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The NFT roller coaster!

As crypto winter deepens, the non-fungible token (<keyword id="4668945" type="General" weightage="80" keywordseo="nft" source="Orion">NFT</keyword>) marketplace <keyword id="12111739" type="General" weightage="100" keywordseo="superrare" source="Orion">SuperRare</keyword> is slashing 30 per cent of its workforce, its CEO <keyword id="15995339" type="General" weightage="50" keywordseo="john-crain" source="Orion">John Crain</keyword> has announced. In a screenshot posted on Twitter, <keyword id="4094889" type="General" weightage="80" keywordseo="crain" source="Orion">Crain</keyword> said they over-hired and he takes full A A ownership of this "mistake". "To correct course, we have made the difficult decision to rightsize our team, ensuring that SuperRare Labs will be able to continue serving our community of artists, collectors and curators while remaining the destination for the best cryptoart in the world," said the CEO. SuperRare raised $9 million in its Series A funding in March 2021, led by Velvet Sea Ventures and 1confirmation. Celebrities like <keyword id="219358" type="General" weightage="50" keywordseo="mark-cuban" source="Orion">Mark Cuban</keyword>, <keyword id="361584" type="General" weightage="50" keywordseo="marc-benioff" source="Orion">Marc Benioff</keyword> and Ashton Kutcher also invested in the NFT startup. The CEO said there is still much innovation and transformation yet to come for Web3, NFTs, cryptoart, decentralised finance and governance. "We are facing headwinds, yes - but there remains an incredible uncaptured opportunity as we continue building something totally new: a global digital art renaissance that is transparent, fair and that anyone can access from anywhere in the world," he said. Another leading NFT marketplace, OpenSea's co-founder and CEO Devin Finzer last year announced to lay off about 20 per cent of its total employees. "When the global economy is uncertain, our mission to build the foundation for new, peer-to-peer economies feels more urgent and important than ever. Winter is our time to build," he had said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/flexible-working-hours-can-benefit-productivity-work-life-balance-ilo/articleshow/96812963.cms">Flexible working hours can benefit productivity, work-life balance: ILO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/air-india-issues-show-cause-notices-de-rosters-4-cabin-crew-1-pilot/articleshow/96812818.cms">Air India issues show cause notices, de-rosters 4 cabin crew, 1 pilot</a>

NFT marketplace SuperRare slashes 30% of its workforce

<keyword id="6357560" type="General" weightage="100" keywordseo="idbi-bank" source="Orion">IDBI Bank</keyword> has introduced a <keyword id="2346698" type="General" weightage="20" keywordseo="limited-period" source="Orion">limited period</keyword> special 500 days deposit under the <keyword id="14779347" type="General" weightage="50" keywordseo="amrit-mahotsav-fd" source="Orion">Amrit Mahotsav FD</keyword> scheme, which will offer 6.70 per cent <keyword id="6371181" type="General" weightage="20" keywordseo="interest-rates" source="Orion">interest rates</keyword>. Further, a special bucket of 500 days for US dollar designated FCNR (B) deposits is also introduced offering a peak rate of 3.63 per cent. Meanwhile, the bank has also revised the interest rates on term deposit across various tenors with effect from Monday. The bank is now offering the highest rate of 6.55 per cent on select tenors. Most banks are increasing their deposit rates for boosting deposit to support rising credit off-take as liquidity in the banking system has narrowed. The hike in deposit rates are in line with the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s 50 basis points hike in repo rate in the August monetary policy. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/nft-transactions-to-reach-40-mn-globally-in-5-yrs-amid-scam-threats-report/articleshow/93704271.cms">NFT transactions to reach 40 mn globally in 5 yrs amid scam threats-report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/pulses-like-urad-moong-arhar-and-oil-seeds-could-get-pricier/articleshow/93702821.cms">After rice, cereals and pulses could get pricier</a>

IDBI Bank revises interest rates on term deposits, introduces limited-period 500-day fixed deposit

