Media presents interesting possibilities in terms of export, said sociologist Salvatore Babones in an interview with Martin North from Digital Finance Analytics.
Babones, an associate professor at the University of Sydney, and an expert in the areas of Chinese and American economy and society, appeared in the 19 July interview to discuss ‘For Australia: After China—What Next?
“Australia has a large Indian population and Australia is an English language media market. Therefore it can produce content for India. The US already does this, more so through platforms like Amazon Prime and Netflix—which produces content in 10 different Indian languages,” said Babones, known for his research related to macro-level structure of the world economy. Babones said that unlike China, in India a high proportion of people speak English.
“India is a widely multi-lingual country. There are large accessible markets. There is a need for niche and speciality broadcasting. Australia can tap into this segment. Australia needs to seize this”
“India is a widely multi-lingual country. There are large accessible markets. There is a need for niche and speciality broadcasting. Australia can tap into this segment,” said Babones. “Australia needs to seize this.”
With regard to the brain drain, Babones said the brain drain in India was different to that of China because “Indians are not trying to escape the regime”. “In China, 99% are thrilled to escape the regime. This is why India benefits from its diaspora. Most Indian entrepreneurs are likely to spend a few years abroad and then start something up in India,” he said.
Babones added that though India’s population was growing it was a poorer population than China. He said that according to the world top income database based on tax receipts India has less than 1/8 as many people who afford a middle class lifestyle. “That makes it a smaller consumer market than China. So that means Australia needs to focus export of infrastructure related products and services and niche areas. Coal for instance, and the media.