The Indian film industry is the largest in the world in terms of films produced annually. It generated $1.3 billion in revenue in 2004, though this was just a fraction of the US film industry's revenue. The industry has evolved from early black and white films to become a global phenomenon by 2000. It contributes 0.53% to India's GDP and provides over half a million jobs. Though fragmented, the industry is growing due to India's rising middle class. Increased global investment and untapped potential in lower socioeconomic areas provide opportunities for future growth.