The biggest challenge for global entertainment channels in content creation is striking the right balance between global and local content, Andy Kaplan, president, World Wide Networks, Sony Pictures Television, observed Wednesday.

He was speaking on the 'Future of TV', on the second day of the 14th edition of Ficci Frames, the annual convention of the Media and Entertainment (M&E) industry here organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

India is a content powerhouse, with the largest movie productions, massive digitisation underway and 169 days of live cricket, said Dominic Proctor, president of US-based advertising company GroupM Global.

Proctor was addressing an audience during the talk on 'Will advertising still be the key growth driver for the converged ecosystem?' on the second day of the 14th edition of Ficci Frames, the annual convention of the Media and Entertainment (M&E) industry here in Mumbai organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Bollywood's who's who, including megastar Amitabh Bachchan and veterans like Kamal Haasan and Rishi Kapoor, marked their presence at a star-studded party hosted here by Indian business tycoon Anil Ambani and his wife Tina in Hollywood filmmaker Steven Spielberg's honour.

Spielberg is in India to celebrate the success of his film "Lincoln", a co-production between his banner DreamWorks and Anil Ambani's Reliance Entertainment.

Disney is focusing on India's media and entertainment, which is estimated to touch Rs.917 billion ($17 billion) in 2013, not only because the industry here is poised for a huge leap forward, but because of the rapidly rising middle-class of consumers and their traditional focus on the family, said Andy Bird, chairman of Walt Disney International.