Panaji: The Ministry of Information and Broadcasting will organize the first edition of the World Audio Visual & Entertainment Summit (WAVES) from November 20-24, 2024. The summit will take place in Goa, in collaboration with the State Government of Goa.

Union IT Minister Ashwini Vaishnaw announced the event on Saturday, highlighting the significance of the Media and Entertainment industry as a major employment source. "The Media and Entertainment industry currently provides jobs to approximately 25 lakh people. Recent technological advancements have brought significant structural changes to the industry. To address these changes and boost employment, WAVES is being organized in Goa. This global summit, held alongside the International Film Festival of India (IFFI), aims to create substantial job opportunities and will serve as a significant employment generator in the country," Vaishnaw stated.

Goa's Chief Minister, Pramod Sawant, expressed his support for the initiative, stating, "I welcome the decision made by the Ministry. We have been hosting the IFFI for the last 20 years. We are committed to making the WAVES summit successful."

The Union Minister also spoke at the curtain-raiser event for the first edition of WAVES 2024 in the national capital on Saturday. According to the Ministry of Information and Broadcasting, the global Media & Entertainment (M&E) industry, which includes Films, TV, Broadcast, Print, Radio, News, Advertising, Animation, VFX, Gaming & E-sports, Music, and LIVE events, reached a revenue of USD 2.32 trillion in 2022, showing significant growth. India's market size is currently USD 26.2 billion but has the potential to expand its share of the global market.

A document from the Ministry outlined the goals of WAVES: "WAVES will emerge as a pivotal forum, fostering dialogue, trade collaboration, and innovation within the evolving M&E industry landscape. It will convene industry leaders, stakeholders, and innovators to explore opportunities, tackle challenges, attract trade to India, and shape the sector's future."

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