Indian Entertainment Industry will soon touch Rs 1 trillion

THE Indian entertainment script is moving into IMAX size. The annual Ficci-Frames PwC reports verifies it with an 18% projected growth and Rs 1 trillion waiting at the end of five years for the E &M industry. The Indian government too is taking active interest to protect its interests, aid its global footprint and seek value-added partnerships for it too. Outlining five core focus areas at the Ficci-Frames 2007, the minister for information & broadcasting, Priyaranjan Dasmunshi promised to battle piracy, encourage Indian participation in international film festivals make amendments to the Cinematograph Act of 1952, give tax concession and fiscal benefits for digital cinema and more sign more co-production treaties with foreign countries. The common theme for Frames 2007 was the emergence of lifestyle media, and playing a big role in this was convergence aiding the growing entertainment consumer to consume content anytime and anywhere. Speaking on regulatory framework, SK Arora, secretary, I&B ministry, said, “We will streamline the regulatory framework and the government will continue to support the entertainment industry.” The ministry is aiming at providing on demand content to the users, besides encouraging investment in technology and competition to grow new delivery platforms. A memorandum of understanding (MoU) was signed between Ficci and Filas (Financial Investment Agency of the region of Lazio) covering digital technology and applications, multimedia, cinema production and post-production, animation, music and publishing. India and Ficci are the second country, Filas has signed a MoU like this, the first being with the Media Development Authority of Singapore. The total budget of Filas is 10 m euros. The two partners are looking at four coproductions between the two countries. The M&E sector went through a bad phase with investors in 2001 who lost money due to funds not being utilised well. The sector has re-merged in 2006 with the sector has received new interest among private equity players. “Yet, PE guys look for consistent growth and there is a distance to cover which will take some time,” said Mukesh Jain, associate director, Ernst &Young. Whether digital cinema is the way forward was a hotly debated topic between the players, like UFO’s Raja Kanwar and Bill Jasper of Dolby Laboratories along with exhibitors like Shravan Shroff of Fame. “For producers, the reach it gives is a boon both commercially and to fight piracy,” said Don producer Ritesh Sidhwani. Like China, where cyber cafes were the driver of the growth of the gaming industry, India too looks like going the same path according to the gaming industry.

Courtesy: EconomicTimes
For more detail on Retail India visit: http://www.retailindia.tv/