Ascension heads to Mumbai to tap booming entertainment sector.
UK-based creative industries specialist Ascension Media Group is opening an office in Mumbai, headed by producer Parminder Vir OBE, director of PVL Media.
Ascension will be looking to build relationships with the local creative industries and engage potential revenue streams in the burgeoning local entertainment market.
Ascension Media Group founder and CEO, Sanjay Wadhwani said: “India is an enormously exciting market for us and the companies in the creative industries and digital media sectors that we work with. For example, there are more than 884 million mobile phone subscribers in India, nearly three times as many as in the United States. India is the fastest growing market for interactive entertainment and video games in the world.”
“There is also a significant amount of wealth in India looking for opportunities to invest overseas and we will help those investors to access attractive investment opportunities in the UK creative industries.”
Parminder Vir added:“The emerging markets are vital export markets for the British creative industries. The new and growing opportunities for the creative industries cannot be ignored by companies seeking to expand internationally. The growth drivers are digital media, domestic demand, availability of finance and talent - making India an increasingly attractive market for the UK creative industries.”
The office, Ascension’s first on the international stage, will be on Marine Drive.
According to a report on the Global Media and Entertainment Outlook by Price Waterhouse Coopers in July 2011, the Indian media and entertainment industry is forecast to reach $31.7 billion by 2015, growing at 13% per annum from 2011-2015.