In pursuance of the announcement made in the Union Budget 2022-23, an Animation, Visual Effects, Gaming and Comics (AVGC) Promotion Task Force has been constituted to promote the AVGC sector in the country under the aegis of the Ministry of Information and Broadcasting .
Growth of the Indian media industry
The Indian media and entertainment industry is on an impressive growth path, it has the potential to reach the US $ 100 billion by 2030.Entertainment consumption has risen notably within a short span of time, due to virtual events and concerts, online gaming, free entertainment subscriptions, blockbuster movies being released on streaming platforms, and so on.
- The Indian M&E industry is projected to grow at a pace of 14% over the period 2016-2021, outshining the global average of 4.2% CAGR, with advertising revenue expected to increase at a compounded Annual Growth Rate (CAGR) of 15.3% during the same period.
- Television is expected to grow at a CAGR of 14.7% over the next five years as both advertisement and subscription revenues are projected to exhibit strong growth at 14.4% and 14.8% respectively.
- Focus on the ‘kids’ genre’ is growing with a rise in dedicated TV channels for them. As the advertising industry grows, the share of animation-driven advertisements is also expected to grow.
- The surge in 3D/HD animated movies in theatres and the use of animation and VFX in TV advertising and gaming. Growing outsourcing of VFX and gaming to India is due to the cost-effectiveness of Indian players.
- The gaming industry in India reached Rs 62 billion (US$ 890 million) in FY19 from Rs 24 billion (US$ 343.40 million) in FY18 and is expected to reach US$ 3.58 billion by 2024.
- The animation and VFX industry in India reached Rs 87.7 billion (US$ 1.25 billion) in FY19. It is expected to grow at a CAGR of 16 percent till FY24 and reach Rs 184 billion (US$ 2.63 billion).
- Digitalization has played a major role in the growth of the Indian film industry. The Indian film industry is expected to grow at a rate of 11.9 percent by 2020.
- The total subscriber base for the Indian television industry was expected to increase to 195 million by 2019 from 183 million in 2017. Between 30-35 million OTT subscribers are expected by 2021.
