The Rs 9,600 crore Indian entertainment industry is trying to attract investment from American and Japanese companies to invest in the entertainment infrastructure. A delegation, led by Information and Broadcasting minister Sushma Swaraj, will be leaving on a 10-day tour of Japan and the US on June 10.
The Indian entertainment industry is expected to almost treble in size to Rs 28,600 crore by 2005 as per a study done by Arthur Andersen for Federation of Indian Chambers of Commerce and Industry.
The delegation is expected to hold a series of meeting in Japan and the US with entertainment bigwigs like Sony Pictures Entertainment, Warner Brothers, Disney and Panasonic. They will also meet up with the members of the India Caucus too. Swaraj and others are slated to meet the chairman of Federal Communications Commission (the US broadcasting and telecom regulator).
The delegation includes I&B secretary Pawan Chopra, I&B additional secretary (broadcasting) and Prasar Bharati chief executive Anil Baijal, L K Modi of Modi Entertainment, Broadcast Worldwide chairman R Basu, film-makers Yash Chopra, Subhash Ghai and Yash Johar, Indian Broadcasting Foundation’s Bhuwan Lall, Nimbus Communication’s managing director Harish Thawani and Sony Entertainment TV India’s chief executive Kunal Dasgupta.
As per the Ficci-Arthur Andersen report, TV broadcasting segment is expected to grow to Rs 8,400 crore by 2005 and Rs 28,900 crore by 2010. The current status of the sector is estimated to be around Rs 3,000 crore.
The report states that cable TV industry is expected to grow to about Rs 7,000 crore by 2005 from the current Rs 2,400 crore with the growth drivers being increased number of cable households, increased subscription rates and revenues from value-added services like Internet and overall consolidation.