion by 2026. Technological innovations have brought with it a paradigm shift in consumer preferences. Consumers now demand more personalised, interactive, and immersive content. This creates another facet to the growth of the entire digital media segment, including online curated content, digital advertising, online gaming, to name a few. Each of us need to reflect on how these preferences will change the way we think about the future of M&E, and the business models that are most suited to respond. To navigate the future, all of us at various intersections of the industry need to adopt innovative strategies and create engaging content across multiple platforms, leverage big data analytics, collaborate with global partners, and explore new revenue streams.
Despite this digital boom, traditional media in India is also experiencing a steady growth, showcasing India’s diverse media consumption habits. While this might appear to be a paradox when viewed through a singular global lens, this is the truth of India – a market of AND, not OR.
As we reflect on the journey of 2023, it becomes clear that it was a year marked by both challenges and triumphs. The first half was subdued, with modest growth rates across various segments of the industry. However, as raw material prices stabilized and marquee events like the ICC Cricket World Cup and Assembly Elections unfolded, we witnessed a significant uptick in the second half. And while the M&E industry is estimated to grow at 10% CAGR through the next few years led by digital, traditional mediums such as Television and print are also poised to grow.
This growth underscores the enduring appeal of linear TV, particularly among established advertisers who value its unmatched brand-building capabilities at scale. It’s essential to acknowledge the continued significance of traditional media, including television, print, and outdoor advertising, in reaching diverse audience segments, especially in regional markets.
The road ahead for the industry is brimming with possibilities and challenges alike. The integration of artificial intelligence promises to reshape the landscape of content creation, distribution, and consumption. Particularly generative AI, which is now an inexorable part of M&E supply chains. Advances in generative AI, while still relatively nascent, have produced an explosion of possibilities in the creative sector. It has ushered in a new dimension to the creative process, allowing the industry to explore uncharted territories of creativity and push the boundaries of productivity.
As AI technologies continue to evolve, they offer unprecedented opportunities for personalized experiences and targeted advertising. However, this next-gen transformation also presents challenges such as data privacy concerns, reskilling and the need for ethical considerations – concerns that the industry and government together need to explore and address.
Amidst these dynamics, the industry must also address the pressing need for stronger intellectual property rights protection to safeguard the integrity of our creative ecosystem. The proliferation of digital platforms and content creation tools has exponentially increased the avenues for creative expression, yet it has also heightened the risk of copyright infringement. Strengthening our IPR laws is essential to foster a conducive environment for innovation and creativity while ensuring fair compensation for content creators. The National Intellectual Rights (IPR) Policy, established in 2016, is due for review. This presents an occasion for all of us to engage on how we think about monetisation, commercialisation of content as well as the protections required for it, in a fast-evolving technological environment.
The road ahead encompasses both opportunities and challenges in equal measure. As we navigate this complex landscape, as stakeholders of this vibrant sector, we must all remember that at the heart of it, our industry is about our consumers in a very human sense – their emotions, relationships, talents – their stories. All of us here today are simply facilitators – connecting stories to audiences and audiences to stories.
As we begin FICCI Frames 2024, I look forward to the next three days filled with enlightening discussions, insightful sessions, and meaningful collaborations. Let us seize this opportunity to chart a course towards a future that embraces innovation, leverages technology, and upholds the timeless values of creativity and expression.
Finally, I’d like to express my gratitude and admiration for Leena Jaisani and her team for putting FICCI Frames 2024 together. This is the 24th edition of India’s biggest media and entertainment symposium and it just keeps getting bigger and better. So kudos to the team for scaling this up consistently!” he concluded.
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Induction cooktop demand spikes 30× amid LPG supply concerns
Supply worries linked to West Asia tensions push households and restaurants to turn to electric cooking alternatives
MUMBAI: As geopolitical tensions in West Asia ripple through global energy supply chains, the familiar blue flame in Indian kitchens is facing an unexpected challenger: electricity.
What began as concerns over the availability of liquefied petroleum gas (LPG) has quickly evolved into a technology-driven shift in cooking habits. Households across India are increasingly turning to induction cooktops and other electric appliances, initially as a backup but now, for many, a necessity.
A sudden surge in demand
Recent data from quick-commerce and grocery platform BigBasket highlights the scale of the shift. According to Seshu Kumar Tirumala, the company’s chief buying and merchandising officer, demand for induction cooktops has risen dramatically.
“Induction cooktops have seen a significant surge in demand, recording a fivefold jump on 10 March and a thirtyfold spike on 11 March,” Tirumala said.
The increase stands out sharply when compared with broader kitchen appliance trends. Most appliance categories are growing within 10 per cent of their typical demand levels, while induction cooktops have witnessed explosive growth as households rush to secure an alternative cooking option.
Major e-commerce platforms including Amazon and Flipkart have reported rising searches and orders for induction stoves. Quick-commerce apps such as Blinkit and Zepto have also witnessed stock shortages in major metropolitan areas including Delhi, Mumbai and Bengaluru.
What was once considered a convenient appliance for hostels, small kitchens or occasional use has suddenly become an essential addition in many homes.
A crisis thousands of miles away
The trigger for this shift lies far beyond India’s kitchens.
Escalating conflict in the Middle East has disrupted shipping routes through the Strait of Hormuz, one of the world’s most critical energy corridors. Nearly 85 to 90 per cent of India’s LPG imports pass through this narrow waterway, making the country particularly vulnerable to supply disruptions.
The ripple effects have been swift.
India currently meets roughly 60 per cent of its LPG demand through imports, and tightening global supply has already begun to affect domestic availability and prices.
Earlier this month, the price of domestic LPG cylinders increased by Rs 60, while commercial cylinders rose by more than Rs 114.
To discourage panic buying and hoarding, the government has also extended the mandatory waiting period between domestic refill bookings from 21 days to 25 days.
Restaurants feel the pressure
The strain is not limited to households. Restaurants, hotels and roadside eateries are also grappling with supply constraints as commercial LPG availability tightens under restrictions imposed through the Essential Commodities Act.
In cities such as Bengaluru and Chennai, restaurant associations report that commercial LPG availability has dropped by as much as 75 per cent, forcing many establishments to rethink their kitchen operations.
Some restaurants have reduced menu offerings, while others are rapidly installing high-efficiency induction systems, creating hybrid kitchens where electricity now shares the workload with gas.
For smaller eateries and roadside dhabas, the shift is less about sustainability and more about survival.
A potential structural shift
The government has maintained that there is no nationwide LPG crisis and has directed refineries to increase production to stabilise supply.
Nevertheless, the developments of March 2026 may already be triggering a longer-term behavioural shift.
For decades, LPG has been the backbone of cooking in Indian households. However, recent disruptions have highlighted the risks of relying on a single fuel source.
Increasingly, households appear to be hedging against uncertainty by adopting electric cooking options to guard against price volatility and delivery delays.
If the current trend continues, the induction cooktop, once viewed as a niche appliance, could emerge as a quiet symbol of India’s evolving kitchen economy.
