Bollywood wants to beat Covid with Rs 1,000 crore film deal

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Mumbai: India’s two biggest film studios have signed silver-screen deals for around 10 billion rupees ($135 million), betting on a strong recovery at the box-office from the devastating Covid-19 wave as the country Cinemas are slowly reopening.

Record label and Bollywood’s leading T-Series, along with tycoon Anil Ambani’s Reliance Entertainment Ltd, have agreed to jointly develop over 10 features ranging from action thrillers, historical biopics, dramas and comedies over the next 36 months , the leading houses of both the production said in an interview. Some of them are set to release early next year, he said.

The deal, one of the largest financing efforts in the history of recent Indian filmmaking, is a bold gamble at a time when many producers in India are skipping theatrical releases during the pandemic and opting for over-the-top platforms such as Amazon and Netflix. heading towards. Inc. for Premiere. As in other countries, lockdowns and restrictions to contain the spread of the coronavirus have increased the demand for digital streaming in India, as people crave entertainment at home.

But big makers say that a grand budget cannot be made up without cinemas. T-Series Chairman and Managing Director Bhushan Kumar said, “We cannot do such a huge investment, such a huge amount of films keeping OTT in mind only.

Both Reliance Entertainment and T-Series have delayed the release of several potential blockbusters that have been lined up since last year, pushing back their debuts several times to reopen theatres.

biggest holdout

Although some states in India have begun allowing movie halls to resume screenings, the western state of Maharashtra – India’s financial capital Mumbai and home of Bollywood – has been the biggest holdout. This is not good news for an industry that accounts for around 30% to 50% of the theatrical earnings of a mainstream Hindi film, depending on the state.

For Kumar, the state is clearly a “huge market” and the key to success at the box-office.

Underlining the continuing importance of the big screen and the state of Maharashtra to the industry, the Producers Guild of India and the country’s largest cinema chains took to social media and published full-page advertisements in local newspapers last week, asking the state government to called for reopening. Theater.

The industry was suffering a monthly loss of 4 billion rupees ($54 million) due to the continued closures, he said.

Film industry appeals to Maharashtra government to reopen cinemas @CMOMaharashtra @rajeshtope11 @AmitV_Deshmukh #unlockcinemasavejobs pic.twitter.com/lgOyf82OZW

— Multiplex Association of India (@MAofIndia) September 7, 2021

Kumar expects all cinema halls across the country to reopen by early November, around the time of Diwali, one of India’s biggest festivals. But a lot will depend on the progress of the country in containing the virus. Many health experts believe that a third wave is on the way as the country soon enters its months-long festive season. According to Bloomberg’s vaccine tracker, only 12% of the population has been fully vaccinated so far.

Reliance Entertainment’s group chief executive officer Shibasish Sarkar pointed to a vaccination campaign in India that has slowly gained momentum in recent weeks.

“Honestly that’s the big hope,” Sarkar said. “Even if the third wave comes by September or October – we should be out of it in the next few months.”

Looking at other countries that have opened, he said that “people came back with a vengeance” after sitting at home for long periods in cinemas. –bloomberg

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