The Animation, Visual Effects, Gaming, and Comic (AVGC) industry is set for explosive growth in the coming years, with its market size expected to increase from $3 billion to $30 billion over the next 4-5 years, according to Sanjay Jaju, Secretary of the Ministry of Information and Broadcasting, The Storyboard18 reported.
Speaking at the Indian Gaming Convention on October 14, 2024, Jaju highlighted that the AVGC sector, which currently makes up a quarter of the Media and Entertainment (M&E) industry, is one of the fastest-growing areas in India.
Jaju attributed this growth to several factors, including technological advancements, widespread internet access, and the increasing penetration of smartphones. India now boasts 100 crore smartphone users, with 63 percent of them falling between the ages of 15 and 64, further fueling the rise of AVGC.
“The AVGC sector not only has the potential to reflect India’s culture and heritage but also create substantial employment opportunities, with the number of professionals in the sector expected to grow well beyond the current three lakh,” Jaju added. He emphasized that gaming and esports, already home to 500 million mobile gamers, are playing a pivotal role in positioning India as a global hub for gaming development, attracting both developers and publishers from around the world.
In support of this burgeoning sector, the Indian government is taking steps to nurture the creative talent and infrastructure needed for continued expansion. Plans include the establishment of the Indian Institute of Creative Technology (IICT) in Mumbai, which will serve as an apex institution dedicated to fostering innovation in AVGC, and the launch of the ‘Create in India’ mission, aimed at providing both financial and non-financial support to AVGC companies.
Jaju concluded by referencing Walt Disney, emphasizing that animation and creativity have the power to communicate anything imaginable, underscoring the limitless possibilities for India’s AVGC sector.