The Indian film and television industry is predicted to be worth US$ 13 billion by 2015 according to PwC.

Indian cinema recovery

Their report, Economic Contribution of Indian Film and Television Industry shows the industry already contributes over US$ 6.2 billion to the economy, creating 1.8 million jobs during 2008-2009.

Dan Glickman, Chairman of Motion Pictures Association of America, who interestingly commissioned the report said, "This report demonstrates the importance of the film and television sector to the overall growth and vitality of the Indian economy."

The findings show that the industry is set to recover from a stagnant 2008, where revenues declined to just over US$ 2 billion. KPMG figures show that over 240 films were released during this period, proving that few were box office hits.

International success

The report coincides with the success of "My Name is Khan", starring Shahrukh Khan. The film recently became Indian cinema's biggest overseas earner, taking US$ 39 million since February this year, with US$ 17 million coming from outside India. It's success led distributor Fox Star to call it "Bollywood's first truly global film".

Adapting to the Hollywood formula

The US, 'the' key international market already accounts for a third of Indian cinemas overseas revenue. Considering the number of deals signed between US talent and Indian production companies, this is set to grow.

The success of "My Name is Khan" provides a model for crossover - Indian stories with global appeal - success.

Speaking recently, Shahrukh Khan shared his thoughts on breaking new markets. In his opinion Indian cinema needs to understand the Hollywood film format, and "not adhere to stubborn narratives". In addition screen writers need to think of their work as a science rather than art.

If Indian cinema can strike this balance, Indian films crack global markets.