OUTBOUND INVESTMENT TO INDIA: Counterfeiting and Piracy in the Indian Entertainment Industry
April 01, 2008 | BY
clpstaff[email protected] Indian entertainment industry, boosted by a rapid growth in the number of digital consumers, will earn as much as US$28.9 billion…
The Indian entertainment industry, boosted by a rapid growth in the number of digital consumers, will earn as much as US$28.9 billion by 2012 according to the “Indian Entertainment and Media Industry 2008” report by PricewaterhouseCoopers and an industry group. Further the study shows that the Indian entertainment industry grew 17% in 2007 – a slight improvement on the 15% forecast, reaching US$12.82 billion, up from $10.95 billion in 2006. Amid the growth phase has been the overriding menace of counterfeiting and piracy which has engulfed the industry.
The Indian film industry, popularly known as Bollywood, makes more films than Hollywood yet its revenue is only 2% of what is earned by Hollywood. In order to address this the US-India Business Council (USIBC) is teaming up with the Federation of Indian Chambers of Commerce and Industry (Ficci) in a Bollywood-Hollywood initiative to conduct a study on the rampant counterfeiting and piracy in an attempt to add more muscle to fight piracy.
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