New Delhi, May 27 (PTI) The Indian Broadcasting Foundation (IBF), the apex body of broadcasters, is expanding its purview to cover digital streaming platforms and will be renamed as the Indian Broadcasting and Digital Foundation (IBDF).
The move would bring the broadcasters and OTT (over-the-top) platforms, which have seen a substantial jump in their viewership base after the pandemic, under one roof.
For this, the IBDF is in the process of forming a new wholly-owned subsidiary to handle all matters of digital media, said a statement.
IBDF will also form a self-regulatory body named as Digital Media Content Regulatory Council (DMCRC) for digital OTT platforms.
DMCRC is a second-tier mechanism at the appellate level and is similar to Broadcast Content Complaint Council (BCCC), which IBF had implemented for the linear broadcasting sector way back in 2011.
IBF President K Madhavan said: 'The diversification will empower the foundation to pursue growth opportunities for its members who run OTT services in the country, while ensuring they present a strong collective voice, both in the broadcast and digital sector under the combined body.' The Indian subscription video-on-demand industry is expected to have the fastest growth in the media and entertainment sector for next coming years.
According to 'The PwC Global Entertainment & Media Outlook 2020-2024', the Indian Media and Industry sector is expected to grow at a 10.1 per cent compound annual growth rate to reach USD 55 billion by 2024.
In terms of individual segment, market size as a percentage of total industry revenue, OTT video is expected to see the largest gain and reach 5.2 per cent by 2024, it said.
Earlier, the Indian Broadcasting Foundation represented television broadcasting and its members provide channels and programmes that deliver about 90 per cent of television viewership in India. PTI KRH MKJ