Release of the films like ‘Coolie No.1’ and Laxmi Bomb on streaming services is a new sign of change in Bollywood. After closed operations of theatres due to the pandemic, the Hindi film industry of about 18 thousand crores has chosen the way of streaming platforms. According to a research firm Forrester, 28 big stars’ movies were released on streaming platforms this year. There was not even a single big star film released on these platforms last year.
In view of the increasing need for streaming, companies like Netflix, Amazon and Hotstar are investing huge amount of money in India. According to Forrester, in 2020, these companies have spent around Rs 3,800 crore on content for the Indian audience, which is Rs 700 crore more than 2019.
Netflix spent Rs 2,900 crore in two years
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Netflix said that it has spent about Rs 2,900 crore on production of 50 films and shows in India in the last two years. These include 34 Hindi films. Disney Plus merged into Hotstar in April during the lockdown and made a fresh start.
35 films were made every week in Bollywood
According to a report by Ernest Young, last year, Bollywood produced 1,800, or an average of 35 films a week. With the release of these films in the domestic theatres, the earned revenue was about 11 thousand crores. The Indian film industry has long relied on releases in theatres for income.
Theatres lost 75% in lockdown
According to global network firm KPMG, theatre closures in the midst of the pandemic reduced income by 75 percent. Even after the theatre opened in October, it has not been relieved. PVR, the country’s largest multiplex chain, had lost Rs 184 crore in the quarter ended with September due to non-release of new films. Streaming service has emerged as a big choice for Bollywood in the recent past.
Race to serve fresh content
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Creativity has been boosted by the use of streaming services in Bollywood content. There is also diversity in content. Vikram Malhotra, the producer of the recently released film ‘Shakuntala Devi’, says, “The strategy for the same content is slowly taking off.” More shows and films are focusing on woman, war and other sensitive topics rather than romantic and action genre.