OTTAWA – The Canadian Media Production Association (CMPA) has thrown its support behind the new audiovisual co-production agreement finalized Monday between Canada and the Republic of India.
Once ratified by the two countries, the agreement will allow producers from both Canada and India to combine their creative, technical and financial resources to develop productions. In the past decade, Canada has developed nearly 720 audiovisual co-productions, with combined production budgets worth more than $4.9 billion.
The CMPA described the agreement as “the cornerstone for triggering co-production and other partnership opportunities between Canadian and Indian screen-based producers”.
“This signals tremendous new business opportunities for producers in both India and Canada,” said CMPA president and CEO Michael Hennessy, in a statement. “And it is the partnerships that will flow from this deal that will allow Canadian television, film and digital media producers to substantially expand their reach, thrive in the global economy and contribute to creating jobs, growth and long-term prosperity here at home.”
India is the global leader in the number of screen-based content produced annually, and its media and entertainment industry is expected to grow to $25B later this year.
