Centre announces $1 billion fund to boost creator economy

The Centre has announced a $1 billion fund to support the emerging creator economy in the country.

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The announcement was made as part of an outreach to envoys from over 100 countries, inviting them to participate in the inaugural World Audio Visual and Entertainment Summit (WAVES), which will be held in Mumbai from May 1 to May 4.

External Affairs Minister S Jaishankar, Information and Broadcasting Minister Ashwini Vaishnaw, and Maharashtra Chief Minister Devendra Fadnavis hosted the envoys, seeking their presence at a Roundtable of top media CEOs, which will be chaired by Prime Minister Narendra Modi during the summit.

Vaishnaw emphasised that a $1 billion fund will ensure that energetic creators, who are using the latest technologies, will be able to access capital, hone their skills, upgrade their production levels, and reach the global markets,” he said.

The minister also highlighted the success of the Create in India Challenge, a precursor to the WAVES summit, which received over 25 lakh submissions. Out of these, 80,000 creators have advanced to the next level, and 1,000 participants will compete in the final challenges held during the summit.

The vision behind this initiative was to bring together the creative world and modern technological usage to create unique content, he said.

Vaishnaw also highlighted that over 100 countries are participating in it and it is a confluence of tech, media and entertainment.

Vaishnaw further announced that the first Indian Institute of Creative Technology will be established in Mumbai, with land already allocated in Film City, Goregaon.

India is positioning WAVES as the first convergence platform for the media and entertainment sector on the lines of the World Economic Forum at Davos, a gathering of international leaders from governance and business.

Fadnavis said Mumbai, the entertainment capital of India, was the perfect permanent venue for the WAVES summit like Davos is for the World Economic Forum and Cannes is for the eponymous film festival.

"As the world witnesses economic and political rebalancing, technological and cultural realignments are alos taking place. Real globalisation is not about a single narrative or one truth; it is about capturing the diversity of our people on our planet,” Jaishankar said.

Information and Broadcasting Secretary Sanjay Jaju added that Jaishankar and Vaishnaw will host the Global Media Dialogue and Thought Leaders Track, featuring plenary sessions and panel discussions with industry leaders.

The WAVES Bazaar will be the marketplace offering a content showcase alongside buyer-seller meets to foster business opportunities.

Jaju said the Creatosphere at the WAVES will be a platform for young creators to connect, learn and collaborate through masterclasses, workshops and networking sessions.