9AUGUST 2024GOVERNMENT MANDATES THIRD PARTY AIRPORT AUDITS IN WAKE OF HEAVY RAINFALLINDIA'S VIDEO CONTENT MARKET DRIVEN BY STREAMING: MEDIA PARTNERS ASIAIn response to recent structural issues at several airports, the Indian government has implemented new directives to ensure the safety and stability of airport infrastructure. Following roof collapses at Delhi, Jabalpur, and Rajkot airports during heavy rainfall last month, the government has mandated a series of measures to prevent similar incidents in the future.All airport operators are now required to conduct third-party audits of the structural stability of airport buildings and associated infrastructure. These audits must be carried out by reputed government institutions such as IITs, NITs, CBRI, and EIL. In addition, a thorough evaluation of all civil, electrical, and technical aspects of the buildings, including the design, specifications, and workmanship of the roof sheeting structures, must be conducted before the onset of the monsoon season each year.India's video market is projected to reach $13 billion in revenue by 2028, driven largely by the booming streaming industry, which consistently invests billions in content development annually, according to a new report by Media Partners Asia. As the world's most populous nation, India is currently the fastest-growing major global video market, with the video entertainment economy expected to grow at an 8 percent annual rate through 2028, fueled by premium on-demand streaming services.To address the recent incident at Delhi airport, the Ministry of Civil Aviation has established a high-level expert committee, which includes structural engineers from IIT Delhi, to assess the situation and provide recommendations. This committee is expected to deliver a comprehensive report on the cause of the incident and suggest necessary measures to prevent future occurrences.The Directorate General of Civil Aviation (DGCA) will continue its regular audits through surveillance inspections and spot checks to ensure compliance with safety standards. In parallel, the Airports Authority of India (AAI) has initiated investigations to determine the root causes of the structural failures at Jabalpur and Rajkot airports.For the fiscal year 2023-24, the government has allocated 795.72 crore for repair and maintenance (R&M) works across 121 AAI-operated airports. This substantial investment reflects the government's commitment to maintaining and enhancing the safety and reliability of the nation's airport infrastructure. These proactive measures are designed to ensure that such incidents do not recur and that passenger safety remains a top priority. Investment in content within India increased to $5.8 billion in 2023, up from $3.3 billion in 2018. Although this investment level still lags behind Japan and South Korea, the Indian market shows significant potential for growth, particularly with strong commitments from streaming giants, including U.S. platforms. Netflix and Amazon are collectively investing $500 million annually in India to acquire and produce local content, according to Vivek Couto, managing director of MPA. Additionally, Jio Cinema, backed by billionaire Mukesh Ambani's Reliance Industries, is spending approximately $1 billion annually, primarily driven by sports content. The report projects that the streaming sector will create 280,000 jobs in India by 2028.India's streaming TV market has seen rapid growth and consolidation among a few major players in recent years. Walt Disney Co.'s India operation is merging with Reliance's Viacom18, expanding its streaming business through sports and a library of films and TV shows licensed from Paramount and HBO. Prime Video is also expanding in the country, with plans to release over 70 new series and films in the coming years. With 1.4 billion consumers, India has become the third-largest revenue growth driver for Netflix.
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