MUMBAI: North American media and entertainment company CineMaya Media Group, Inc. now plans to scale up its operations in India. After opening offices in Mumbai and Delhi, plans are now afoot to open a third office in Hyderabad.
CineMaya Media Group reports business in India continues to increase, and there is a growing need for greater operations to service the southern region of India. The Hyderabad office will serve as the nerve center for business development and advertising sales for all company divisions for Andhra Pradesh, and cover all of South India.
During recent years, CineMaya Media Group has experienced growth of 57.42 per cent CAGR (Compounded Annual Growth Rate) in North America, but with its recent penetration into Asia, it’s now expecting to see similar, if not better, numbers from increased sales and operations in India. The strategy for this expansion to Hyderabad is based on two primary reasons which are interconnected for the growth of CineMaya Media Group’s business in India and amongst this vital demographic, as witnessed in the US and India.
First, during the past decade, immigrants from Andhra Pradesh (the Telugu community), have contributed to enormous growth, and have been a driving force in the fields of technology, information, medicine, and entrepreneurship in North America. The Telugu community in the US is known for being highly educated, young, and affluent, and largely concentrated in Silicon Valley, New Jersey, and Virginia. The group accounts for an estimated 25 per cent of the Indian community in the US, which in total is expected to reach over three million by 2010.
Second, Hyderabad has become the Indian base for large corporations from around the world, as well as home to India’s biggest enterprises. Hyderabad is a major center for Infosys, Microsoft, Yahoo, Google, Wipro, Satyam, amongst others in the “Hi-Tech City.” With the emergence of Special Economic Zones (SEZ) in various states in India, and a very strong media and entertainment industry, the state of Andhra Pradesh has become one of India’s premier business centers. It is no wonder that most foreign dignitaries and US presidents make it a point to visit Hyderabad on their trips to India.
“We are very excited to fulfill the need for a greater presence in the city of Hyderabad. Originally, CineMaya intended to operate only two primary offices in India, but with the growing demand, increased business opportunities, and the strength of the market throughout South India, it became an easy business decision to satisfy the rising need. We expect to generate business for all our divisions from this rapidly growing technology hub and fuel our continuing expansion in India,” said CineMaya Media Group president Nayan Padrai.
In 2007, CineMaya Media Group increased annual revenues by approximately 40 per cent to an estimated $6 million. With its recent expansion into India, the company expects to equal or surpass the annual growth numbers during each of the next three to five years.
CineMaya Media Group is developing strategic sales and marketing departments across its various centers to promote its media properties and marketing services. Thus, the company expects to further increase its impressive CAGR of 57.42 per cent, which until recently was largely achieved from referrals and word-of-mouth marketing.
CineMaya Media Group currently has offices for its media-entertainment-marketing divisions in New York, New Jersey, California, Toronto, New Delhi and Mumbai, and expects to begin Hyderabad operations in the coming months.