For entertainment, it's destination India


India's enormous investment potential for the Hollywood majors and other global entertainment entities was highlighted Wednesday during an industry gathering at Creative Artists Agency headquarters in Century City, Calif.

Smitha Jha, associate director, PricewaterhouseCoopers entertainment & media practice, highlighted key points of a new 160-page PwC report on India that underscores the rapidly growing opportunity for foreign investment in the region -- particularly by Hollywood, which is looking to produce local content there.

She stressed the growth potential in India on numerous levels in the entertainment sector, including TV, Internet and film. Though India's population is just over 1.1 billion people, television reaches just 453 million -- and only half the population receives media of any kind.

There is also potential robust growth in the film sector as new revenue streams in the digital and home video sectors continue to emerge, which is just one reason why the U.S. media majors continue to look aggressively to India, she added.

In a separate panel discussion industry veteran agent and entertainment attorney David Tenzer noted that India has a generally "comfortable" legal and business environment for outside investors.

"If you look at Europe now you see stability but not much growth. The same for the U.S."

Tenzer, a partner in Raskin Peter Rubin & Simon, added, "But the thing about India is that it is a market of enormous growth and plenty of opportunity that is not going to end in the next year or two, but will go on through the next generation."

The conference was organized by PricewaterhouseCoopers in collaboration with the Association of Media & Entertainment Counsel and the Indian Film Festival of Los Angeles.