Indian Entertainment Industry Has Many Unexplored Opportunities He aims for world's biggest international event 'The Academy Awards' to happen in India.
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The third biggest among the entertainment industry of the world after Hollywood and China is India's. With scale come great opportunities. And luckily for entrepreneurs, there are many unexplored territories.
The EEMAX Global report says that there will be a 28-30 per cent growth in the industry that could reach $10 billion in a 10-year span.
Exploring massive business opportunity in India's event and entertainment industry, an entrepreneur who belongs to a renowned film industry family, is taking the legacy forward with his own style and idea.
This third-generation entrepreneur of India's famous Nadiadwala's family, Mazhar Nadiadwala is the Managing Director of Dome Entertainment Pvt. Ltd., and heads India's first ever indoor stadium Dome @ NSCI, SVP stadium.
'A New Concept to Begin With'
Starting off his career as a film producer at an age of 25, Nadiadwala did not know that his family embedded entrepreneurial roots will pave his way into a business segment that is entirely new to India.
"I was an entrepreneur with my own business. That time I was solely handling my family business, and was looking for a growth and expansion. That's how we took up this league."
After venturing into a number of big international events happening around the world in venues like indoor arenas most commonly, with classy and well-equipped infrastructure, Nadiadwala took a thought on it that why can't something like this be in India?
"Mumbai, being the entertainment capital of India and the biggest film industry in the world deserved to have an indoor stadium like The Philippine arena, Macau Stadium, London's The O2 Arena."
Inaugrated at the end of 2012, Dome @ NSCI, SVP stadium, has seen various high profile events under their roof like The Pro Kabaddi League, 62nd Filmfare Awards, Beauty and the Beast Broadway Musical, Sufi Music Festival, etc. Whereas some of the big events are also awaited to be happened in coming months, which are many more International Broadway shows, as Nadiadwala shares with Entrepreneur India.
'No Competitors as this League is New to India'
In the recent EEMAX Global report, the research body had predicted a positive growth for the event IP industry in India, even though the contribution of the live event IP business to an event management company's revenues were quite minimal compared to their overall revenues. With the maturing festival scene in India, this is set to change in 2017."
With respect to the expected growth of events industry in India, there is a broad possibility of increasing number of certain venues in India. On asking about the competition in market with a new segment like this, Nadiadwala told Entrepreneur that as a venue, there is no competitor in this league yet.
"In one way it is an advantage; on the other hand it is tough to make your consumer understand that something like this could be a big venue for event."
Government Support is Crucial
With Dome, his vision is to give India an iconic venue of international recognition and creating new benchmarks through highly-curated experiential events, making the venue a destination itself.
Nadiadwala tells Entrepreneur that he aims for world's biggest international event "The Academy Awards' to happen in India at the venue of 'Dome @ NSCI, SVP stadium'.
Since venues like these require huge amount of investments and capital to begin with, there is a dearth of indoor arenas in India.
"In every other country venues like these are government funded and works best with their structured organization, execution and working style. In India, we don't have any government-based indoor arenas, because of which I'd someday like to seek the government support for it."