Technology in Entertainment show will be held in Mumbai on 7th- 8th March 2018
enTTEch, the Technology in Entertainment show will be held in Mumbai on 7th- 8th March 2018. Services Export Promotion Council (SEPC), has been mandated by Department of Commerce to organize a three day ‘technology in entertainment services market’, with brandname ‘enTTech’ at the Leela, Mumbai from 7th – 8th March 2018.
A workshop on Regulatory Bottlenecks in M&E Service sector was organized by Services Export Promotion Council (SEPC) on 29th January 2018, as a run up to enTTech which is scheduled to be held in Mumbai in early March this year. Over 25 Vfx, Animation, Gaming, Dubbing, AR/VR, line production, advertising, music, sub titling, location, new media, broadcasting, companies gathered together to discuss a way out of the various regulatory bottlenecks plaguing the M&E Services sector.
Shri Sudhanshu Pandey, Joint Secretary, Department of Commerce stated that Government of India will push services Exports in Media and Entertainment (M&E) sector as a part of 7 champion sectors. Therefore, he requested the entire M&E sector to come together to form an all India Association, with several verticals, that could become the voice of the industry to push for ease of business in the sector. He assured industry that procedures with regards to inward and outward foreign exchange remittance will be simplified in conjunction with RBI.
Commissioner GST, Rajiv Kapoor and Bela Seth Mao, partner Deloitte reacted to various GST related queries.
Shri T V Ravi from SEZ Division of Department of Commerce explained the benefits of SEZ policy to avail various incentives provided by Government of India. Shri ManeckDavar, Vice Chairman, Services Export Promotion Council said that the Council is doing its best to promote services Exports in various sectors and asked M&E technology and asked industry to support the efforts.
Technology is the key driver of most successful digital entertainment ventures. It would not be out of place to assert that today without technology, there is no entertainment. VFX, animation, Sound. India is considered as the most sought-after destination for animation and VFX services led by cost efficient, world-class service, affluent workforce and presence of hi-tech animation studios. Indian Services are at par with the best in the world especially in animation, VFX, gaming, AR/VR, film production and new media. Indian states are also gearing up not only to facilitate onsite shoots, but also provide incentives for foreign film makers.
Entertainment conglomerates are increasingly outsourcing animation and special effects to India. The cost of animation production in India is one fourth of North America and about 35% lower than countries such as Korea and Philippines. Several Indian studios have been successful in establishing a strong footprint in international markets. Gaming is another area which is growing fast, once again, as consumers as well as producers/services providers is India’s strength.
Therefore, ‘the India – opportunity’ is double fold; there is a huge and still growing market that can be accessed and a highly skilled services industry ready to deliver quality work at highly competitive rates. The Indian film industry is the largest in the world in terms of number of films produced in more than 20 languages, and second highest footfall in the world. Its market size was estimated to be $20.5 billion in 2016 and is expected to grow at a CAGR of 13.9 per cent during 2014-19.
On this background, SEPC has planned an exclusive Services market- enTTech, for technology companies engaged in entertainment related work. SEPC have been supported by the Department of Commerce to set up this market.