At the recent FICCI Frames media conference held in Mumbai, the heads of major media groups in India laid out their plans for growth in the market. With the Federation of Indian Chambers of Commerce and Industry (FICCI) organizing the conference, it was the perfect platform for these industry leaders to share their insights.
Sports as a Driving Force
One of the key points highlighted during the conference was the significance of sports in the Indian market. Kevin Vaz, the chair of FICCI’s media and entertainment committee and CEO of broadcast entertainment at Viacom18, emphasized how cricket, in particular, holds immense sway in the country. He mentioned that cricket has broad appeal, transcending geographical boundaries and attracting advertisers who value the widespread reach it provides.
Vaz went on to explain that Viacom18’s subsidiary, JioCinema, streamed the highly popular Indian Premier League cricket tournament in 2023, drawing millions of viewers away from rival Disney+ Hotstar. The decision to offer cricket for free on JioCinema allowed Viacom18 to maximize its reach and cater to a captive audience.
Leveraging Technology for Better Experiences
Sandhya Devanathan, co-chair of FICCI’s media and entertainment committee and VP and head of Meta India, outlined the company’s three key priorities moving forward. Leveraging artificial intelligence (AI) to enhance returns for advertisers and create more engaging user experiences topped the list. Another focus area is Reels, Meta India’s short-form video format, which has proven to be a significant driver of growth in terms of user engagement and business utilization. Lastly, Meta India aims to tap into the potential of business messaging, as 60% of Indians are active users of WhatsApp.
Understanding Changing Consumer Preferences
Arjun Nohwar, co-chair of FICCI’s media and entertainment committee and senior VP and general manager – India and South Asia at Warner Bros. Discovery, stressed the importance of deepening the understanding of evolving consumer preferences. According to Nohwar, success hinges on tailoring content and story arcs that resonate with customers, delighting and inspiring them.
Moreover, Nohwar acknowledged the shift in viewing habits, with a significant number of Indians consuming content on their smartphones. He emphasized the need for networks to adapt to this new dynamic by creating engaging content that caters to these bite-sized, snackable moments. This approach entails making derivatives of traditional content and establishing meaningful connections with viewers across various platforms. Ultimately, the goal is to entice viewers to return to linear television for longer episodic shows.
Providing Value, Selection, and Convenience
Sushant Sreeram, country head of Amazon Prime Video India, highlighted the company’s commitment to serving Indian customers effectively. He emphasized the importance of delivering great value, a wide selection of content, and convenient viewing experiences. Amazon Prime Video offers a range of options, including subscription video on demand (SVOD), transactional video on demand (TVOD), and access to 20 other content channels from India and around the world.
As the media and entertainment landscape in India continues to evolve, these industry leaders are focused on leveraging sports, technology, and consumer insights to drive growth. By staying attuned to changing preferences and providing valuable experiences, they aim to capture the attention and loyalty of Indian audiences.