Disney Star Country Manager and President K Madhavan, who is also Chairman of CII National Committee on Media and Entertainment, on Wednesday said news, print, music and radio continue to be important contributors to the industry and are undergoing massive changes, but in these challenging times ‘timely support from policymakers and regulators is of utmost importance’.

The industry would like to see a light touch regulation. It will encourage them, especially in the newer and growing areas like OTT, innovation and investment, he said.

”It is time for these sectors to understand the changing consumer habits and re-invent themselves with a digital approach. With the right support from policymakers and regulators I am confident that with the opportunities ahead of us, our industry can achieve its $100 billion ambition in the shortest possible time,” he said during his inaugural address at the CII-organised Big Picture Summit in New Delhi.

According to Madhavan, the television broadcasting segment has been severely impacted, pending a resolution on the new tariff order.

”A quick resolution is important for consumers, broadcasters as well as distributors. Ideally, we should adopt a principle of forbearance, in line with practices in most of the developed markets. The industry would like to see a light touch regulation. It will encourage newer and growing areas like OTT, innovation and investment,” the Disney Star chief stressed.

He added that the broadcast sector has been closely working with the regulator TRAI on the matter of tariff and is hopeful of a positive resolution soon.

The broadcasters, who had challenged TRAI’s tariff regime, including the new one, popularly known as NTO 2.0, made peace with the regulator some time back after a new leadership team at TRAI offered an olive branch after over 18 months of intense legal battles that ultimately landed at the doors of the Supreme Court.

Madhavan, in his address, also brought up the issues of rampant piracy and the need to update and review some existing broadcast rules.

“We are also looking to the Ministry of I&B for support on a comprehensive National Broadcast Policy covering Cable Television Network Act and in retaining a light tough policy framework, especially in areas related to content,” he said.

Dwelling on rampant piracy, Madhavan termed it “a serious issue” and said that intellectual property was core to the content business. “We need stricter and more supportive IP protection and anti-piracy measures,” he pointed out.

While pointing out that India should be ready to address all “future challenges, and seize the opportunities that our sector offers” to make the country a creative hub of the world, the Disney Star chief admitted that the media and entertainment sector is still to achieve its full potential as a major contributor to the nation’s GDP.

“The reality is that our sector remains under-penetrated. The media & entertainment industry accounts for less than 0.9 percent of GDP, compared to 3 to 4 percent for many of the developed countries. Also, both subscription and ad revenues in India are much below global levels,” Madhavan highlighted.

Sounding a warning to the M&E sector to buckle up, Madhavan rightly pointed out, “We in the media industry need to constantly keep pace with the changing environment. Or, we will stagnate and risk being irrelevant. Disruptive innovation is happening at a staggering rate. Consumers are changing, technology is changing, and consumption behaviour is changing.

“We have to challenge the status quo and question our own, old successful formulas.”