IT and Industries Minister KT Rama Rao announced that the Image Tower, a one-stop-shop for animation, visual effects, and the game and comics industry (AVGC), is underway of construction in a 1.6 million square foot area near MindSpace IT Park in Hyderabad is said to be ready for occupancy by the first quarter of 2023.
Addressing the inaugural ceremony of the fourth IndiaJoy 2021 digital entertainment festival in Madhapur, he said Hyderabad-based game companies have made the most of the new market opportunities created during the pandemic and 45 companies have chosen the city ââas a destination for games in the past two years, bringing the total number of games companies to 80.
He also noted that 10 new VFX production houses have been established in Hyderabad in the past three years. Observing that the active internet user base in India is expected to reach 900 million by 2025 and that it had seen a 45% increase since last year, he said the animation industry had also increased by 9% and is expected to grow into a $ 44 billion industry. by 2024, with a compound annual growth rate of 13.5%.
He said the center of excellence launched by STPI in Hyderabad has already completed its first cohort to support 11 startups and its second cohort is currently standing. Technicolor India Country Head Biren Ghose said the state government has demonstrated a strong strategic intention to partner with industry and academia by enabling political and infrastructural support to bring the AVGC industry to new levels. He also observed that school dropouts and women could be absorbed into this industry.
He also called on the state government to build new infrastructure, develop talent and continue to make Hyderabad a hub, so that the AVGC industry can develop further. At the inauguration, a Memorandum of Understanding (MoU) was signed between the Telangana government and the Mobile Premier League (MPL). As per the MoU, the state government would allocate 500 seats for MPL in the Image Tower with an agreement from MPL to share technical know-how and hiring local talent.
IndiaJoy 2021 will be held virtually from November 17 to 19. It was organized by Telangana VFX, Animation and Gaming Association and sponsored by MPL.