What is the Importance of VFX And Animation In Today’s Media And Entertainment Industry?
People have been consuming content on their mobile devices at a very high level since last year. This has resulted in a boom in the M&E (Media & Entertainment) industry. This trend has changed the way stories are told. VFX and animation play a significant role in web series, movies, and ads now. VFX and animation are also being used by businesses other than creative producers to boost their revenue.
Pre-existing industry trends have exploded in ways no one could have predicted. This is happening since the pandemic broke. For most industries, digital adoption has become almost a necessity. Essential purchases have found e-Commerce to be more convenient. Amid all the negativity that we are currently surrounded with, online transactions have come to our aid, and online content provides us with some moments of peace.
As a result, global online content consumption has almost doubled. Earlier it was 3 hours 17 minutes but now it is 6 hours 59 minutes. People are now using more paid and free video content. Moreover, the music streaming services has increased. Similarly, video gamers spend more time on various social media platforms. This results in fierce competition in the already crowded media and entertainment industry.
VFX and animation are exploding
Despite the economic downturn and production halt in the early months of the pandemic, the M&E industry has experienced massive expansion. M&E providers compete for consumers to stay on their platforms for longer periods.
The demand for OTT content has risen with the shift in consumer trends. However, this has resulted in significant losses for theatres and theatrical releases. According to EY India, the Indian M&E sector has lost 24% of its value, or Rs 1.38 trillion. As a result, revenues returned to where they were in 2017.
Despite the effects of the general economic downturn on the M&E industry, animation and visual effects have seen steady growth. On the other side, the fact is that there is a sudden decline in the number of studios. These studios are crammed with editors and creators. Moreover, most work has shifted to remote work which has put VFX and animation work in the spotlight.
VFX and animation have become increasingly popular in recent years. Now, filmmakers, production companies, and content creators use special effects and animation to tell stories. It's also something we enjoy.
Consider the films Inception, Avengers, Baahubali, and Game of Thrones, to name a few. Prana Studios in India created Khaleesi's dragon! Tenet is a new action techno thrill ride with perplexing visual effects that won an Academy Award for Visual Effects. These are just a few of the many well-known names in the mix.
Despite being an important part of the content creation process, these examples demonstrate that animation and special effects have now reached their pinnacle.
Demand for animation and visual effects has never been higher
Recently, animation and visual effects studios have seen a significant increase in domestic show content demand. The fact that the animation segment alone grew by 10% in 2020 gives you a good idea of the future growth prospects. Despite significant losses incurred due to the pandemic's initial production halt, it reached Rs 24.5 billion.
Meanwhile, there are several reasons why VFX and animation work has never slowed down. Creative studios don't get a pass just because we're in the middle of a pandemic. It also implies that the type of work they were doing previously has drastically changed.
The coronavirus outbreak, for starters, forced them to reconsider their business models. Because of the increased demand for content such as commercials, web series, and feature films, most studios complete them with more cinematic effects and animation than live actions.
Furthermore, the current situation proves to be a good opportunity for artists who want to test their limits. "A lack of technology no longer limits creators," Shreedhar observes. VFX and animation effects serve as enablers, allowing the illusion to become real and infusing fantasy into the real world."
Adoption of New Tech Systems has Accelerated due to the Pandemic Restrictions
Experts today believe that the virtual production setup holds the sector's future. Filmmakers and creative directors stuck in their projects were rescued by advanced technologies. This allowed them to set up their own offices from home. These technologies can turn any room into a studio-like setting.
Take Shahrukh Khan's film Zero animation, for example, to get a sense of the kind of technology we're talking about. The entire chimp scene was filmed in Mumbai for this film. However, they appeared to be in the United States. All of this was accomplished through the use of ‘Techno Dolly,' a virtual production and motion control system.
Unreal Engine and Unity Technologies are two of the most prominent game development companies that have recently aided filmmakers with their projects. In a statement to the media, Red Chillies COO Yadav said that gaming engines like Unreal or Unity Engines would play a significant role in the industry. They will take the place of the current industry's traditional software.
The cutting-edge technology eliminates the need for a green screen in filmmaking instead of relying on pre-made environments or backgrounds. Now the team must work with these backgrounds while focusing on other aspects such as lighting and colour manipulation. This is unquestionably less expensive than traditional work. In films like The Lion King and Black Panther, you can see such backgrounds.
Virtual technology adoption is expected to grow even more in the future. According to market research, some of these virtual technologies will persist even if restrictions are eased. It is expected that 20 to 25% of Indian studios will use such technologies in the next five years.
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VFX on The Floor
Understand What happens on the floor while creating a VFX movie. Also, check out how you can complete the project from the script to the final delivery in the below VFX on the Floor Webinar