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June 7, 2001
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Money > Business Headlines > Report June 7, 2001 |
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Entertainment bigwigs to woo US, Japan for investmentsAnjan Mitra The Rs 96 billion Indian entertainment industry will be making a heavy pitch in the United States and Japan with an aim to attract American companies to invest in the entertainment infrastructure here. Other issues on the agenda of a high-level Indian team visiting Japan and the US include co-operation between the Indian and the US entertainment industries and greater exchange and availability of each other's entertainment products. The Indian entertainment industry is expected to almost treble in size to Rs 286 billion by 2005 as per a study done by Arthur Andersen for Federation of Indian Chambers of Commerce and Industry. A delegation, led by information and broadcasting minister Sushma Swaraj and comprising of Ficci entertainment committee members and some senior government officials, will be leaving on a 10-day tour of Japan and the US on June 10. According to entertainment industry sources, the delegation will hold a series of meeting in Japan and the US with entertainment bigwigs like Sony Pictures Entertainment, Warner Brothers, Disney and Panasonic. In Japan, the delegation will meet up with Sony Pictures, visit Panasonic Media World, hold business meeting with the Japanese entertainment industry representatives and visit NHK (the terrestrial broadcaster in Japan) offices. In Los Angeles, the delegation will attend a dinner hosted by Warner Brothers, breakfast meeting with Disney and also visit the Universal Studios. The delegation will meet up with the members of the India Caucus too. Swaraj and others are slated to meet the chairman of Federal Communications Commission (the US broadcasting and telecom regulator), Michael Powell. Sources said the FCC interaction is important considering India is proposing an independent regulatory authority for the broadcasting, telecom and Internet industries, tentatively called Communications Commission of India. The delegation includes I&B secretary Pawan Chopra, I&B additional secretary (broadcasting) and Prasar Bharati chief executive Anil Baijal, L K Modi of Modi Entertainment, Broadcast Worldwide chairman R Basu, film-makers Yash Chopra, Subhash Ghai and Yash Johar, Indian Broadcasting Foundation's Bhuwan Lall, Nimbus Communication's managing director Harish Thawani and Sony Entertainment TV India's chief executive Kunal Dasgupta. As per the Ficci-Arthur Andersen report , TV broadcasting segment is expected to grow to Rs 84 billion by 2005 and Rs 289 billion by 2010. The current status of the sector is estimated to be around Rs 30 billion. The report states that cable TV industry is expected to grow to about Rs 70 billion by 2005 from the current Rs 24 billion with the growth drivers being increased number of cable households, increased subscription rates and revenues from value-added services like Internet and overall consolidation. Powered by YOU MAY ALSO WANT TO READ:
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