Storytelling is not only India’s oldest tradition but also its most significant soft power that continues to take myriad forms with VFX giving it bigger wings to soar across international skies. With the advancements taking place in VFX technologies and platforms so frequently, the entire world has trained its eyes on India’s storytellers.
More so, OTT platforms have opened up news vistas to help with global outreach. Statistics advanced by the recent FICCI report confirm the exponential growth of the India’s M & E space with VFX and post production facilities moving up the value chain. Undeniably, OTT space has been a major reason for driving that growth both in demand of post production services. Let’s look at some facts by FICCI-EY report surrounding the Indian VFX scenario.
Growth in Demand
- VFX segment benefited due to increased demand from domestic content companies (which produced over 1,600 hours of original OTT content, 1,800+ films and over 200,000 hours of entertainment television) as well as international content companies producing ever larger amounts of content for both developed and growth markets.
- 350 films were released in 26 countries in 2019, compared to 332 films in 18 countries in 201824, which led to increased demand for post-production services.
- Niche films for multiplex audiences, dubbed vernacular content and growth in digital web series, originals, etc. led to increased demand for post- production services.
- Broadcast post-production work witnessed modest growth as Indian companies continued to expand to multiple geographies across the world, catering to their needs from centralized facilities in India.
VFX grew 25% in 2019 to reach INR49.5 billion
Domestic market drove growth
VFX, unlike the rest of the segment, had an equal revenue split between Indian and international clients.
- While India remained competitive on the international side, the domestic market drove most of the growth in 2019, fuelled by original content created by broadcasters and OTT platforms.
- Some companies indicated that their domestic revenues increased over 40% from 2018 and they expected this trend to continue over the next few years.
Growth of captive centers was seen in India
- The demand for VFX services by content creators in countries like China and India is attracting western players to set up shop in these countries to cater to the local content and creatives
- To get a foothold in the booming Indian market, multiple companies are either entering the Indian market or investing in setting up infrastructure in India.
- Framestore: An international company is set to open its offices in Mumbai in 2020.
- DNEG has launched a new offering, ReDefine, which will be based in a new studio facility in Mumbai and will be home to more than 600 staff who will focus on offering visual effects and animation services to expanding international markets such as China and India.
With content production and VFX gaining momentum in the digital age and notching up the storytelling quotient, India is on its way to entertain the world.