Nearly 2,000 media and entertainment professionals, including government officials and 425 business delegations from 21 countries, have participated in Ficci-Frames 2007 -- billed as Asia's biggest convention on the business of media and entertainment. This is not surprising keeping in view the growth of the industry.
The Rs 43,700 crore (Rs 437 billion) Indian entertainment and media industry is expected to outgrow the Indian economy every year between 2007 and 2011 and is set to become a little over Rs 100,000 crore (Rs 1,000 billion) industry.
A compounded annual growth rate (CAGR) of 18 per cent is forecast for the industry over the five-year period, according to the sixth Ficci-PwC report which was released today to mark the annual convention. "The three main takeaways of the report are diversification of traditional media companies into other media segment, importance of content and foreign direct investment in the domestic media and entertainment companies through M&As or private equity," said Timmy S Kandhari, executive director, PwC.
However, piracy is bound to be a major concern. Amit Mitra, secretary general, Ficci, said, "We think if piracy in the entertainment sector continues with the same frequency, it will be a reason for huge loss."
Ficci also submitted a draft report recommending a new optical disc law with strict penal provisions to the Union Information and Broadcasting Minister Priyaranjan Dasmunsi. The minister assured that he would present the same to the Parliament and by the year-end the draft should be a policy.
Yash Chopra, chairman, Ficci Entertainment Committee, said: "Some people are sceptical about the report that the Ficci brings out and think it is a myth that the segment is growing so fast. However, the fact is that when we did 200-300 prints, we thought we are great. Today we are doing 800-900 prints per film and in a few years, we will be doing 5,000 prints."
The event has seen participation of 111 business delegations from Italy, which is one of the biggest delegations so far. Ficci and Finanziaria Laziale di Sviluppo (Filas) of Italy, in fact, signed a memorandum of understanding (MoU) to collaborate in industrial innovation and development activities in technology transfer and exchange of the best practices in different themes in cinematography, audio-visual media and other sectors.
The US-India Business Council (USIBC), representing over 250 of the largest US companies investing in India and joined by global Indian companies, is also participating in the 3-day conference. Working with 26 US companies represented at Ficci Frames, the USIBC too plans to advocate for changes to the television regulatory environment, particularly in terms of price freezes and caps, downlinking regulations and compulsory licensing measures that have hurt the economic viability of the television network in India.
"An economically sound Indian entertainment industry has to be built on market-based principles. Regulation is important, but it should not stifle creativity or opportunity. This applies to both Indian and American companies," said Ron Somers, president, USIBC.
The Australian Trade Commission will also showcase Australia's creative and technical expertise in film and entertainment. A group of 11 Australian film-related companies and institutes is participating at the convention to display Australia's cutting-edge technology in film-making as well as to take part in seminars and panel discussions involving eminent overseas and Indian speakers.
Australia has become a hot destination for leading Indian film makers after the frenzied success of movies like Salaam Namaste, Dil Chahta Hai, Soldier to name a fewMumbai, Australian Trade Commission, said: "In the last decade the size of the Australian film industry has tripled. Australia has demonstrated an ability to absorb new ideas, and use them cleverly in the film making process inspiring filmmakers across the globe to make use of their well-established creative and technical skills."
Highlights
- Attendees number close to 2,000
- International delegates from 21 countries
- Total number of international delegates 425
- Total number of stalls - 37
- Optical disc law draft to curb piracy submitted
