IT and Industries Minister KT Rama Rao announced that the Image Tower, a one-stop-shop for animation, VFX, and gaming industry and comics (AVGC), being constructed in a 1.6 million sq ft area near MindSpace IT Park in Hyderabad would be ready for occupancy by the first quarter of 2023.
Addressing the inaugural ceremony of the fourth IndiaJoy 2021 digital entertainment festival in Madhapur, he said that Hyderabad-based gaming companies had made the best of the new market opportunities created during the pandemic and that 45 companies had chosen the city as their destination for gaming in the last two years, taking the total companies in that domain to 80.
He also noted that 10 new VFX production houses were set up in Hyderabad in the last three years. Observing that India’s active internet user base was expected to reach 900 million by 2025 and that it had seen a 45 per cent increase since last year, he said the animation sector also grew by nine per cent and was expected to grow into a $44 billion industry by 2024, with a compounded annual growth rate of 13.5 per cent.
He said the Centre of Excellence started by STPI in Hyderabad has already completed its first cohort for supporting 11 startups and that its second cohort was being held presently. Technicolor India country head Biren Ghose said that the state government has shown a strong strategic intent in partnering with industry and academia by enabling policy and infrastructural support to take the AVGC industry to new levels. He also observed that school dropouts and women could be absorbed into this industry.
He also requested the state government to build further infrastructure, scale talent and continue to brand Hyderabad as a hub, so that the AVGC industry could further grow. During the inauguration, a Memorandum of Understanding (MoU) was signed between the Telangana government and Mobile Premier League (MPL). As per the MoU, the state government would allot 500 seats for MPL in the Image Tower with an understanding from MPL to share technical know-how and hiring of local talent.
IndiaJoy 2021 will be held virtually from 17-19 November. It has been organised by Telangana VFX, Animation and Gaming Association and sponsored by MPL.