[CNN]
The country’s IT industry boomed by providing left-brained services like coding and call support. Now, it’s getting ready to cash in on the creative needs of the world’s entertainment industries.
… Not surprisingly, Indian special effects, animation and video gaming firms have been growing. PriceWaterhouseCoopers predicts the industry will grow at a 21% annual clip, more than doubling in size to $1.84 billion by 2015.
That growth has already attracted major projects. This summer, James Cameron’s Digital Domain opened studios in partnership with Reliance MediaWorks, an affiliate of India’s Reliance ADA conglomerate. What’s more, Reliance ADA provided about half the $825 million in financing for DreamWorks SKG (DWA) in 2009. Recent Digital Domain projects include Real Steel andTransformers: Revenge of the Fallen.
In March, Lucasfilm said it would partner with India’s Prime Focus for the 3D conversion of Star Wars: The Phantom Menace, which is due for theatrical re-release at the start of 2012. Indian companies like Crest Animation Studios and DQ Entertainment, meanwhile, have announced new projects with Lionsgate Entertainment (LGF) and France Television this year.
In partnering with production companies doing cutting edge work, some Indian players see an opportunity to take their industries to a new level. Aggressive deal making could set the stage for technology and skills transfers, much like it has in developing economies around the world in industries as diverse as mining and automobile manufacturing. …
See the full story here: http://tech.fortune.cnn.com/2011/11/10/india-special-effects/