Digital media, OTT platforms & many gaming systems have played a very important role in the exponential growth of animation, VFX & gaming comics.

India’s Animation, VFX & post-production segment will reach about ₹127 billion by 2021. Given the way the world is churning, we should try and become more aggressive.

There is a huge potential that awaits us to expand AVGC sector. – Create new jobs – Create greater economic activity – Keep children entertained & educated.

Today, the world is looking at India with a lot of admiration for the way we tackled COVID and with a lot of aspiration & confidence that we will play an important role in the post COVID world as a trusted partner of Global engagement.

AVGC sector will be at the centre of our global engagement & will introduce cutting edge technology which will help us become the best in the world.

Prime Minister Narendra Modi interacted with participants of Toycathon-2021. PM Modi emphasized the economic aspects of toys and gaming, he called it ‘Toyconomy’. The PM said that global toy market is about 100 billion dollars and India haveonly 1.5% of this market. India imports almost 80% of its toys. This means that crores of rupees are being drained out of the country. Union Minister of Education will also be present on the occasion.

The audience demand for entertainment is only going up and the mode of distribution has changed for the industry, he said in his valedictory address in the ‘Big Picture Summit’ organised by industry body CII.

Currently, the media and entertainment industry stands at USD 24 billion and is about one per cent of the country’s gross domestic product (GDP), he added.

“The industry has the potential to grow from USD 24 billion to USD 100 billion by 2030, which is what our vision is and our target should be. The potential of the media industry is untapped and humongous,” said Madhavan.

Over the print media, Madhavan said it still accounts for nearly Rs 20,000 crore of advertisements, as part of its overall Rs 30,000 crore of revenue.

“In the past few years, growth in print has come from the regional markets where the focus is on local and hyperlocal news,” he said.

Across the world, reputed publishers in the print space have expanded their operations to podcasts, online apps, and other extensions, Madhavan said. “In India, there has recently been a rise in subscription-only journalism, especially online.”

Animation and visual effects are also at an inflexion point.

“India has less than 10 per cent of the global market share in VFX and animation, despite costs being almost one-fifth of developed markets,” Madhavan said.

Read more at:
https://economictimes.indiatimes.com/industry/media/entertainment/media-industry-has-potential-to-grow-to-usd-100-billion-in-10-years-star-disney-india-md/articleshow/79801060.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst