India needs to tie up with Hollywood for faster growth: E&Y report

MUMBAI: The Indian film industry, which is projected to grow from $3.2 billion in 2010 to $5 billion by 2014, can speed up faster if it further deepens its cooperation with Hollywood, said a recent report by Ernst & Young.

Currently, the domestic film industry is growing at a CAGR of 14.1 per cent.

Film entertainment, visual effects (VFX), travel and tourism and film education have emerged as key areas in India and the film industry can witness an accelerated growth with a strong presence of Hollywood, said the E&Y-LA India Film Council‘s report, ‘Film industry in India: New Horizons‘.

Between 2010 and 2011, there was a 42 per cent rise in the number of Hollywood movies shot in India. While in 2010 19 Hollywood films were filmed here, it rose to 27 in 2011.

E&Y India Partner and segment champion for filmed entertainment Rakesh Jariwala said that the domestic film industry is on the brink of a transformation as it’s trying to break across the barriers of language, revenue and technology. At the same time, it has become an attractive destination for shooting, visual effects and animation. This presents a significant opportunity for Bollywood and Hollywood to collaborate, he said.

The report has identified four areas in which the collaboration can take place -- film entertainment, education, VFX and tourism. The increase in number of Hollywood movies shot in India is a very strong endorsement of the country‘s potential in this space, according to the report.

Noting that there is a significant growth in the number of VFX companies operating here, Jariwala said that according to estimates there are over 40 major Indian VFX firms catering to domestic and global clients.

Currently, the country accounts for only around 10 per cent of total animation and VFX outsourcing pie. However, there is room for growth and
the amount of work coming in here from Hollywood is on the rise, the report said.

Another advantage is the availability of well-developed but low-cost post-production facilities, it stated.

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