Ever since the pandemic outbreak, the process of digital adoption has been expedited. Not only were the consumers indulging in online shopping via e-commerce platforms but also resorted to consuming content in the digital space. Consequently, global content consumption has surged. It has doubled from that of an average of three hours 17 minutes earlier to an average of 6 hours and 59 minutes now.
Furthermore, with free and paid video and music streaming services, the spike in the video gaming market, coupled with more time spent on social media, the media, and entertainment sector has been booming exponentially. This shift in consumer behavior and preference has brought about a paradigm shift in the brand’s storytelling concepts.
VFX and animation on the rise
In the present times’ digital-driven world, businesses rely majorly on VFX and animation. Leveraging opportunities in this market, creative producers and designers as well as digital marketers are harnessing the power of these technologies to generate greater sales and improve the communication strategies of the brands.
With theatres and cinemas were losing their charm, OTT content picked up pace. As per EY India’s reports, there has been a 24% decline equivalent to Rs. 1.38 trillion losses in the M&E sector. However, it also points out that amidst this fallout, animation and VFX seem to have emerged victoriously from the storm.
The decrease in the physical studios packed with editors and creators along with the shift to remote working owing to the pandemic induced social distancing norms brought VFX and animation to the center stage. The pandemic has played a pivotal role in accelerating their adoption amongst brands and has further boosted the Indian VFX and animation sector. They have helped resolve various challenges for brands amidst turbulent times. They have helped in enhancing the production planning, increasing shooting efficiency, and narrowing the number of expensive shoots reshoots, etc.
Virtual production: The new normal for digital marketing start-up agencies
The artists in the VFX and animation sectors were prompt enough to adapt to the changing circumstances and embraced the remote working concept during the pandemic times.
Virtual production enables designers to operate remotely in an easy and efficient manner. With fewer number of crew members and less number of days required for shoots along with effective management of artists, it is a cost-effective solution for brands. These markets have been lending a helping hand to enable brands’ conversion into tech-enabled operations. Brands use VFX and animation solutions so as to showcase their offerings efficiently amongst their customers and improvise their communication strategies.
This is where digital marketing start-up agencies stepped in as a saving grace. They welcomed these new-age solutions with open arms. Consequently, they are now producing movies, and the production houses, as well as the content creators, are crafting stories with an innovative approach backed by special effects and animation. Movies such as Inception, Avengers, Baahubali, and GOT are just a few prominent examples.
The promising future of the Indian VFX and animation market
As per IBEF, the Indian media and entertainment sector is anticipated to grow at a CAGR of 13.5% and is expected to be valued at $43.93 billion by the end of 2024. The report further points out that the animation and visual effects sectors are growing at 29%. Furthermore, according to reports by CII (Confederation of Indian Industries) and BCG (Boston Consulting Group), the Indian animation and visual effects industry presently occupies 10% of the global AVGC market. But it possesses the potential to capture 20-25% of the sector at the global level.
One of the major reasons for the exceptional growth of these markets is due to their rising adoption by digital marketing ventures. Various start-ups are emerging in the digital marketing arena that strives to offer bespoke tech solutions to the brands. They work with the sole aim to cater to both the industry’s needs along with consumers’ demands. However, for India to optimally bolster these markets, it is essential that we focus on developing the supporting infrastructure, create an incentive structure and build capital for these sectors.
Brands in the present times wish to extend their communication beyond website and social media presence. They desire to enhance their communication strategies and upscale their digital marketing game. They want to effectively connect and engage with their customers with an out-of-the-box approach. VFX and animation technologies have helped them in achieving this very objective. These new-age technologies have emerged to be the viable solutions and have enabled brands to reach one step closer to achieve their new-age digital marketing goals and brand messaging targets!
Contributed by: Mr. Amol Roy, Founder, The Shutter Cast