In the last two years, the world has witnessed the power of Indian cinema in the form of movies like Baahubali, RRR, and the recent blockbuster Kalki 2898 AD. Who can forget that jaw-dropping animal ambush sequence in RRR or the ridiculous human slingshot in Baahubali!
All these movies have one thing in common: the blend of stunning VFX and CGI, offering a raw, unhinged, mesmerizing experience to viewers.
Now imagine taking this extraordinary cinematic experience to the next level, into the realm of the metaverse, where you not only watch the movie but also experience the world of cinema. This is not a dream, but a reality India is preparing for.
Recently, the Indian Government approved the establishment of the National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) in Mumbai. The objective of this move is to boost this sector in India by supporting it and creating various opportunities and employment through it.
NCoE Bridging the Gap: From Cinema to the Metaverse
On 18 September 2024, the Union Cabinet approved a proposal for the establishment of the National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics and Extended Reality which will be set in Mumbai, Maharashtra.
This was a groundbreaking move, as it set the stage for India’s Animation, Visual Effects, Gaming, and Comics (AVGC) sectors. Moreover, Mr. Ashwini Vaishnaw, the minister for railways, information and Broadcasting, Electronics, and Information Technology gave more details on his X post.
According to Ashwini, the NCoE will cover Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and 3D modeling and animation. The virtual reality sector is directly correlated with the metaverse and opens new doors for it.
The NCoE aims to integrate India’s rich cultural heritage with modern technology, which is poised to attract foreign investments. Its goal is to position India as a content hub for providing state-of-the-art content.
The industry experts forecast that the total industry revenues will smash $26 Billion by 2030 which is 8.67 times of growth from the current $3 Billion of revenue.
Creating Half A Million Jobs
The NCoE is poised to be a game-changer in terms of employment generation, targeting the creation of 500,000 jobs. However, the experts believe that the AVCG sector will generate a massive 2.3 million jobs by 2023.
One of the most promising aspects of the NCoE is that it has a proper collaborative framework and plans to accomplish their goals. NCoE will focus on learning, training programs, industry-driven courses, and gaining practical experience in fields ranging from animation and 3D modeling to immersive technologies like VR and AR.
All these efforts will create highly skilled and future-proof roles that will shape the digital landscape. They will also create new employment opportunities and will give a boost to the economy.
Why Metaverse is the Future of Indian Entertainment Industry?
Slowly and steadily the metaverse is gaining momentum worldwide. Currently, it has a market size of $74.4 Billion anticipated to grow at an annual growth rate (CAGR 2024-2030) of 37.73%, resulting in a forecasted market volume of $507.8 Billion by 2030 according to the data from Statista.
By the establishment of the National Centre of Excellence (NCoE), India will now compete with countries like the United States, China, and Japan leading the way in terms of technological advancements. This initiative will give robust momentum to the development of Metaverse technologies in the Indian Market.
Moreover, India is popular for its cinema worldwide, recently, movies like RRR, Bahubali, and Kalki 2898 AD gathered love and appreciation across the globe.
If the Indian entertainment industry embraces the Metaverse it could open doors for new revenue streams and business models. In the Metaverse, viewers could potentially step into the vibrant worlds of their favorite movies, interact with characters, and experience a new realm of entertainment.
Final Words
India is heading towards a new digital era and the establishment of the NCoE marks a pivotal moment in India’s technological journey. India is positioning itself as a global leader in terms of technology and innovation.
Recently, India topped the 2024 global adoption index and now it is ready to disrupt the entertainment, animation, gaming, and metaverse space.
In the coming years, don’t be surprised if the next global metaverse phenomenon comes not from Silicon Valley, but from the city of dreams, Mumbai.
Explore More: Nokia’s 2030 Strategy Aims for Metaverse Expansion
