CEO of DNEG, Ms. Namit Malhotra, is determined to bring the Ramayana to life on the big screen through a collaboration with actor Mr. Yash’s Monster Mind Creations. It will be directed by Mr. Nitesh Tiwari, known for the blockbuster Dangal; this ambitious project aims to compete with major films like Dune and Avatar. DNEG, based in London, has won seven Oscars for its visual effects work on films such as Inception and Interstellar. Recently, the company raised US$ 200 million from UAE’s United Al Saqer Group, boosting its valuation to over US$ 2 billion and signalling significant changes in the global visual effects market, valued at US$ 30 billion. India is emerging as a crucial hub in this industry, with a reported market size of Rs 11,400 crore (US$ 1.38 billion) in 2023, where visual effects alone account for Rs 5,400 crore (US$ 653.67 million) and are growing rapidly.
The demand for visual effects is rising, especially in genres like period films, horror, and action, which require extensive use of VFX. Companies like DNEG and Technicolor are leading the charge. India provides a substantial portion of the global labour for simpler tasks in the visual effects pipeline. While DNEG has expanded its workforce from 700 to over 10,000 artists worldwide, Red Chillies VFX, founded by Mr. Shah Rukh Khan, focuses on high-end Indian films and is looking to scale up. Despite the challenges of profitability and talent retention, India’s expertise in storytelling and technology positions it well for future growth in visual effects. As the industry evolves, the ability to attract and retain skilled professionals will be vital for sustaining this momentum.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.