New Delhi, Dec 7 (UNI) The country's film industry is poised for a major leap forward with its growth estimated to exceed Rs.40,000 crore by 2010.
It would create employment opportunities for about 6 million people in the process of annually producing 1200 movies in more than 50 languages and local dialects, according to an Associated Chambers of Commerce and Industry of India (ASSOCHAM) study.
The current size of film industry is estimated at around Rs 23,000 crore and it provides direct and indirect employment to nearly 2.5 million people. Producing 800 films and earning nearly 100 million dollar of foreign exchange, it is supposed to be the largest in the world presently.
These figures finds place in the ASSOCHAM Blue-Print on Development of Indian Film&Entertainment Industry presented to President Pratibha Devisingh Patil by its Chief Venugopal N Dhoot.
He said the multi-lingual and multi-cultural complexion of the India society adds color and variety to the Indian entertainment industry, which was witnessing a upsurge in the broadcast sector with more than 200 TV channels on air and television viewership going around 120 million with 70 million cable and satellite homes.
Increasing emergence of regional channels is the major growth driver behind this likely growth subsequent to the advent of satellite television in early 90's.
In addition to the film industry, the Indian music industry would also witness tremendous growth. The music industry is estimated to be worth around Rs 7.2 billion and is expected to grow at four per cent cumulative annual growth rate in next five years. It is expected to grow to Rs 8.7 billion by 2010 on an overall basis.
The Chamber has also projected that the television industry revenues were expected to grow from the present Rs 191 billion to Rs 519 billion by 2010.
Since the advent of deregulation in domestic television industry, the going for Doordarshan has been rather tough. Various private satellite channels have emerged as strong competitors.
From around Rs 5.7 billion in the year 1996-97, DD revenues declined to Rs.3.99 billion in the year 1998-99. The year 1999-2000 has seen some improvement with its revenue reaching to Rs 5 billion largely on account of eranings of Rs 1.6 billion from telecast of cricket matches.
Mr Dhoot said that emerging trends suggested that some of the fast growing segments in the domestic industry include the music, cable and the satellite advertising, animation and FM.
The export segment is also expected to increase from around Rs 4000 million to around Rs 10000 million during the same period.
Revenues from the animation segment are also forecast to increase from Rs 2,200 million to nearly 4,400 million by the end of current year.
According to ASSOCHAM, animation and video games are also emerging segments. Indian animation rose to its highest level in 2004 with dominance in the outsourcing arena.
An increased number of downloads of games on mobile phones is likely to open new opportunities for video games companies. With wireless uptake in India growing at an explosive rate during the past few years, industry players have a new revenue stream and channel for selling their entertainment content.