India’s importance as an audiovisual producer has been growing steadily over the past ten years, reflected in the 70+ Indians that are currently at MIPCOM in Cannes. According to The Federation of Indian Chambers of Commerce and Industry (FICCI), revenues from television industry alone are expected to grow from $4.2 billion to $11 billion by 2011. “The Indian entertainment industry has outperformed the country’s economy and is one of the fastest growing sectors,” said Amit Mitra, secretary general of FICCI. Two key players – Subhash Chandra of Zee Network and Ronnie Screwvala of the UTV group – spoke of the country’s rapidly expanding entertainment landscape on MIPCOM’s opening day. The Zee network is widely known amongst the vast Indian diaspora worldwide, and India is already the world’s third largest pay-TV market. But producers are looking more closely at building awareness outside this group as well.
NEWS FROM MIPCOM Junior. According to a report in the Hollywood Reporter, although business was brisk at MIPCOM Junior, producers are saying that it is becoming harder to sell new products into the market. In the UK, a downturn in commissions from ITV and BBC is pushing prodcos to look towards international partners at a time when multi-party deals are falling out of favour.
To get live news from MIPCOM, check the live interviews being conducted from MIPCOM by CNBC Europe.