After getting hit badly during the pandemic, the animation, VFX (visual effects) and gaming industry has bounced back again as the shootings have resumed.
“After suffering a dip of 8 per cent last year due to the pandemic, the industry has reported a growth rate of 15 per cent this year,” Biren Ghose, Country Head (Technicolor India) and chairman of Confederation of Indian Industry’s panel on animation, VFX, gaming and comics (AVGC) industry said.
Delivering the keynote at the inaugural of IndiaJoy 2021, a four-day digital entertainment festival, here on Tuesday, he asked the Government to recognise the AVGC industry as an infrastructure industry.
K T Rama Rao, Telangana Minister for IT and Industries, said that the multimedia, animation, gaming and entertainment sector was growing at a growth rate of 9 per cent. “It is expected to reach ₹3 lakh crore or $44 bn by 2024 with a CAGR (Compound annual growth rate) of 13.5 per cent,” he said.
Stating that Telangana is fostering a comprehensive VFX ecosystem with over 20 academies and over 40 VFX production houses, he said the IMAGE Towers will be ready in the first quarter of 2023.
The facility is going to be a one-stop-shop for all the ecosystem players in the AVGC industry. The 1.4 million sq ft facility would also house high-end equipment that can be shared by startups for content development.
MPL to set up facility
During the IndiaJoy inaugural, a memorandum of understanding was signed between the Telangana Government and Mobile Premier League (MPL).
According to the MoU, the State Government to allot a 500-seater space to MPL at the upcoming IMAGE Towers in Hyderabad.
