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1、Indywood The Indian Film Industry September 2016 Indywood | The Indian Film Industry 2 Indywood | The Indian Film Industry 3 Foreword 3 Executive Summary 5 Make in India Initiative and the Film Industry 6 Indias Film Industry 6 Industry Overview 7 Key Trends in the Indian Film Industry 10 Growth Dri

2、vers and Opportunities 15 Key Challenges in the Industry 17 Key Focus Areas for the Film Industry 21 Technological Advancements in the Film Industry 24 Skill Development in the Film Industry 32 Film Tourism in India 34 Background and Global Perspective 34 Film Tourism in India: An Overview 40 Recent

3、 initiatives to Improve Film Tourism 40 Next Steps and Initiatives 46 International Best Practices: Case Studies 50 Case Study: Film Tourism in the UK 50 Case Study: Film Tourism in New Zealand 54 Shooting of Foreign Films in India Tax Aspects 59 Authors, Acknowledgments and Contacts 62 Contents Ind

4、ywood | The Indian Film Industry 4 Foreword Welcome to the Indian Film Industry Report for the Indywood Film Carnival taking place during September 24 27, 2016 in Ramoji Film City, Hyderabad. The film industry has been earmarked as a key sector in the Make in India campaign. As part of this, the Gov

5、ernment of India is taking several initiatives to effect growth in the sector as well as promote foreign film shootings locally. Deloitte Indias objective with this publication is to provide an overview of the film sector in India and analyse the key trends impacting the sector today. Our endeavour

6、is to provide a considered point of view on key initiatives required going forward in the film industry to propel growth and promote film tourism. In order to do so, the report delves into the current state of the industry to identify key focus areas and requirements to increase box office realizati

7、ons, improve occupancy and address the infrastructure constraints. As the Indian film industry moves into the next phase of growth, it is imperative to keep pace with the global technological advances and innovation. Historically, the Indian film sector has lagged behind in its counterparts in the d

8、eployment of emerging technologies such as virtual reality, augmented reality, drone shootings, etc. The development and deployment of key technologies in Indian films will be critical to remain at the forefront of global trends. The report analyses the methods to achieve this including technology t

9、ransfers, collaboration with international studios and development of technical skills in-country. Another endeavour of the Make in India campaign has been to develop technical skills for film production, post production and VFX. Given the low labour cost, this could be a key factor in attracting fo

10、reign filmmakers to the country. The report elucidates the current initiatives being taken by the Government of India under the Make in India campaign to improve availability of skill and talent in filmmaking. The report also analyses other actions that can have an impact on increasing availability

11、of skills locally. In this report, the international best practices in thriving film sectors globally have been studied including initiatives taken by various regions to attract foreign film shooting. The report also includes case studies on the UK and New Zealand, countries that have successfully b

12、een able to position themselves as key filming destinations as was witnessed by the Harry Potter Series and Lord of the Rings Trilogy. Deloitte hopes that you and your colleagues find this report a useful stimulant in your strategic thinking. Hemant Joshi Ashesh Jani 5 Executive Summary produced wit

13、h between 1,500 to 2,000 20 languages. In terms of revenue, the of $2.1 billion which is expected to grow at 11% CAGR reaching $3.7 billion by 2020. The key growth drivers for the industry are: Increasing per capita income and growing middle class Demand from Tier 2 and Tier 3 cities Diversifying in

14、to international markets Releasing the potential of digitization Upside from ancillary revenue streams in movies produced in India, the industry gross realization has been substantially lower than its global counterparts. For example, Canada stand at $11 billion whereas Low infrastructure penetratio

15、n Slow growth in average ticket price (ATP) Complicated tax regime Rising costs and lack of access to funding Piracy Multiple layers of bureaucracy Prevailing strict censorship norms majority of the revenue, representing 74% of the total industry. Cable and satellite rights and online/digital aggreg

16、ation revenues are the fastest growing segments, and expected to grow at a CAGR of about 15% over the period FY15 is dominated by Bollywood, the Hindi revenue while regional and international currently a small, but growing segment, driven by rising numbers of English and other foreign languagespeake

17、rs, as well as rising numbers of international movies witnessing dubbed releases across the country. Other key recent trends in the industry include: Entry of international studios through acquisitions and collaborations Rise of regional cinema Digital adoption across the value chain Organic and ino

