Indian media company Prime Focus Ltd collaborated its VFX business with global visual effects provider DNEG (Double Negative) won the Oscars for best visual effects for Christopher Nolan’s latest sci-fi thriller Tenet earlier this week.
DNEG has grabbed their 6th Academy Award among which, the 5 came in just the last seven years. The previous visual work credit for DNEG includes First Man, Blade Runner 2049, Ex Machina, Interstellar and Inception. This is the 3rd Academy Award they received while working for Christopher Nolan.
“Working with visionary filmmakers like Christopher Nolan elevates the work of every single department involved in the filmmaking process. That Chris and Warner Bros. have put their faith in our teams once again, to design the visual effects sequences for Tenet, is an honour and a privilege,” DNEG chief executive Namit Malhotra said in a statement.
This Indian animation and visual effects industry, which commands around 10% of the global market share, has the potential to reach 20-25% by 2025, says a recent media and entertainment industry report by the Boston Consulting Group (BCG) and Confederation of Indian Industry (CII).
According to the report, the two segments, which have together grown 17% from $0.7 billion in 2015 to $1.3 billion in 2019, has the probability of creating about 75,000-120,000 jobs over the next five years with their contribution to the nation’s gross domestic product rising by 0.06-0.08% over the same period.
During an event last year, secretary of the ministry of information and broadcasting, Amit Khare appreciated the advancement, stating, “These are sectors that do not just have great export potential to demonstrate the soft power of India but can also emerge as examples of Atmanirbhar Bharat (self-reliant India) if home-grown startups are given an adequate push.”