AVGC-XR Industry: Contrasts and Evolution in 2024
Source: animationxpress.com
The past year has been fascinating for the AVGC-XR industries, marked by developments that are both exciting and challenging. The industry's vibrancy and capacity to evolve make it compelling. Despite turbulence, this sector has shown resilience, moving forward with innovation.
The Indian entertainment ecosystem is navigating a perfect storm. One alarming trend has been the closure of animation and VFX studios globally, driven by reduced investments from OTT platforms. Traditional cable and satellite TV has plateaued, reaching around 220 million homes, with subscriptions declining as audiences shift to OTT services. However, the Free Dish market has grown.
Gaming remains promising, with esports gaining popularity, attracting investment and talent. The XR space shows promise in museums and industrial training. XR and VR technologies are being recognised for immersive learning environments.
AI's Impact on AVGC-XR
AI has emerged as a significant disruptor, impacting all AVGC-XR sectors. Artists, writers, and studios must adapt by learning AI tools and integrating them into workflows. AI can streamline production, enhance efficiencies, and empower creators. Writers can visualise scenes, and concept artists can use AI for ideation.
AI's integration can reduce production timelines and potentially lower costs. While AI accelerates output, originality will be key. As AI rehashes existing ideas, demand for unique content will rise. Studios are adopting AI across roles, and mastering its use is the next frontier. The quality of AI-generated content is improving rapidly.
Global Interest in Indian Content
There's growing international interest in Indian content. Shows like Mighty Little Bheem and Deepa & Anoop have performed well globally. Krish Trish and Baltiboy: Bharat Hain Hum has also gained recognition. This success signals a global appetite for Indian narratives, leading to a push for more content rooted in Indian themes, including in gaming. Several Indian-developed games draw upon local mythology, history, and cultural stories.
The coming year holds potential for creators who adapt to evolving technologies. As AI, XR, and gaming redefine the AVGC-XR landscape, adaptability and creativity will be critical. Whether it’s leveraging AI, experimenting with immersive technologies, or telling Indian stories, innovation will be vital for growth.