Waves Of Change: A Vision For India's M&E Sector

Nisha Narayanan Jan 24, 2024

Change has a bad reputation but in the age of disruption, the ability to adapt and the ability to walk hand-in-hand with trends have businesses live or die; and rightly so. As a pioneer in the media and entertainment sector where radio is currently devoid of news and public-service-like programming, Red FM's content connects the nation’s youth across 69 stations in India.

The Media and Entertainment sector, in particular, stands poised to become a key driver catapulting the Indian economy to the monumental $1 trillion mark. We truly identify the many growth indicators of the radio industry, but the recent recommendations by the Telecom Regulatory Authority of India (TRAI) have whetted our appetite. Emily Dickinson once said, “Hope is a thing with feathers - that perches in the soul.” I can mention with a strong gut that the hope of recalibrating the license fee calculations, the focus on infrastructure strengthening and opening the space for newer players to join is a hope that the radio industry in unison is banking on. A more competitive and dynamic space strong enough to ride along the digital wave.

The Ministry of Information and Broadcasting (MIB)’s decision to boost radio networks through increased ad rates is another step that the industry is thrilled about. This goes as far as reflecting the government’s recognition of the industry’s potential and also setting the stage to welcome new players for news and live sports broadcasts. Optimism is our second nature and we remain optimistic that the government will extend its support in fulfilling these aspirations. We feel that the power of Radio is still not tapped to its fullest potential in this country.

A future of co-existence

With the forthcoming station auctions, we are looking ahead to a future of the radio industry where the government is aligning with TRAI recommendations. This can rightly set things in motion by ensuring rationality and financial viability. As stakeholders, evangelists and admirers of this industry, we envision an improved position for ourselves. At the same time, being cognizant of the ever-evolving media landscape, where digital and audio-video platforms are thriving together.

Yet, amid this almost historical transformation, it has become increasingly significant that the traditional and new-age media co-exist. An instance of this approach is last year’s Quiz India Movement, a one-of-its-kind gaming concept. Quiz India Movement played on the benefits of traditional radio and a new age platform social media to provide an enhanced audience experience.

Each of the mediums, the new and old, has its unique strengths, creating a complementary space for one another to thrive. As the government contemplates the future of media, we are fired up with anticipation and hope that a cautious and rational approach will be adopted, striving for a balanced budget that fosters the prosperity and growth of both traditional and digital media.

In the present times where we are, to our delight, witnessing a digital revolution; we are striving to connect with new multimedia platforms by amplifying existing IPs, radio shows and podcasts. As a holistic brand that has branched out beyond radio, Red FM is experimental in nature. We are exploring technology and developing cutting-edge digital offerings to explore new avenues of opportunity. This shift to new-age media platforms is promising to reap greater benefits and rewards.

While our commitment remains unwavering in entertaining the entire country with purpose and our extensive presence and coverage, we also recognise the capacity of digital platforms to generate attention and engagement for businesses. The increasing gains from sports and entertainment on these platforms contribute to a growing fan base, making them attractive channels for advertising and marketing communication budgets. In the realm of media, traditional players such as TV, print, Out-of-Home (OOH) and activations have long held the lion's share. However, the unmistakable trend is the rapid and aggressive growth of new-age mediums. In an era defined by performance metrics, digital and new media demonstrate the capability to deliver superior Return on Investments (ROIs) to investors.

Another area that demands attention is the call for uniform taxation and benefits for traditional media. This is not a plea for favouritism but a request for fairness. As we chart a course into the future, a level playing field will enable both traditional and digital media to contribute their best to the nation's narrative.

In conclusion, my optimism is not just about the success of our industry but a collective vision for India's media and entertainment sector. We stand at the crossroads of tradition and innovation, and with the right policies and support, we can navigate these waves of change, ensuring a thriving ecosystem where every medium has its place, and each contributes to India's growth story.