New Delhi [India], March 13 (ANI): Maharahtra Chief Minister Devendra Fadnavis announced on Thursday that Mumbai will host the 'WAVES summit' and said that the state government is 'excited to witness discussions, innovations, and the strategic alliances that will define the future of the global media landscape as we engage in this dialogue'.

Prime Minister Narendra Modi will be inaugurating the first 'WAVES summit' in Mumbai from May 1 to May 4.

'We will host the WAVES summit in Mumbai. The city that never sleeps,' Fadnavis said.

Fadnavis was speaking at a session on 'WAVES 2025' at Sushma Swaraj Bhawan in New Delhi.

Besides, Fadnavis Union Ministers External Affairs Minister S Jaishankar, Minister of Railways Ashwini Vaishnaw, Minister of State L Murugan, and Ambassadors and High Commissioners of Foreign Missions were also present.

Fadnavis said that India has nearly 60 OTT platforms, surpassing Southeast Asian nations and developed markets like UK, Japan, South Korea and Australia.

'Investment in local entertainment, including scripted, unscripted and sports programming has been robust, reaching USD, 5.8 billion in 2023, ' CM Fadnavis said.

He also underlined the potential of India's online video industry.

'Looking ahead, India's online video industry alone has the potential to attract USD 17 billion in investments over the next five years, significantly boosting the country's creative economy. This session offers an unparalleled opportunity for global media leaders to forge the partnership,' CM Fadnavis said.

'I must say that Mumbai is ready to host the world. We are excited to witness discussions, innovations, the strategic alliances that will define the future of global media landscape as we engage in this dialogue,' CM Fadnavis added.

Union Minister Ashwini Vaishnaw hailed Prime Minister Narendra Modi for taking this initiative.

'The world of creativity and entertaining are changing and transforming because of the use of technology... PM Narendra Modi had foreseen this and that is why creators awards were organised last year. Taking that forward at a much larger scale, this year, PM Narendra Modi will be inaugurating the 1st WAVES Summit in Mumbai from 1st-4th May. This is going to be one of the biggest platforms for the audio-visual entertainment industry,' he said.

He further said, 'CEOs and creators from all over the world will be joining. Create in India challenge has attracted more than 80000 entries by getting analysed by creative professionals... We are also setting up a fund of $1 Billion in public private partnership. The 1st Indian Institute of Creative Technology (IICT) is being established in Mumbai with funds of about Rs 400 crores,' he added.

In December 2024, Prime Minister Narendra Modi announced the launch of the World Audio Visual Entertainment (WAVES) Summit, saying that this is a crucial step towards making India a hub of global content creation.

He had urged the young people working in the creative space to join the summit scheduled to be held next year.

'Next year, for the first time, the World Audio Visual Entertainment Summit i.e. WAVES is going to be organized in our country. At the WAVES summit, giants from the media and entertainment industry and people from the creative world will come to India. This summit is an important step towards making India a hub of global content creation. I feel proud to tell you that in this summit young creators are also participating in this,' PM Modi said in his address during the 117th episode of 'Mann Ki Baat'.

The World Audio Visual & Entertainment Summit (WAVES) serves as a crucial platform for fostering dialogue, collaboration, and innovation within the Media & Entertainment industry.

The event aims to bring together industry leaders, stakeholders, and innovators to explore opportunities, tackle challenges, promote international trade, and shape the future of the sector. (ANI)