International BusinessNasscom lowers forecast of animation and gaming inds for 2012
The apex body of IT software and services, Nasscom, today lowered its forecast for the animation and gaming industry for 2012 on account of the global economic downturn.
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Nasscom revised the forecast for the gaming industry from $1,060 million to $830-million and animation industry from $1,163-million to $1,000 million.
"Indian animation industry is expected to grow at a CAGR of 22 per cent to reach $1-billion while gaming industry to grow at a CAGR of 49 per cent to reach $830-million by 2012," Nasscom President, Som Mittal, told reporters here while releasing "The Animation and Gaming Report 2008-09".
The report, prepared by Nasscom and Ernst and Young provides a detailed insight on the growth-drivers, business models, issues and challenges for the gaming and animation industry in the next few years.
The other factors which resulted in revising the forecast were a lack of availability of skills for animation industry, slow growth of domestic box-office for animation movies and proof of concept or IP creation not upto expectations.