Bollywood must keep innovating: Shekhar Kapur
(No Ratings Yet)The Indian media and entertainment industry must keep innovating itself as it has a bright future ahead, NRI film-maker Shekhar Kapur has said.
“Innovation is very essential,” Kapur said while speaking at a one-day meeting of India Media and Entertainment Forum organised by the Commonwealth Business Council (CBC) and FICCI here.
Over 200 delegates from the UK and Indian media industry participated in the deliberations and explored possibilities of partnerships and joint ventures. Several experts felt that there was vast scope for India-British joint ventures in the field of animation films.
A CBC spokeswoman told newsmen today that during the deliberations British investors expressed their willingness to invest in Bollywood films provided they corporatised and improved their governance.
She said the Global Media and Entertainment industry is thriving and is projected to be worth USD 1.8 trillion by 2010. Following in these footsteps is the Indian Entertainment Industry which is witnessing phenomenal growth riding on the back of India’s economic growth.
The Indian industry stands at USD 4.5 billion today and is expected to grow in high double digits at 18 per cent per annum compounded annually over the next five years, to reach over USD 10 billion by 2009, she said.
The largest contributor to this growth will be the television segment followed closely by the film segment.
Opening the media Forum, Dr Mohan Kaul, Director General of the Commonwealth Business Council, said “Bollywood is one of the fastest growing industries and the CBC wants to be part of it.” “There are over 40 news channels in India. It is the place to set up business for global reach,” Kunal Dasgupta, Chief Executive, Sony Entertainment said.
During the deliberations, Barclays bank expressed interest in investing in Indian productions , whilst the UK Film Council highlighted its continuing efforts to get the Indo-UK treaty signed.
Barclays, which stopped gap-financing films some time ago, is now venturing into financing Indian films. “Gap-financing is very risky,” said Adrian Young, head of Media, Barclays, “but we are interested in refinancing to help directors produce films.” A little bit of corporatisation and some deregulation will go a long way in attracting investors into Bollywood, he said.
Sandeep Pahwa, Global head media, HSBC, said there should be more clarity in the regulation environment and improvement in corporate governance.
He felt the scale and scope of the game (of investment into Indian media) has not even begun.
— PTI
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