In a new trend that indicates the utilization of blockchain technology in the music industry, Hindi Rock giant <keyword id="19787" type="General" weightage="20" keywordseo="euphoria" source="Orion">Euphoria</keyword> is set to launch its latest album titled 'SALE', in the form of a Non-Fungible Token (<a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">NFT</a>). The band will drop the music album NFT and nine behind-the-scene photographs on the invite-only NFT project Token Runway, after which it will be auctioned before its public release. The auction commenced on September 9 and culminates on September 12, subsequent to which, the album will be released on September 14. The album 'SALE' is the 8th one by Euphoria, composed of 7 songs that will take listeners on a ride across genres, sounds, styles, emotions and life experiences. Written at various points of time in Euphoria Founder Singer-Writer Palash Sen's career, each song stands for a real-life story witnessed or felt by him and the band. The album essentially is 17 years of hard work and passion condensed into 7 soulful tracks. Talking about the music NFT drop by Euphoria, Priyank Mahajan, Co-Founder, Token Runway says, "After decades of experience in the field of entertainment and media monetization we are excited to embark on this blockchain powered journey with Token Runway. The system is built in a manner which guarantees trust amongst sellers and buyers, which lets the creators focus on their craft. We are excited to be able to work with Euphoria on our first NFT as the band being a legend has a history of many firsts, and will keep striving to bring exclusive and rare NFTs to our community." Explaining the rationale behind slipping into the NFT trend, Euphoria Founder &amp; Singer Palash Sen says, "We believe that it is important to take our music to all communities. This will widen the outreach of our work to the global blockchain community and we certainly are looking forward to it. As seasoned musicians, we think it is essential for us to be a part of this movement. We come from a time when it was impossible to release an album without a label or a rich dad. NFTs offer a whole new distribution mechanism without affecting the artist's other revenue streams." In the music space, an NFT can be stated as a piece of creative work that is stored on a <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">digital ledger</a>. Artists and musicians can create NFTs to auction off various forms of digital media to their fans. This marks the beginning of an era when artists are able to do business directly to fans and sell their NFTs like they used to with self-produced CDs. NFTs operate on a blockchain, which is a publicly accessible and transparent network -- meaning anyone can see the details of any NFT transaction. Computers involved in the transactions become part of the network, which keeps updating and can't be hacked. These NFTs or digital tokens have gone mainstream in the last year, as many international musicians sought out additional revenue streams in the digital audio distribution of the pandemic. The release of the album as an NFT by Euphoria will also be the first of many other NFTs by the band with Token Runway over the coming years as they see a massive potential for growth via this new trend. "In the long run, fans will have access to exclusive work from the musicians and will bring back the concept of ownership of music like in the case of CDs, cassettes and records. For the musicians it will provide new reasons and challenges to better their craft," said Palash. Speaking to IANSlife about the future plans, Palash says: "After the release of SALE as an NFT, we are also going to be working on creating a year long calender or a roadmap to release further content, memorabilia, Euphoria demos, and several other special things relating to the band's journey. It is definitely exciting as it helps us connect with an audience that is interested in and seeks off beat collectibles. Being an independent artist, our options are limited. But then, the sky is the limit." "We have been working on this album for over 17 years, it was not till recently we thought of doing an exclusive pre-release SALE as an NFT. It so happened that we were in the process of releasing the album when the NFT trend set in. As we had the album almost ready we decided to take the plunge with it, mainly to test waters and gauge the response from our audience. We are very happy to have collaborated with Token Runway for our very first NFT project. It has been truly euphoric to work with them." <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true"></a><a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/opensea-is-still-reeling-from-the-crypto-flash-crash-value-of-cryptopunks-slashed-in-half/articleshow/86068443.cms">The biggest NFT platform in the world is still reeling from the crypto flash crash — value of CryptoPunks slashed in half</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-start-up-plans-to-do-for-solana-what-alchemy-did-for-ethereum-with-1-5-million/articleshow/86057583.cms">INTERVIEW: Here's how SolRazr plans to do for Solana what Alchemy did for Ethereum with $1.5 million in its pocket</a>

