#TwitterChat: How to give Indian Animation & VFX the competitive edge?
The animation and VFX sector grew 20 per cent in 2019, as per FICCI-EY M&E Report. Demand for domestic content (broadcast and digital) was high in 2019 and is expected to keep rising over the next few years as platforms focus on customer acquisition.
The report further states that the year 2019 witnessed over 20 per cent growth in revenues from domestic OTT players. The likes of Netflix and Amazon Prime Video are increasingly looking at markets outside the US, like India, to accelerate growth and these markets need original content, which resulted in an increased demand for VFX, post-production and animation services. In all, around 1,600 hours of high-quality original content was created for digital platforms in 2019.
Growth in augmented and virtual reality content has also increased the demand for non-traditional VFX/CGI.
Before the COVID-19 pandemic struck the country as well as globally, FICCI-EY had estimated this segment to grow at 17.8 per cent every year to reach Rs 155.6 billion by 2022. The estimates are being revised, given the current market situation. Meanwhile, a KPMG report pegs the value of the animation and VFX sector at $1.23 billion, which is expected to double in size over the next 5 years to $2.6 billion.
Given the growing potential as well as demand in this sector, it becomes imperative to understand the growth prospects, the skill set required, the kind of work this sector has been doing, the challenges and most importantly, find an answer to the question – ‘Is the Indian Animation industry ready to take on the international markets?’
Take any Hollywood release nowadays and chances are that one would find a few Indian names in the credit rolls, especially in the VFX section. And when it comes to animation, this field has today developed much beyond just cartoon shows for kids. But has Indian Animation come of age?
To focus on these and many more issues, Adgully’s flagship #TwitterChat will turn the focus on Animation and VFX industry. Join our elite panel of industry experts on Friday, July 31, 2020 from 3 pm to 4 pm at @adgully on Twitter.