18、rganic growth in multiplexes Emergence of alternative streams of revenue Going forward, the industry needs to focus on the following factors to ensure Film tourism Skill enhancement Shortening window of release through better planning Updating current technology Countering piracy Growth of multiplex

19、es Indywood | The Indian Film Industry Indywood | The Indian Film Industry 6 Make in India initiative. Till now, several steps have been taken in the sector to improve investments and increase business opportunities. The following steps, specific to the film segment, have been initiated under the ca

20、mpaign: A Film Facilitation Office has been established under the operatorship of the National Film Development Corporation (NFDC) for facilitation of film shooting in India and promotion of India as a destination for foreign production houses. Media and Entertainment Skills Council (MESC) is being

21、promoted by Federation of Indian Chambers of Commerce and Industry (FICCI) with financial support by National Skill Development Corporation (NSDC) to create 1.2 million skilled workforce by 2022 in the media and entertainment sector across 74 job profiles. Additional film treaties are being explored

22、 by the Government of India, having recently entered into film treaties with China and South Korea, to not only avail film production benefits but also widen the reach of Indian cinema. The Make in India campaign for the film sector aims at driving growth and creating employment opportunities in the

23、 sector as well as making India one of the leading film tourism destinations globally. Overview of the Make in India Campaign The Make in India campaign, launched by Prime Minister Narendra Modi in September 2014, is aimed at enhancing local manufacturing, fostering innovation, and facilitating inve

24、stments in the Indian industries. The initiative is being led by the Department of Industrial Policy and Promotion (DIPP) and the Department of Commerce and Industry and covers 25 key sectors, including media and entertainment. The Make in India programme endeavours to create additional employment o

25、pportunities through improving business opportunities and positioning India as a destination for manufacturing and services. The programme also aims to facilitate businesses and entry of new players in India by instating clear and transparent processes, enabling Ease of Doing Business, and simplifyi

26、ng laws and regulations. Since the inception of the Make in India program, there has been a significant increase in Foreign Direct Investment (FDI) owing to the growing positive perception of India in the global scenario. Objectives and Initiatives in the Film Sector Media and entertainment has been

27、 identified as one of the key sectors for the Make in India Initiative and the Film Industry Indywood | The Indian Film Industry 7 8 Indywood | The Indian Film Industry Indywood | The Indian Film Industry 9 Indias Film Industry Source: Deloitte Report - Economic Contribution of the Indian Motion Pic

28、ture and Television Industry 1PVR Analyst Report Figure 2: Category-wise Break-up of Revenue Industry Overview The Indian film industry is the largest in the world in terms of number of films produced with around 1,500 to 2,000 films produced every year in more than 20 languages. The industry also h

29、ad the second highest footfalls in the world in 2015 (over 2.1 billion) following China (almost 2.2 billion). Despite the large number of films and theatre admissions, the industry continues to remain small with respect to other global industries in terms of revenue. In India, the film industries gr

30、oss realization stands at $2.1 billion versus gross realization of $11 billion in the US and Canada which produces significantly lower number of films (approximately 700 films).1 This is mainly due to low ticket realizations and occupancy levels, lack of quality content, and rampant piracy. Historic

31、ally, the film industry in India has grown at a CAGR of over 10%. Currently, the film industry grosses total revenue of INR 138 billion ($2.1 billion). Going forward, the industry is expected to grow at 11.5% year-on- year reaching total gross realization of INR 238 billion ($3.7 billion) by 2020. T

32、he key growth drivers are expansion of multiplexes in smaller cities, investments by foreign studios in domestic and regional productions, growing popularity of niche movies, and the emergence of digital and ancillary revenue streams. The domestic box office contributes to the majority of the revenu

33、e, representing 74% of the total industry. Cable and satellite rights and online/ digital aggregation revenues are the fastest growing segments, and are expected to grow at a CAGR of about 15% over the period FY15 FY20, driven by rising demand for movies on TV and increasing smartphone penetration a

34、cross the country respectively. On the other hand, home videos have been shrinking due to increasing piracy and growing popularity of digital platforms. Home video has lost share to Video on Demand (VOD) through Direct-to-home (DTH) operators and Over-the-top (OTT) platforms. The Indian film industr

