BENGALURU: Chief Minister Siddaramaiah on Monday said Karnataka aims to become a global innovation leader in AVGC-XR (Animation, Visual Effects, Gaming and Comics) technologies by generating 30,000 new high-quality jobs in the sector by 2028. He added that the State is looking forward to creating a robust talent pool and becoming a pioneering centre of excellence for the industry.
“Karnataka has long been the torch-bearer state in India across technology, innovation and growth. We are proud to be the pioneers of leading IT and IT-enabled services industries. The media and entertainment industry in the state accounts for 20% of the Indian media and entertainment industry, employing more than 15,000 professionals,” Siddaramaiah added while inaugurating the Bengaluru GAFX-2024 conference along with Deputy CM DK Shivakumar. The CM also stated that the state has more than 300 specialized AVGC-XR studios.
GAFX stands for Gaming, Animation and Visual Effects– an annual event supported by the government with multiple stakeholders from the sector to deliberate on challenges and future roadmap.
The policy also focuses on ensuring that exports constitute at least 80 per cent of the sector’s total revenue, and foster sustainability and inclusivity within the AVGC industry. “The Centre of Excellence (COE) in Bengaluru is the country’s first state-of-the-art facility houses a highly equipped AVGC post-production lab, providing the industry with resources for hands-on education and generating high-quality content. There is no other such facility in the country for the animation and visual effects industry,” the CM said while addressing the attendees.
Meanwhile, Shivakumar highlighted that GFAX technologies should be effectively put to use in the education and health sectors. He added that there are 400 institutions in Bengaluru and education is unimaginable without technology. “The adoption of GAFX in cinemas has also seen an unprecedented growth and Karnataka needs to compete globally in the coming years,” Deputy CM said.
He emphasised that the government is committed to providing full cooperation for the industry and its growth. “Bengaluru is a magnet for new technologies,” Shivakumar quipped. The government also plans to introduce a new policy for the use of technology in the entertainment industry promoting innovation and making Karnataka a skill hub.
Trends in emerging gaming market, projections
● The global gaming market is projected to grow at 4% CAGR with 212 Billion dollars by 2026 (200 Billion dollar mark by 2025)
● India contributes Rs 25,000 crore to AVGC-XR sector, projected to grow 14-16% in the next decade
● AVGC-XR sector CAGR growth of 20% year on year
● Number of mobile players continues to grow in India and other countries (2.9 billion individuals in 2023)
● Number of VR devices sold to double in the next 3 years globally (2026)
