The JV will have an initial capital of $10 million (Rs 50 crore) and focus on animation
Chennai-based Sanraa Media, a media technology company, has joined hands with US-based World Studio Group to float a joint venture company Sanraa-WSG Films Inc. The JV will have an initial capital of $10 million (around Rs 50 crore) and focus on animation projects.
The JV will be headquartered in Hollywood with affiliates in China and Eastern Europe, said Sukumar Subramanian, director - strategy and planning, Sanraa Media.
Sanraa-WSG would specialise in family entertainment-based films, programmes and animation projects. The company has set a target of $50 million (around Rs 250 crore) revenues in the first three years. Within the next 24-36 months, the JV will also explore possibilities of overseas listing and tapping the global market for additional funding opportunities, he added.
The joint venture will spearhead the effort to introduce the services of Sanraa to the worldwide animation and games market among others. In addition, the JV will serve as a vehicle to capitalise on the vast expertise of media product development in the US to help Sanraa export its India-created content in optimally packaged formats for Hollywood.
The JV partners have started discussions for production and distribution of an international animated feature film with Hollywood Family Entertainment Brand. WSG is also currently involved in creating a $100 million (around Rs 500 crore) media fund in collaboration with a Fortune 100 company with big names in Hollywood, he added.
According to Subramanian the animated market in US is estimated to be around $ 1 billion.