Indian rock band Euphoria set to launch its next album as an NFT

<ul><li>From concert tickets, learning the language, albums, and photo books, to online or in-person meet-and-greets, K-pop fans leave no stone unturned in immersing themselves in their idols’ culture.</li><li>Now, with <keyword id="10879114" type="General" weightage="20" keywordseo="Non-fungible-Tokens" source="Orion">Non-fungible Tokens</keyword> (NFTs), owning a special item is always going to be attractive to all dedicated fans.</li><li>K-pop fans, brand experts and NFT marketplaces tell us all you need to know about the oncoming wave of K-pop NFTs.</li></ul>It was in 2012 that Korean Singer Park Jae-sang’s (PSY) song ‘Gangnam Style’ took the world by storm, became the <a href="https://www.usatoday.com/story/entertainment/music/2019/12/20/youtube-most-viewed-music-videos-from-gangnam-style-to-despacito/2702463001/">most </a>streamed song on YouTube and what followed was the birth of the South Korean Wave or Hallyu in India. <div type="image" title="Gangnam style gif" msid="90628215" hostid="261"></div> This global phenomenon was later driven by music, movies, and dramas, which further rose to popularity in India during the <a href="https://www.aljazeera.com/economy/2021/9/15/k-craze-korean-dramas-and-culture-are-taking-india-by-storm">lockdown</a>. For most fans, the affair with South Korean culture began with Korean popular music (K-pop) and its biggest bands such as Bangtan Sonyeondan (BTS), Blackpink, MonsterX, iKon, Big Bang, Twice, and Red Velvet. Slowly, the fondness expanded to the food they ate, the language they spoke, the make-up and jewellery they wore, and a highly enthusiastic, loyal and active fandom was born. As per research and analytics firm <a href="https://www.statista.com/statistics/956032/south-korea-kpop-popularity-in-india/">Statista’s </a>recently conducted survey in India between the ages of 15 and 59 years who had experienced South Korean cultural content, K-pop was considered to be very popular by 34.4% of respondents. Statista’s another <a href="https://www.statista.com/topics/5098/music-industry-in-south-korea/#:~:text=All%20in%20all%2C%20the%20South,to%20become%20a%20global%20phenomenon.">report </a>on Korean culture said that the South Korean music industry achieved an all-time high sales revenue of over ₩6.8 trillion in 2019, as well as an export value of over $756 million, <a href="https://www.washingtonpost.com/business/2020/01/30/bts-kpop-bighitentertainment/">which accounts for a sizeable 0.3% contribution to South Korea’s GDP</a>. The same survey found that the <a href="https://www.statista.com/statistics/937260/south-korea-reasons-for-kpop-popularity-worldwide/">main reason for its popularity</a> were the catchy rhythms and choruses. Indian digital content creator, Radhika Bangia, who often dresses up as her favourite Korean characters on Instagram, is followed by 1.6 million people. Her bio, “Crash landing on K-dramas”, explicitly declares her love for the Korean culture to the world. It was her Korean best friend in New Zealand who introduced her to K-pop. Bangia got really hooked on to the music when Boy With Luv, a BTS song, came out and in the world of K-drama, it was Boys Over Flowers for her. She says that she has been surprised at the speed which K-Pop and K-drama have grown in India. “K-Pop/K-Drama is mainly a love-it or hate-it affair (even though it’s so catchy I’m not sure how you can hate it). It’s so much fun to meet and interact with other K-Pop/K-Drama fans and see their enthusiasm for it,” says Bangia in an emailed reply to Business Insider. Why Indian advertisers need to take K-pop fandom more seriously Fans of K-drama and K-pop have created various groups on Facebook, <a href="https://www.reddit.com/r/kpop/">Reddit</a>, Telegram, Clubhouse, where they bond over their shared love for South Korean culture. Their loyalty for their favourite stars is most apparent in the <a href="https://www.d8aspring.com/eye-on-asia/the-power-of-k-pop-groups-in-endorsement-deals">rise </a>of K-Pop Twitter fancams, record-breaking YouTube streams, and sold-out concerts and merchandise. As per Southeast Asian e-commerce aggregator, iPrice Group, a devoted member of the BTS army across Southeast Asian countries, must have <a href="https://iprice.ph/trends/insights/how-much-money-do-kpop-fans-spend-on-their-idols/">spent </a>an average of $1,422, which is equivalent to buying an iPhone 12 Pro. This average purchase includes at least 15 studio albums, five concerts and numerous merchandise. <div type="image" title="k-pop" msid="90628210" hostid="261"></div> Fans of K-pop across South Asian countries and globe, do not shy away from spending money to support their idols. It is a quality that brands look for in their ambassadors -- the ability to start a conversation among a huge fan following and their social currency. BTS followers are also one of the major representatives of the <a href="https://www.bloomberg.com/news/features/2020-10-28/bts-k-pop-stans-are-fighting-qanon-and-maga-on-social-media?