WAVES 2025: Govt announces $1 billion fund for creators' economy

The event to be held in Mumbai from May 1 to 4 "will give creators community a platform to create high value content", said Vaishnaw at a high-level session on WAVES 2025 organised on Thursday at Sushma Swaraj Bhawan here.

The session, organised by the Ministry of Information and Broadcasting (MIB), sought to engage the international community ahead of the World Audio Visual & Entertainment Summit (WAVES) 2025 -- set to take place in Mumbai.

"The intersection of creativity, media and technology is transforming the media landscape of the world and reaching a new level of convergence," Vaishnaw said.

The Union Minister announced that a "billion dollar fund will be created for creators' economy".

"WAVES will serve as a pivotal platform for fostering discussions, collaboration, and innovation for the Media and Entertainment industry," added Union Minister for External Affairs Dr. S. Jaishankar.

He noted that the event will unite industry leaders, stakeholders, and innovators to explore opportunities, address challenges, and shape the future of the sector.

WAVES summit is set to bring together global leaders, media professionals, artists, policymakers, and industry stakeholders.

The digital age presents both challenges and opportunities. Artificial intelligence, streaming revolutions, intellectual property rights, misinformation, and media sustainability are key concerns.

It is the first-ever event of its kind, aims to address these issues by promoting cultural diversity, innovation, and equitable access to media platforms.

Meanwhile, the event also witnessed a Memorandum of Understanding exchange between the Ministry of Information & Broadcasting and the Government of Maharashtra, strengthening collaboration in media, entertainment, and digital outreach.