Record label and production house T-Series has signed a deal with Anil Ambani’s Reliance Entertainment Ltd to jointly develop more than 10 feature films, including action thrillers, biopics, dramas, and comedies, over the next 36 months. The Silver Screen Golden Deal amounted to $135 million.
The heads of both production houses said that some of these feature films are due for release early next year, according to a Bloomberg report.
How does this deal affect Indian filmmaking
The deal is one of the biggest financing efforts in Indian filmmaking in recent times, but it comes at a time when most producers are skipping theaters to release their films on top platforms such as Amazon and Netflix.
The lockdown and restrictions on cinemas in the country have pushed people towards digital streaming.
T-Series CEO Bhushan Kumar says
However, T-Series Chairman and Managing Director Bhushan Kumar said that without cinema halls, a big-budget comeback cannot happen.
“We cannot do such a huge investment, such big films keeping OTT in mind,” Kumar said.
Both the companies have delayed the release of several films ready for the screens since last year.
Not everything is easy even after such a big deal. For one, Maharashtra has not allowed the reopening of movie halls.
The state’s share in the earnings of a mainstream Hindi film is around 30-50 percent.
Kumar said Maharashtra is a ‘big market’ and the key to success at the box office.
Bhushan Kumar said he expects theaters to reopen in early November, around the time of Diwali.
But this will depend on the progress in controlling the virus as reports suggest a third wave is likely.
CEO Of Reliance Shibasish Sarkar says
Reliance Entertainment CEO Shibasish Sarkar has said that the vaccination campaign has intensified and all hopes are pinned on it.
“Even if the third wave comes by September or October – we should be out of it in the next few months,” he said, as noted in the news site.