In a recent study by the Boston Consulting Group (BCG) and Confederation of Indian Industry (CII), the latest media and entertainment industry report suggests that the animation, VFX industry in India commands around 10 per cent of the global market share and has the capacity to reach 20 to 25 per cent by 2025.
The two sectors, animation and VFX have seen a hike of 17 per cent from $0.7 billion in 2015 to $1.3 billion in 2019. The sectors can together create 75,000-120,000 jobs over the next five years. States such as Karnataka, Telangana, and Maharashtra are taking the lead in AVGC promotion through infrastructure and fiscal incentives.
The government of India also recently announced setting up of a Centre for Excellence with the Indian Institute of Technology, Bombay to launch courses in AVGC and promote entrepreneurship in the sector.
Aptech MD and CEO Anil Pant, in a conversation with media, mentioned: “There are over 700 recruiters, including blue-chip animation studios, entertainment and graphic design firms, ad agencies, consumer firms, online tutorials and IT firms scrambling for graphic designers, web designers, 2D/3D animators, 3D modelers, VFX experts, compositors, visualisers and pre/post-production executives.”
Despite growing at an estimated 29-30 per cent per annum, the share of the domestic AVGC industry in the global AVGC market was just one per cent at $2.69 billion (or Rs 20,000 crore), a CII report released during the virtual entertainment summit, organised by the Confederation of Indian Industry (CII) said.
“Now is the time to do more for our own film industry,” Information & Broadcasting (I&B) minister Prakash Javadekar said at the summit, “AVGC could provide a new dimension to film-making.”
The animation industry is seeing incredible growth, all thanks to the success of movies in the recent times.