For a population of a billion, India's media and entertainment sector is still in infancy, however the year-on-year growth rates have been promising.

What the media and entertainment industry looks like today is completely different from what it looked like 10 years ago. And odds are, it will undergo yet another fundamental transformation in the next decade. Three basic trends are at work.

First, with increasing foreign investment, traditionally independent local providers of media and content have been replaced by a small number of large, publicly traded international conglomerates that compete in all media sectors.

Second, the Internet has created a whole new class of industry player.

And third, a furious debate has sprung up over copyrights. Today's media players have substantial assets tied up in music, television and film content. The Internet's power to obliterate traditional notions of copyright poses a complex and urgent management challenge. Going forward, media players will need to deploy their assets-and also protect them-in a digital milieu.

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