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-businessweek&amp;utm_content=businessweek">online “stan” culture,</a> where super fans use different online channels, especially social media, to continuously promote and defend their idols. According to <a href="https://www.rollingstone.com/music/music-news/bts-twitter-account-mentions-fans-1128480/">Twitter</a>, BTS has been the most-tweeted-about band on Twitter for four consecutive years. However, in India, only multinational food chain McDonald’s has tried to leverage on this huge stan culture. Last year in April, McDonald’s launched the BTS Meal across 11 countries in Asia, including India. The internet <a href="https://www.campaignasia.com/article/bts-campaign-in-asia-has-been-phenomenal-mcdonalds-asia-marketer/469926">exploded </a>with messages from ARMY, fans of BTS, and McDonald’s. Apart from that, we have only seen international collaborations such as Samsung, Coke and Hyundai with BTS. Telling us why Indian brands have failed to jump in the whirl of Hallyu, Lloyd Mathias, business strategist and marketing expert, says, “Indian brands have yet to tap into the immense potential of K-Pop as a marketing tool, partially because of the inability of marketers to fully comprehend the phenomenon and more specifically as Indian brands will have to enter into specific licensing arrangements with them. For global brands like Coke and McDonald’s and Korean brands like Hyundai and Samsung, this clearly poses no problems.” K-drama fan Bangia was thrilled at the idea of two cultures coming together. “I would personally love to see some Indian brands collaborating with BTS or BlackPink. I think the mixing of cultures would be cool to see!” While Indian fans are getting their dose with international collaborations and the merchandise available online, the unconditional love that ARMY and various K-pop fans extend, offer an immense potential for brands in bringing in new consumers. Anjali Malthankar, national strategy director at digital advertising agency Tonic Worldwide, says, “Indian brands are treating K-pop as topical content, but there is a big opportunity for Indian brands to ride the wave and appeal to the K-pop fanbase. What fans in India would want, is to be as close to the K-pop stars as possible, and to have access to them. In fact, that’s what K-pop has cracked on social media. They know what their fans want and the whole model is about giving power to the fans to make their favorite stars more popular. I feel, a live concert, physical or virtual/experiential can be a big platform for Indian brands to participate.” On the other hand, founder and chief executive officer (CEO) of blockchain analytics company bitsCrunch, Vijay Pravin Maharajan points out that it would be unfair to say that Indian brands have failed to capitalise on its popularity as there are so many different opportunities for brands to draw in audiences. “It is important to remember that, like South Korea, India is home to a thriving local entertainment industry and is a melting pot for entertainment worldwide. Even among those who were favourable to K-pop, there are certainly other genres and industries they engage with. It is highly unlikely that the average Indian K-pop fan engages exclusively with the genre. Indian brands are likely to go with local entertainment and artists, of which there is an almost continuous supply,” says Maharajan. Can NFTs be a place where fans get their due? Any fan is not just a spectator or silent admirer of art, they are active stakeholders who go out of their way to support their idols. From concert tickets, learning the language, buying albums, and creating photo books, to online or in-person meet-and-greets, K-pop and K-drama fans leave no stone unturned in <a href="https://homegrown.co.in/article/803152/merchandise-events-more-a-guide-to-everything-k-pop-in-india">immersing </a>themselves in their idols’ culture. And Non-fungible tokens (NFTs) are pushed toward heavily engaged fandom. Apart from <a href="https://www.verizon.com/business/small-business-essentials/resources/beliebers-why-care-231604811/">Beliebers</a>, <a href="https://fandomwire.com/popular-actors-who-are-bigger-potterheads-than-you/">Potterheads</a>, <a href="https://www.diggitmagazine.com/articles/taylor-swift-and-story-swifties-fandom">Swifties </a>and fans who form a beeline diligently in front of Amitabh Bachchan and Shahrukh Khan’s bungalows in Mumbai, K-pop and K-drama lovers are amongst the biggest communities. With K-pop NFTs, fans can own a special collectible item that would stay with them forever, even transfer onto different clouds. It would get them an opportunity to support their artist directly, flaunt their fandom and become a part of the larger community. So, can K-pop NFTs be the next big wave in the growth of Korean culture in India? Brand guru Mathias says yes. “I believe NFT can help take this to the next level given that many can now ‘own’ part of the phenomenon in the metaverse.” Korean culture has successfully built a sense of connectivity and relativity with the Indian masses, owing to the commonality of culture in terms of food habits, manners, and behaviour. With NFTs, fans of these two cultures can support their favourite artists. Ramkumar Subramaniam, CEO and cofounder of no-code NFT platform GuardianLink, says, “With the rise of NFTs aided by the popularity digital currency and assets have garnered, especially in the entertainment and art fields, even the globally famous South-Korean band, BTS, entered the red-hot NFT space in November. Given that India is rapidly adopting NFTs as a way of building connect with their favourite artists, NFTs are anticipated to be the next big thing fuelling Korean culture’s penetration in India.” Sai Krishna VK, founder of visual tech company Scapic, who is also known for his content around crypto and investment, says, “NFTs intrinsically capture value that fandom has always had, the only difference is that this value is now a direct relationship and with ownership too, in some cases. Industries like K-pop will be among the biggest to benefit from this as the chance to interact, engage and be closer to the stars you idolise is the sort of technology product that was simply not possible before this.” The initial buzz around the world of NFT was by crypto investors. They finally found a medium to spend their digital money on. Now, from <a href="https://timesofindia.indiatimes.com/entertainment/telugu/movies/news/prabhas-posters-from-radhe-shyam-to-be-available-as-nfts/articleshow/90054402.cms">Prabhas </a>fans to K-pop, NFTs are attracting more diverse audiences and fandoms. Finfluencer Neha Nagar has been talking about the growth of NFT and crypto in India. She thinks that the introduction of K-pop NFTs to India will give a push to both Korean culture and NFT’s adoption. “K-pop fans are a very strong community, now every K-pop fan will be forced to think about NFTs, which will lead some of them to actually buy those NFTs for the sake of love for their k-pop stars. K-pop fans already have spent on merchandise and tickets to support their stars. Owning k-pop, NFTs will now be called ‘a proof of being a k-pop fan,’ especially genZ will get more attracted to NFTs now, which will push the NFT craze to next level. This is going to be quite exciting!” Maharajan of bitsCrunch says, “With the growing popularity of K-pop in India, moving the production of music videos to the digital realm may be the way of the future.” While K-pop fans are voicing their <a href="https://www.theatlantic.com/technology/archive/2021/12/nft-kpop-environmental-problems/621091/">concerns </a>over carbon-torching NFT, various <a href="https://www.businessinsider.in/cryptocurrency/news/binance-and-the-record-label-behind-k-pop-sensation-blackpink-will-work-on-creating-eco-friendly-nfts/articleshow/89435868.cms">labels </a>have started working on launching greener NFTs. Bangia is optimistic that K-pop fans will accept NFTs that support their favorite artists, “but my personal hope is that we can find a way to minimise the amount of energy that blockchain requires,” she adds. K-pop has been able to make international inroads in recent years and now with the arrival of various K-pop NFTs, the future of hallyu in India looks <a href="https://youtu.be/gdZLi9oWNZg">Dynamite</a>!

