AVGC transforming India into a ‘digital engine room’

By Pickle  August 29, 2022
AVGC transforming India into a ‘digital engine room’, Pickle Media

CII SummitFX 2022 kicks off on August 29 with a Bang

The CII AVGC Summit FX 2022 – Global AVGC and Immersive Media summit advances Prime Minister Narendra Modi’s vision for the AVGC sector as a driving force for economic growth and job creation. The third edition of the summit, being organised in partnership with the Ministry of Information & Broadcasting and Software Technology Park of India (STPI) and several top-notch companies in AVGC, is especially significant because it is being held at a time when the Draft National AVGC Policy, authored by a task force comprising leaders from government and industry, is nearing completion.

The third edition of CII SummitFX 2022, a must-attend event for the Animation, Visual Effects, Gaming, and Comics (AVGC) sector, is set to kick off on August 29, 2022 in New Delhi. Being organised as a physical event for the first time, this global AVGC & immersive media summit is set to bring together stakeholders of the sunrise AVGC industry on a single platform to deliberate on the industry’s roadmap for this decade. An ‘AVGC State of the Industry’ paper, outlining the industry’s wish list, will be released at the summit’s opening session.

“The Animation, Visual Effects, Gaming and Comic (AVGC) studios and companies have been transforming India into a ‘digital engine room’ for the world for image-making. AVGC is well on its way to triggering and achieving M&E growth target of $100 billion. CII’s Summit FX has laid a strong foundation for the growth of digital creative industries of Indian Media & Entertainment industry in the past two years. It has brought together the finest of the creative, business and tech minds of the AVGC sector for a reality check, viewed through the lens of digital infrastructure, content creation (IPs), technology, exports and skills & education,” said Chandrajit Banerjee, Director General, Confederation of Indian Industry.

While the first two editions of CII SummitFX laid a strong foundation for the growth of digital creative industries and marked India’s entry on global events calendar in AVGC, the third edition of this summit this year promises to be bigger and better.

The summit will see participation from studios, production firms, publishers, distributors, and developers and buyers of content. There will be B2B meetings, interactive sessions with industry “gurus,” master classes and interviews with international luminaries, an inauguration with luminaries from government, academia, and industry, and thought leadership in AVGC across various streams, including broadcast, streaming, production, licencing, gaming platforms, etc.

The summit will include presentations on India’s AVGC priorities, key updates on the AVGC Task Force and the National AVGC Policy, a spotlight on VFX and Animation, eSports and games, networking and business meetings, a focus on AVGC startups, and Centres of Excellence, among other things.

“Events reinforce the idea that media and entertainment is a relationship business. CII Summit FX, the country’s first national event, also fulfills the social need of the AVGC sector by bringing a confluence of thought and achievement across the different verticals in ways that demonstrate how the ‘sum of parts’ makes for a better whole. The event will unveil the tremendous amount of thought leadership that has helped shape a draft National AVGC Policy which has been authored by a task force comprising leaders across government and industry,” said Biren Ghose, Vice-Chairman, CII National Committee on Media & Entertainment and Country Head Technicolor India.

A sector that heavily relies on technology, AVGC is thriving, dynamic, and expanding quickly. It has a great potential to bring in foreign currency and generate employment in India. Over 70% of this industry’s revenue, which is increasing by 25% to 30% annually, comes from exports. The AVGC industry is growing faster than any other media and entertainment vertical in the nation.

By 2030, India’s M&E could be mostly dependent on the AVGC sector, which has the potential to drive the next M&E boom. Through structural changes, India’s market share in VFX and animation might increase from its current level of 10% to 20–25%. Economic activity and employment generation are also top priorities for AVGC. If India gains a 20–25 per cent share of the world market, up to 75–120k direct and indirect jobs might be produced.

In the midst of the pandemic in 2020, CII established the networking platform of SummitFX to take advantage of the enormous potential of this industry. Since then, it has gathered the best brains in AVGC for a reality check that has been evaluated through the lenses of digital infrastructure, content creation (IPs), technology, exports, and skills & education.

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