Kerala-based Toonz Media group is expanding its global footprint with a proposed acquisition of a European animation company and extension of its academic facilities to Africa.
Jayakumar, CEO, Toonz, said the animation content production house in Europe has a base in Ireland and Spain. “We can't reveal the name now as we are yet to finalise the deal.”
The group had earlier acquired Imira Entertainment based in Spain, which has become the group's global distribution activities in Europe, North America, Latin America and Africa.
The group will also start its academic facilities in Africa to train people in animation and special effects. Jayakumar said Toonz is one of the top five production companies in the world now specialised in creating, producing, and distributing premium entertainment content for kids and family audiences across the globe.
With the expansion, Toonz, which is celebrating its 20th anniversary, is expecting over three-fold increase in its global turnover from the current $ 70 million. Jaykumar added, “We hope to touch $250 million in three to five years.” According to Jayakumar, the animation industry in India is worth only $1 billion compared with the global estimate of $140 billion.