AVGC can become $100bn industry by 2030, experts note at Kochi Design Week
Growing children and adolescentpopulation makes AVGC a thriving sector in India
Kochi / December 17, 2022
Kochi, Dec 17:With an average annual growth of no less than 25 per cent, India’s AVGC (Animation, Visual effects, Gaming and Comics) sector can emerge as a 100-billion-dollar industry by 2030 from the current $40 billion, speakers at a session at Kochi Design Week (KDW) noted today.
With children and adolescents (0-19 age group) forming one-third of its population, India can become a global hub in AVGC down this decade even as the sector is wielding increasing influence among adults around the world, speakers said at the event being hosted by Kerala Startup Mission (KSUM) in this city.
The optimism is high also because the number of active smartphone users in 5G-ready India is projected to go up from 500 million at present to 900 million by 2025, the experts pointed out during the discussion on ‘Future of AVGC in India’ at BolgattyIsland.
The two-day KDW-3 provided first-hand knowledge about global models and trends in design as a fast-emerging field.
The country, however, suffers from a shortage of talents in AVGC, pointed outToonz Media Group CEO P. Jayakumar. The government needs to work together with the industry and educational institutions so as to churn out a rich cream of resources in the sector, he suggested ,moderated by PunaryugArtvision Founder Ashish S.K.
Mr Jayakumar said AVGC has been the country’s lone sector that registered a steady growth ever since its emergence at the turn of this century. “It is sure to sustain that pace in the next two decades,” he added, citing the projected strategies of the main stakeholders amid a favourable climate propelled by the 2022-23 Union budget after Prime Minister Shri Narendra Modi called upon industry to make India a hub for game developers and related services.
Rajan E. of Chennai-based Phantom FX said young filmmakers have begun focusing on visual effects in their works. “Up-and-coming directors know the scope of visual effects in their movies and approach us in the industry to light up those parts,” he pointed out, citing 2021 Malayalam superhero film ‘Minnal Murali’ as an instance.
On how homegrown studios counter ‘invasions’ from competitors abroad, Rajan said the establishments in India are inversely opening up units overseas.
Gamitronics CEO Rajat Ojha said India’s colourful stories from mythology cater to the growth of AVCG like no other country. “We can be a heavy contributor to the field. This is more so when the world is living in a game now,” he added.
Moderator Ashish, who is Chairman of FICCI AVCG-XR Forum, traced the start of AVGC in India from the late 1990s. “From then on, the sector has grown exponentially. Today AVGC is the single largest vertical of films and TV shows in India,” he noted. “Its growth will further accelerate, given an explosion we see in web-based content generation today.”
KDW-3is held in partnership with national and international industry bodies such as World Design Organisation, World Design Council and Institute of Indian Interior Designers with cooperation from KSUM, which is the nodal agency of the Kerala government for entrepreneurship development and incubation activities in the state.