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Rajeev Chandrasekhar, Union minister of state for skill development, entrepreneurship, electronics and information technology, shared his concern of the digital publishing news agencies regarding the overall digital economy and the economics of digital content whether that is news or entertainment.
In his address to the e4m-DNPA Future of Digital Media Conference & Awards, the minister said there are certain issues in the way the internet has evolved where the ad tech platforms are controlling more and more digital advertising revenues and monetization revenues.
Chandrasekhar said this has led to a deep imbalance disrupting the whole dynamic of content creation and content monetization.
“It leaves the small guy at a disadvantage which is not really the right thing for a country like India where we potentially have hundreds and thousands of content creators,” he said, adding that it is clear that at some inflection point the consumption of news in particular and content in general will swing sharply to the internet.
Referring to Australian MP Paul Fletcher’s remarks as quoted in the newspaper today, Chandrasekhar said…”his thinking is not very different from how we are approaching this issue, and we hope to, in the Digital India Act, address this issue of the disproportionate control and the imbalance in the dynamics between content creation and content creators’ monetization requirements -and the power that adtech companies and adtech platforms hold today.”
Chandrasekhar said that as millions of consumers use the internet and consume products and services it is the time accountability to the consumer is also something that needs to be built and legislated.
“For many decades regulation and law making or government and societal scrutiny and oversight about digital platforms lagged innovation because it was seen that these were all innovation platforms and they do not represent any threat or criminality,” the minister said in his virtual address.
However, the minister added today’s understanding is that as much as these platforms represent good and can empower, they can also be misused and be forces of harm, illegality and criminality.
With digital media and digital brands proliferating we have seen that those old values of media have been challenged or put to test.
“Covid pandemic has caused one big jump in the consumption pattern of consumers and this disruption will be the regular normal for all things digital like we saw with the introduction of the ChatGPT,” the minister said.
Digital Platforms should get a fair share of revenue from the big tech platforms, Apurva Chandra, I&B Secretary, Govt of India, said. The message was read virtually by Avinash Pandey, CEO ABP Network..
The first ever digital media conference, focused on the future of digital media in India, could not have come at a more opportune time when digital media businesses are trying to figure out business models to navigate a complex future. The Future of Digital Media Conference 2023, attempted to answer these questions.
Chandra set the tone of the event by highlighting the negative impact on the traditional news industry and further said, if it continues, it will also impact the future of journalism.
“This is a question of journalism and credible content as well,” Chandra said in his speech.
Tanmay Maheshwari, DNPA chairperson and MD, Amar Ujala while delivering the opening speech said everyone who is part of the digital media ecosystem has the responsibility to change the world.
In his impressive opening keynote, Sukumar Ranganathan, Editor-in-Chief, Hindustan Times, shared his insights on how the future of journalism will be shaped by changes happening in the newsrooms due to technology and obsolescence of traditional skills.
Sukumar Ranganathan said journalism of the future will have to be done out of newsrooms that believe in fairness with all creators.
Puneet Jain, CEO, HT Digital, in his address remarked it is the biggest opportunity for digital media to cater to millions of users and news consumers.
Jain said the question is how to figure out the right equilibrium between publishers and platforms to address the content monetization issue.
Paul Fletcher, Australian MP who spearheaded the big tech complacency legislation movement in Australia shared his insights on Australia’s Law on Technology Platforms and News Publishers.
Various panel discussions were held which deliberated on issues like Digital India and Digital Media: A Partnership for Building a Connected Nations, Digital Media and its Social Impact.