Union Budget 2024: Key Expectations from Media & Entertainment Industry

Finance Minister Nirmala Sitharaman is expected to start her Union Budget 2024 speech at 11 am today. What is the industry going to watch out for? Will the FM meet the expectations of the media and entertainment industry?

The media and entertainment (M&E) industry is hopeful for positive measures in the Union Budget 2024. With the sector encompassing film, television, digital streaming, and more, there are varied expectations across its different branches.

Advertising Sector:

The advertising sector is looking for policies that increase consumer spending power. There is also a call for tax reforms, increased funding for digital marketing, and support for small and medium-sized marketing businesses. Viewing advertising as an investment rather than an expenditure is a key expectation. Sustainability marketing is also a growing focus.

Broadcast and OTT Players:

Broadcasters and OTT platforms are seeking relaxed regulations and government support for content production. They believe more consumer spending power will benefit advertisers and subsequently their mediums. Incentives for good content creation are also on the wish list.

Ministry of Information and Broadcasting (MIB):

The interim budget allocated Rs 4342.55 crore for 2024-2025, a 7.4% decline from the previous fiscal year. Of this, Rs 409.90 crore is for information and publicity, Rs 500 crore for broadcasting infrastructure network development, Rs 350 crore for filmic content dissemination, and Rs 160 crore for communication development. An additional Rs 2 crore supports the Community Radio Movement. Rs 2738 crore is set aside for autonomous bodies, including Rs 15.64 crore for the Press Council of India and Rs 2509.94 crore for Prasar Bharati.

Gaming Industry:

With its growing user base, the gaming industry is looking for supportive policies, particularly for e-sports. This includes taxation reforms, infrastructure development, and incentives for homegrown talent. There is also a call for subsidies in gaming technology R&D and the establishment of special economic zones for PC gaming equipment production.

Print Sector:

Print industry players are pushing for the removal of the 5% customs duty on newsprint, citing issues like volatile prices due to geopolitical factors. They also seek a relaxation of the 5% GST on newspaper advertising and a reduction of the 18% GST on e-paper to 5%.

Radio Industry:

The radio sector is in need of relief from heavy license fees to enable technological upgrades. They also seek government support to alleviate tax slabs, which would inject direct money into the market.

Marketers and Startups:

Marketers are looking for improved policies towards digital infrastructure, especially in AI and ML. Startups are focusing on the 'Vikshit Bharat 2047' aspiration, seeking nurturing of technology breakthroughs through deep tech entrepreneurship.

Movie Business:

The film industry is concerned about the GST burden and hopes for a reduction in GST rates to ease financial strain on filmmakers.

In summary, the M&E industry has high hopes for the Union Budget 2024, with expectations ranging from tax reforms and increased funding to support for technological advancements and sustainability initiatives.