CDI bags animation deal worth $20 Mn

By siliconindia   |   Friday, 09 November 2007, 20:30 IST
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Mumbai: Chandigarh-based Compact Disc India (CDI), an integrated media and entertainment company, has secured an animation outsourcing contract worth $19.80 million from iMedia Ventures, a digital entertainment company, reported Business Standard. As part of the deal, CDI will animate a science fiction thriller film called 3000 BC. It had earlier signed a $17.85 million contract with Los Angeles-based Motion Pixel Corporation to develop a 3D Hollywood production called GoaaaaaL! to be released during FIFA world cup 2009. As a part of the deal, CDI will make the 3D animation film in 21 months at its state-of-the-art studio in the Kinfra special economic zone in Thiruvananthapuram. "We have acquired a 60,000 sq ft facility at an investment of Rs 52 crore and will employ more than 300 animators," said Gautam Seengal, Managing Director, CDI. Seengal also confirmed that the company was in the process of signing a memorandum of understanding with a big Hollywood Studio. "The formal announcement for the deal will be announced towards November end," was all that Seengal would say. Moreover, CDI is working on 2D and 3D animation outsourcing projects worth $41 million from major international clients. "We are also working on a six-episode television series, funded by the Malaysian Debt Ventures, that is based on a another world beyond our universe," said Seengal. CDI is also jointly working on a $12.45 million international animation film project called Hustle Bustle with Singapore-based Interactive Creative Media. While the Indian animation industry, which is now pegged at $550 million, continues to grow at 30 percent annually and is expected to reach $15 billion by 2010, outsourcing deals in the animation industry hold a lot of potential. CDI claims to be executing animation projects worth $40 million and co-producing projects worth $76 million.

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