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India's 70-member team to go to Cannes

business Updated: Oct 07, 2007 12:41 IST

The Federation of Indian Chambers of Commerce and Industry (FICCI) is sending a 70-member team of czars of audio-visual media to Cannes for "Mipcom 2007", a global audio-visual fair where India is a "Country of Honour".

The October 8-12 event will witness the growth trajectory of India's audio-visual industry.

"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.

"Revenues from television industry alone are expected to grow from $4.2 billion to $11 billion by 2011," Mitra added.

The opening day has been designated as "India Day" with a flurry of programmes and workshops centring on the Indian media industry.

Two Indian media moguls - Subhash Chandra of Zee Network and Ronnie Screwvala of the UTV group - will discuss the country's rapidly expanding entertainment landscape on the opening day. Both are a part of the delegation.

The discussion will be followed by the release of the FICCI-Ernst & Young report on "Indian Content on the Move". FICCI will also put up an India Pavilion to showcase competencies of a varied range of media companies that will interface with global industry heads.

The extravaganza provides a unique opportunity to television and film producers, distributors, broadcasters, digital media content providers and advertising brands to trade in content across all platforms and share new practices that are redefining business models around the world.

According to FICCI, the Cannes event will focus on India as recent estimates show that the total value of Indian content sold outside is $200 million and is slated to grow at 20 percent annually.

Indian films are screened in 110 countries like Peru, the US, Britain, Malaysia and Australia and overseas market brings one-fifth of the revenues for any major film release.

"Quality content will continue to be crucial driver for the development of media in India and indeed everywhere," added Mitra.

India is the world's third largest pay TV market and is expected to join Japan as Asia's leading pay TV market by 2015. Its advertising revenues and TV subscriptions grew 17 percent in 2006 to $4.2 billion, which is likely to touch $10 billion by 2011 and reach $16 billion by 2015.