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15h ago

India’s WAVES Summit Advances Global Media Collaboration and Innovation

The adoption of the WAVES Declaration, YouTube’s Rs 850 crore investment, and the launch of the Indian Institute of Creative Technology are key highlights of the ongoing summit in Mumbai.

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YouTube is going to invest ₹850 crores over the next two years in India.

Overview

  • The WAVES Declaration was formally adopted by 77 participating nations, committing to cultural diversity, ethical AI use, and global cooperation in media and entertainment.
  • YouTube pledged Rs 850 crore to support Indian content creators, artists, and media companies, boosting India’s creative economy.
  • The Indian Institute of Creative Technology (IICT), backed by Rs 400 crore in central funding and global tech collaborations, was inaugurated in Mumbai to foster innovation in AVGC-XR education and production.
  • Maharashtra announced plans for a 120-acre Media & Entertainment City within Film City to focus on animation, gaming, and visual effects, with launches expected in the coming months.
  • The WAVES Bazaar, a global e-marketplace with over 6,100 buyers and 5,200 sellers, is facilitating networking and trade, aiming to unlock a $50 billion market by 2029.