Motion Picture Association of America CEO Christopher Dodd says the Indian movie industry is poised to become a $5 billion industry in the next two years. The former U.S. senator was delivering the inaugural keynote address at FICCI FRAMES 2012 in Mumbai, according to a report in The Economic Times.
FICCI FRAMES is an annual global convention on India’s media and entertainment industry.
Dodd said India is the “biggest movie ticket market in the world,” with 3.3 billion tickets sold every year, and that movies contributed about $640 million to the Indian economy annually.
According to Dodd, this is a huge opportunity, and one that U.S. movie makers are keen to tap into. He expects collaboration between the Indian and American movie industries to increase, but expressed concerns about piracy and “barriers that prevent production and distribution.”
Disney already controls three channels in India, and UTV has extensive film and television production facilities.
“This acquisition expands our footprint significantly and allows us to more effectively build, monetise and brand multi-platform franchises, and deliver a rich library of content to the world’s second largest population,” said Andy Bird, chairman of Disney International.