FREEDOM PRESS BUREAU
Hyderabad, Nov 20: Telangana IT and Industry Minister KT Rama Rao on Wednesday said that the IMAGE (Innovation in Multimedia, Animation, Gaming and Entertainment) Tower will be ready by 2022.
Speaking after inaugurating the four-day, 2nd Edition of IndiaJoy 2019, organized by Telangana VFX, Animation and Gaming Association (TVAGA) at HICC here, Rao said as a part of our commitment to the Industry to make Hyderabad as an epicentre of the creative industry, the government is setting up IMAGE Tower.
The IMAGE Tower shares the vision of the Government of Telangana in creating a “Center of Excellence” with state-of-the-art facility exclusively dedicated to Animation, Visual effects and, Gaming companies.
The IMAGE Tower will have a total built-up space of 16 lakhs sqft (1.6 million sq.ft) with all supporting infrastructure such as MOCAP studios, Green Mat Studios, sounds and aquatic studios, Colour coding and DI Studios, Render farms, Data Center, High Definition Bandwidth, Shared software services, he said.
Stating that IMAGE Tower will be the Technology Powerhouse for creative Industry, Mr Rao said, it will be a one-stop-shop for Animation, Gaming & VFX units.
IMAGE Tower is being established at a cost of Rs.1000 crore, he added and said the project is being executed on a Public-Private Partnership basis.
Once fully operational, IMAGE Tower will be the only facility in the Asia Pacific to offer all support services under one roof surpassing Media City UK and Digital City soul.
Rao said as per the research published by a Dublin based news agency PRWire, the Animation Industry is projected to reach USD 270 Billion by 2020. The animation services market in 2019 continued to be dominated by outsourced projects from television and film sectors, which accounted for around 85 per cent of the total animation services turnover in India. With exponent growth in Consumeration – Going ahead, digital advertising and films are likely to see a larger share of the animation services, the Minister said.
He said that the animation IP production segment is steadily growing due to increasing demand for localized animation content and characters developed for the Indian market across TV and OTT. OTT Broadcasters are partnering with animation studios for original content, with channels over 15 kids Channels having 50 per cent of their content localized in Indian Languages and with shows such as ‘Chota Bhim.
The digital space, too, saw a spurt in demand for kids content. The size of streaming OTT market for animation content was seen at USD 2.9 Billion in 2018 and is growing at an annual rate of 8 per cent, Rao added.