35、y is dominated by Bollywood, the Hindi film industry, contributing 43% of the revenue while regional and international films contribute the remaining 50% and 7% respectively. Within the regional film industry, Tamil and Telugu are the largest segments comprising approximately 36% of net box office r

36、evenues followed by Bengali, Cable however, they contribute more than 40% of box office collections. Wider content and programming flexibility result in higher occupancy and hence profitability of multiplexes. With comparison to growing economies, India has a low penetration of multiplexes with a po

37、tential to have almost 7,50010,000 multiplex screens across the nation. Going forward, the key multiplex operators such as PVR, Inox, Cinepolis, and Carnival Cinemas have aggressive expansion plans in the coming three years.3 Industry leaders in the film exhibition segment have grown not only throug

38、h organic screen additions, but also through acquisition of smaller regional multiplex chains and single screen players. Consolidation of the multiplex segment has resulted in the top four cinema operators (PVR, Inox, Carnival, and Cinepolis) controlling almost 70% of the market. Emergence of altern

39、ative streams of revenue: Other sources of revenue have started to make an increasing contribution to the film industry realizations. In the last few years, the window available to monetize a films revenues at the box office has shortened considerably. This is driving film studios to exploit ancilla

40、ry streams of revenue such as the following: In-cinema advertising: In 2015, the in-cinema advertising revenues reached 3Source: Inox Investor Presentation, Feb 2016 4http:/www.business- Table 1: Consolidation in the Multiplex Segment Source: Business Standard4 Source: Analyst Report: India Film Exh

41、ibition Blockbuster year Figure 6: Expansion plans of the top-four multiplex operators 2015 2018E 493 PVR + DTInoxCarnivalCnepolis 1,000 1,000 372 557 341 193 400 Indywood | The Indian Film Industry 15 approximately INR 6.3 billion exhibiting a 28% growth over the previous year. This is mainly due t

42、o increased digitization of ads, shift from public sector advertising to corporate advertising, and higher ad durations in multiplexes. Going forward, ad revenues are expected to grow at 18- 20% over FY16-20 and play an important role in growth of revenues. Video on Demand (VOD): While on- demand se

43、rvices for video and audio form a small segment of the industry (less than 5%), it is at the inflection point in India. With the growing mobile and internet segment, an ecosystem around these services has developed with content providers, aggregators, distribution channels, technology platforms, adv

44、ertising platforms, payment channels and marketing channels. Mobile and online platforms: Revenue from new media, including mobile and online rights, is expected to increase with the high penetration and accessibility of 3G services by mobile operators. Further, film production houses can reduce the

45、ir dependence on theatrical performance by monetizing content through gaming on mobile and online platforms. Growth Drivers and Opportunities Increasing per capita income and growing middle class: Indias per capita income has shown a steady increase in the last few years and is expected to reach INR

46、 100,000 (equivalent of $1,500) by FY17 on the back of a growing middle class which has grown by 150% since 2000 (versus 70% increase in Asia Pacific).5 By 2020, the Indian average household income is expected to reach $18,500 from $8,000 5Middle-class wealth up 150% in India since 2000: report Indy

47、wood | The Indian Film Industry 16 6Top 5 Emerging Markets with the Best Middle Class Potential, Media and Entertainment (M most of the work comes from outsourced projects from the USA and the UK. However, with viewers becoming increasingly sophisticated, the domestic market is seeing bigger budget

48、movies and ad campaigns leading to a rise in VFX spend. Currently, India has nearly 300 animation and 40 VFX studios, employing more than 10,000 professionals. The film sector has been increasing its usage of VFX and visual effects is expected to play a bigger part in Indian cinema going forward. Th

49、is can also be seen in the regional films where VFX is a growing trend; for example, the Marathi film Mitwa used a total of 325 VFX shots. In 2015, the Indian film industry saw a number of VFX heavy films such as Baahubali, Bajirao Mastani, I, Dilwale, Bombay Velvet, Bajrangi Bhaijaan, Baby, amongst others. The industry (including post-production) is expected to grow rapidly in the coming 5 years. However, the VFX industry is still inhibited by cost constraints and skill g