Jul 28, 2008 (financialwire.net via COMTEX) -- July 28, 2008 -- The Indian animation industry has attracted the attention of leading players in the entertainment sector across the world. Warner Bros Pictures of the Time Warner Inc. is currently producing an animation film in India.
The US major will also be involved in financing and global distribution of the film. Last year Walt Disney Studios and Yash Raj Films entered into an alliance to co-produce original computer-animated feature films in India. The growing international interest throws light on the potential of this emerging media.
Animation Industry Sees Encouraging Growth
A study conducted by National Association of Software and Services Companies (NASSCOM) states that the animation industry in India is expected to grow at a CAGR of 35% to USD 950 million by 2009.
Top media groups such as Walt Disney, Cartoon Network and Viacom have been outsourcing animation work to India. In the past few years these outsourced services are maturing from low'end 2D post production work to highly skilled 3D animation. The industry is slowly developing capabilities for co-production of full length animation movies.
Animation Movies Offer Vast Scope
Despite the aggressive growth estimates, animated films are still considered to be at a nascent stage in India. Until recently Disney was literally a synonym for animation films with the likes of Lion King and Shrek ranking high on the charts.
Although the animation outsourcing sector was blooming behind the scene, the work of Indian animators did not reach masses directly. It was only in 2005 that a first full-length indigenously produced animation film was released. Hanuman ' a film based on a popular Indian epic ' received nationwide applause.
The film opened doors to a new media, which was previously regarded as US supremacy. Hanuman was followed by a series of similar ventures. According to an industry report at least 15 such films were already in production stage in 2007.
India is home to a financially and technically strong film industry. The sector is getting more versatile day by day and is already making its mark around the globe. Animation will provide a whole new stage for Indian film producers searching for new avenues in the highly competitive market. Producers will not only undertake more such investments but also showcase Indian creativity around the world.