Union Cabinet approves National Centre of Excellence for AVGC; Provisionally named the Indian Institute for Immersive Creators (IIIC)

Movies like Baahubali and RRR have introduced a new vision for portraying historic and fantasy themes in India. According to the FICCI-EY 2024 report, India now boasts the second-largest anime fan base globally and is projected to contribute 60% to the worldwide growth in anime interest in the coming years.

The National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) in Mumbai, will be modeled after the IIMs and IITs.

Loco sells majority of stake to UAE based tech company, says India not a priority

Loco has previously partnered with major publishers like Krafton, Activision, Ubisoft, and Riot Games, as well as global entities like the NBA and FIFA.

On July 17, Storyboard18 reported Loco’s failure to generate revenue using the Advertising Video On Demand (AVOD) model, which led to a significant decline in Daily Active Users (DAUs).

AVGC sector applauds govt nod for NCoE, projects $26 billion growth by 2030

The Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII), representing industry bodies, will collaborate with the government in setting up the proposed Institute of Immersive Creators (IIIC).

This initiative aims to position India as a content hub, providing state-of-the-art content to enhance India’s global soft power and draw foreign investments into the media and entertainment sector.

Nazara Technologies raises Rs 900 crore in strategic fundraise, boosts stake in Absolute Sports

ReelSaga targets India's mobile-first youth with short, serialized video series. The app will offer bite-sized entertainment, with episodes lasting one to two minutes, and monetize through per-episode microtransactions and subscription options for high-spending users.

The Mumbai-based gaming and media firm secures significant investment to enhance growth and expand its portfolio in the gaming and sports media sectors.

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DGGI will shake hands with foreign govts to crack whip on offshore gambling firms

Vaishnaw emphasized that the central government takes prompt action whenever violations come to its notice, ensuring all measures align with the Constitutional framework

This move will curb tax evasion in the online ‘gaming’ sector in India and will also help block websites of such notorious illegal offshore entities.