NFTs may finally leverage India's fandom for Korean drama and music, which Indian brands have failed to cash in on

<ul><li>India poised to have 1 billion smartphone users by 2026 and will be the second-largest smartphone manufacturer in the next five years.</li><li>India to catch on to the <keyword id="13228644" type="General" weightage="20" keywordseo="global-Non-fungible-Tokens" source="Orion">global Non-fungible Tokens</keyword> (NFTs) revolution with favourable regulations.</li><li>The AI market to grow at a CAGR of 20.2 percent globally to reach US$7.8 billion by 2025; AI to have a promising future in India.</li></ul> Favourable policies, convenience-driven mindset, and evolution of the new normal have brought in a renewed focus on tech adoption. Smartphones now act as a catalyst for digital penetration across the tier-2 and 3 markets in India. The India edition of Deloitte’s 2022 Global TMT (Technology, Media, and Entertainment, Telecom) predictions indicates that digital and mobile are the key enablers of the future of technology. This edition captures the latest trends in the Indian TMT space that are driven by the economic and societal shifts caused by the global pandemic. These trends are poised to result in a better-connected ecosystem of multiple digital devices that can meet the world's ever-increasing need for faster connectivity, and more chips and entertainment options. Moreover, an evolving marketplace for NFT, increasing diversity in talent and participation of women in the tech industry, and rising popularity of AI and app-centric approach to promote mental health and wellness indicate enhanced digital maturity for businesses. Technology sector prediction - The urgency to address semiconductor chips shortage The global shortage of semiconductor chips has affected the manufacturing industries across the world. As demand soars, supply is likely to be constrained in the near term, but gradually ease up in 2023. With an increase in supply and normalisation of demand, and the specific initiatives muted by GOI, India can play on the strength of its large and thriving domestic market to form a basis for setting up the domestic semiconductor and electronics manufacturing industries in the next three-five years. “As the ecosystem matures in the medium to long term, we expect India to emerge as a strong regional hub in semiconductor and electronics manufacturing”, said P. N. Sudarshan, Partner and TMT Industry Leader, Deloitte India. He added, “The government’s recent announcement on the Production Linked Incentive (PLI) scheme for the semiconductor and electronics manufacturing industries has the potential to create an end-to-end ecosystem for manufacturing electronic products. We expect the broader shift to digital to continue in 2022 and drive the industry growth in the future.” Telecom sector prediction: 1 billion smartphone users by 2026 In 2021, the Indian telecom sector has undergone major policy reforms to reset growth and revive the health of the operators. The total cumulative shipments of smartphones in the country are expected to reach 1.7 billion units from 2022 to 2026, creating a market of about US$250 billion. According to Deloitte’s analysis, smartphone demand in India will increase at a CAGR of 6 per cent in the rural market and at a CAGR OF 2.5 per cent in the urban market to reach a cumulative number of about 400 million units being sold in 2026. This is largely propelled by demand for internet services in the rural market with the adoption of E-learning, Fintech and E-health platforms. Internet enabled devices in the rural market will also get a push with the government’s plan to fiberize all villages by 2025 under the BharatNet program. 5G devices will alone contribute 80 percent (about 310 million devices) to smartphone demand by 2026. Furthermore, the recently announced incentive package of US$10 billion to drive semiconductor manufacturing in India and the PLI schemes will encourage handset manufacturing in India to service the second-largest smartphone market in the next five years. Peeyush Vaish, Partner and Telecom Sector Leader, Deloitte India, said “India will have 1 billion smartphone users by 2026. This growth will result in over 75 percent of the subscribers using smartphones by 2026 from a sub- seventy percent as on date. 5G enabled devices will contribute 80 percent to the devices being sold in the year 2026 and Indian consumers will purchase 840 million 5G smartphones over the next 5 years valued at US$130 billion. In addition, 5G will fuel an incremental sale of 135 million smartphone units over the next 5 years.” Media sector prediction: The Indian streaming industry to evolve dramatically Greater adoption by audiences, the popularity of international content (such as Korean, Israeli, or Spanish) in India, and the ability to attract a wider audience through subtitles and dubbed content, have broken previously held views on the characteristics of the Indian market. These trends have forced many streaming companies to revise their original strategies. Pricing for streaming services will remain competitive as service providers attempt to stabilise and consolidate their customer base. However, in a rapidly evolving market, streaming players would rather focus on customer acquisition instead of customer churn. As prices stabilise and content libraries become nuanced and structured, the focus will shift to the minimisation of churn. Jehil Thakkar, Partner, Media and Entertainment Sector Leader, Deloitte India, said “Evolving consumer behaviour in view of the pandemic has increased digital content consumption in India. Audiences are experimenting with genres and languages with regional content breaking out of its traditional boundaries. Fierce competition is likely to persist in the short-to-medium term with more than 40 service providers in the fray.” This growth will be driven by heavy investment in original content, pricing innovations, low data costs, and the rise of short-form content. However, this progression from the early to mass stage might come at a cost to the broader media industry as subscribers, especially in tier-1 and tier-2 cities, may switch to more streaming content from traditional linear TV. We, however, do not expect India to cut the cord. Gaming and commerce are important elements contributing to attract, retain and amplify consumer stickiness as the battle within the evolving digital world continues. Other highlights in the Deloitte “TMT Predictions 2022” report India all set to catch on to the global NFT revolution; entertainment and sports NFTs will disrupt the industry in India: Deloitte Global predicts that NFTs for sports media will generate more than US$2 billion in transactions in 2022, about double the figure for 2021. Given the global trends and the government of India’s pending policy/regulatory framework in this area, it is a matter of time before NFT-based market for movies and sports memorabilia becomes a reality in India. The future of AI in India: More market players are realising AI’s importance, including its ability to provide competitive advantage and sculpt the future of work. In 2022, we expect to see India’s AI priorities shift towards cost efficiencies and employee productivity. Mental health becomes a priority with increasing app penetration: Given the challenges related to awareness, access, and capacity, technology can play a significant role in building scalable solutions that can help the population at large. About **36 percent of the Indian millennials have a fitness app installed on their phones and ~45 percent think leading a healthy life is essential. Floating Solar Photovoltaics (FSPVs) as a means for scaling solar PV deployment: FSPVs is expected to play an important role in paving the path for India’s energy sufficiency given the natural advantage of a vast coastline. With reduced crude prices and improved designs, Deloitte India predicts a significant rise taking place as both central and state government agencies might announce more floating solar projects. Deloitte India further estimates that the FSPV sector in India has a high potential to become self-sustainable largely due to the benefit of economies of scale as and when the tariff rate reduces over the next few years.

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NFTs for sports media will generate more than $2 billion in transactions in 2022, about double the figure for 2021: Deloitte report

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