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Collaboration will drive future of AVGC services
MUMBAI: Collaboration will write the future of the domestic animation, visual effects, gaming and comics (AVGC) industry. As the fastest growing segment within the media and entertainment (M&E) space, it is expected to grow at over 19–20 per cent in the next couple of years and cross Rs 6,000 crore (Rs 60 billion) in revenue.
AVGC will offer a world of opportunities for leading studios such as Prime Focus World, Reliance MediaWorks, Deluxe Digital Studios, Toonz Animation, Red Chillies Entertainment, Technicolor India, to name just a few.
During a session on ‘Consolidation AVGC Services: Cost vs Quality’ at the 15th FICCI Frames convention, panellists agreed that collaboration will drive the future growth prospects of AVGC in India.
A strong believer in collaboration as a way forward for AVGC business, Reliance MediaWorks CEO Venkatesh Roddam said, “Collaboration, investments, partnership are necessary to build the AVGC ecosystem. The current demand for content clearly shows the gap between the existing content, available content and what is actually required.”
Underlining the changing business environment in terms of technology, delivery platforms and consumption patterns, he said, “Viewership is not limited to cinema anymore. It’s actually going through multiple platforms and multiple devices, mostly handheld. So, there’s going to be a huge dearth of content.”
Demographic changes are causing a shift in the consumption pattern, favouring emerging markets in Asia and Africa compared to the mature European and North American markets.
Toonz Animation CEO Jayakumar P observed, “The population shrink in Europe is causing a shift in consumption of AVGC content.”
Sharing his experience of over 15 years in the AVGC sector, he said that the revenue his company generates today from these regions is about $50,000 as against $150,000 grossed in the initial years.
China, Indonesia and Latin America are generating a huge demand for AVGC content and if Indian companies manage to fulfil the demand from these markets, there will be significant growth in the sector, Jayakumar added.
The kids space is also offering huge opportunities as can be seen from the growing consumption of digital gaming and animation in films.