India's Modi Entertainment Network and computer graphics company PentaMedia Graphics have formed a 50:50 joint venture to provide animated software to broadcast and Internet platforms in India and overseas.
Modi will lead the marketing initiative for the joint venture - which has an initial investment of $10m - in the US and Europe. Commenting on the deal, Modi vice-chairman Lalit K Modi said: "The global animation market is expected to be worth $40bn in the next four years, posting a consistent 20% growth".
PentaMedia recently unveiled details of a joint venture with Silicon Valley-based 3D animation outfit 3Dmax Media to produce a feature-length movie in which dead Indian stars will be recreated using digital animation. PentaMedia also recently created a 50:50 joint venture with US digital effects powerhouse Digital Domain to develop feature-length special effects-driven pictures for the international market (Screendaily, March 16).