July 2 dmanewsdesk: Research firm Ampere Analysis reports that the global entertainment industry is set to lose $160 billion of growth thanks to COVID-19 over the next five years.
Closer home, some analysts estimate that all-India box-office revenues alone are around Rs 2,500 crores in the last 2.5 months, of which the Hindi film industry accounts for 45-50%. Losses can mount to about Rs 5,000 crores gross if theatres remain shut over the next few months.
In a conversation with Mitali Mukherjee, Ritesh Sidhwani, filmmaker and co-founder of Excel Entertainment that has given us films like Gully Boy, Rock On, Fukrey said the biggest challenge would first be to allay the fears of people coming to the set to work.
Sidhwani says studio floors are already booked out and work will most likely kick off in great earnest soon, but costs and logistics will become far more complicated especially in an industry that is more creative and less process-driven, like a manufacturing unit.
On the recent debate around theatre versus OTT (over-the-top media service) platforms, he believes theatrical releases will still be the primary tool and at Excel, they are willing to wait out the pandemic and consequent restrictions, till the time cinema halls are opened for screening.
Source : The Wire