Over the last few years the UK, the US, the Middle East, France and Spain have emerged as key markets for M&E sector. The UK, the US and the Middle East account for 70% of the revenue generated by the Indian movies in the overseas markets. Hollywood production houses have outsourced animation and post production work to India. India holds a good reputation of delivering state-of-the-art work at low cost.
Experts believe that India is one of the fastest growing media and entertainment industries in the world. With its exotic locations, abundant labour force and growing demand for original content, India stands to gain a favourable advantage in the global media and entertainment space.
Commenting on the content business, at CII Big Picture event in New Delhi yesterday, Ferzad Palia, Executive VP & Business Head, English Cluster, Viacom 18 said, “I think there has ever really been a better time for us in the content creating business, content creator never looked as exporters. The biggest opportunity which lies ahead is the amount of demand of content goes across the world. We see a lot larger Indian representation when we travel to the world who acquires content and syndicate content.
He added, “What we lack today, but we are slowly getting there, is the overall branding of India being a central hub where content can be created, and with that obviously you required to build in a whole new infrastructure learning and training centre.
He also pointed out that right now there is a “great opportunity that we should revive; and Indian content should travel behind the Indian communities.”
Uday Singh, Managing Director, Motion Pictures Distribution Act (MPDA) highlighted the market that needed to be addressed, where we are heading and what are the sizes that we are after when we talk about the global markets. Revealing some date about the global box office he said that global box office last year was about $36.4 billion and India contributes only $1.7 billion.
He pointed out that this was “very low given the backdrop of number of films we produce; and we need four different strategies, Global to Local, Local to Global, Global to Global and Local to local in order to gain maximum reach.”
Sabbas Joseph, Founder, Wizcraft World, shed light on the scarcity of multiple screens in India. He feels there is great talent in India. He highlighted how multiple theatre owners are asking government to reduce entertainment tax because they have not enough audience to do business. He suggested that “we can create own formats and forums to market ourselves globally.”
Oscar Award winner sound designer, Resul Pookutty, pointed out that Indian films are peculiar in nature. He said, 90% of the film business comes from the domestic market and local content plays huge role in sustain of the business and 10% comes from export.
Citing examples of different local films’ production from different countries, he said, “We ourselves are not able to prioritize our own local content within our country.”