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<ul><li>Just when Bollywood seemed to be getting back on track with releases being planned and film shoots announced, a second surge in the number of Covid-19 cases has brought everything back to square one.</li><li>If there are no cinema halls, movies will go to OTT, but they will co-exist. A lot of good films cannot be held back, and for good reasons, they have gone to OTT, which may not have been their first choice. But they had to do it because of the pandemic.</li><li>Jehil Thakkar, Partner and media &amp; entertainment industry leader, <keyword id="6358918" type="COMPANY" weightage="20" keywordseo="deloitte">Deloitte</keyword> India shares how the cinema industry will change after all of this is over.</li></ul>Once again, the boards outside box-office windows across India read ‘Closed’, with no clarity as to when they will open. For theatres in states where there is no government advisory, lack of business is forcing theatres to down their shutters. On the other hand, COVID-19 and its accompanying health issues and restrictions have brought the film industry to a complete halt in terms of shoots, production and releases. The domino effect is massive as several other sectors in entertainment, media and many other businesses depend on films. The theatrical business, which in India forms the main revenue source for most films, has dropped to a trickle and is likely to remain there for the short term. As the second wave of COVID-19 accelerates across the country, theatres and production will be more widely impacted. While majority of the box office revenue in the country is generated now through multiplexes, single screens do remain a critical part of the distribution chain. The COVID-19 related lockdowns have hurt this part of the value chain much more than the multiplexes, which tend to be part of more resilient larger organisations. Many of these single screens and a few independent multiplexes may not ever open again. We lost a few in 2020 and we may lose some more in 2021. What many in the industry fear is the acceleration of a shift in viewing patterns. Consumers will make very judicious choices about the kind of film they want to consider viewing in the theatre. A larger than life, star film is more likely to draw an audience rather than a dialogue-based comedy or drama – which consumers may prefer to watch at home. This change had already been in process in large markets like the US and had begun to make its presence felt in India too. Going to see a film in a theatre is a family or community occasion across India, so we may see the Hindi film industry stage a strong comeback in the theatres later in 2021 if we see the COVID-19 tide recede. But what the pandemic may have forever changed is an established practice that saw films progress from one medium to another — from theatres to OTT to television, with fixed exhibition windows and gaps between each. With cinema halls still half-empty, and increasingly strained due to the lockdown in many parts of the country, many producers are opting to release their films on streaming platforms without waiting for a theatrical release; ‘windowing’ is, in effect, out of the window. The days when every film, without exception, would first go to the cinemas may not ever come back. We saw these industry practices break down in the US and are seeing this in India too. Over the last year – we saw many films that were intended for theatrical release but then premiered on OTT – as producers ran out of patience. While the performance of these films was mixed, many producers were determined to hold back films and wait for the situation to improve. There was a window of hope that theatrical revenue would return – especially early in the year as audiences trickled in and some films – Hollywood and south Indian releases – performed better than expected. These films may now yet again explore a release on OTT as the promise of return to normalcy stretches out. Even under-production films will see some costs rise due to COVID-19 related SOPs, lengthening timelines and regulatory restrictions. Another factor that will influence this trend is the hunger for content and capacity from OTT platforms. With over 45 OTT services in India, there is a battle for consumers. Quality content is key to drive consumers to platforms and also to convert them from free to paying subscribers. Production capacity too in the industry is limited. Production companies that can churn out film level production values at scale consistently are limited. Many OTT players, with large budgets for originals, are trying to up production capacity, which in turn may affect films and drive budgets and costs higher. The pressure to release capital and escalating costs may drive producers to explore all possible release windows in the short and medium term. To be sure, box office in India has a future and a robust one at that. The film sector will adapt and rejuvenate, as it always has. According to a Deloitte study, 83% of India watches video content on their mobiles, and this still makes the cinema experience something unique. Pundits had predicted the demise of the cinema when television was launched, then again when the video players were introduced and then again when DVDs came out. They were wrong every time. For the industry, no doubt these are challenging times, but this too shall pass and the show will go on.

Deloitte India's Jehil Thakkar on the future of Indian cinema industry

<ul><li>Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announced that the government will set up an Animation, Visual Effects, <keyword id="6357332" type="General" weightage="100" keywordseo="gaming" source="Orion">Gaming</keyword> and Comics (<keyword id="1920258" type="General" weightage="80" keywordseo="avgc" source="Orion">AVGC</keyword>) promotion task force for boosting talent in the animation and gaming sector.</li><li>We speak to experts from the industry to understand the larger implications of the move and how it will help the industry.</li></ul>During her Union Budget speech yesterday, Finance Minister Nirmala Sitharaman announced that the government will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force for boosting talent in the animation and gaming sector. Sitharaman said the AVGC sector will provide a huge opportunity for young professionals and also create new job opportunities for the youth. “The AVGC sector offers immense potential to employ youth. An AVGC Promotion taskforce with all stakeholders will be set up to recommend ways to realize this and build domestic capacity for serving our markets and the global demand,” Sitharaman said during her speech. The move is expected to attract new talent and give them the required support to take the AVGC sector global. The AVGC sectors, and especially the gaming industry has been witnessing a healthy growth. Most industry reports have predicted that the next few years will contribute to immense growth for the industry. A recent report by Sequoia India and BCG had said that while the gaming industry in India is currently smaller than that of the US and China and is 1% of the global gaming market, it is generating $1.5 billion revenue and is expected to triple to over $5 billion by 2025 on the back of the ‘mobile first’ phenomenon. So the government’s move comes at an opportune time. To understand the larger implications of the move, we spoke to experts from the gaming industry and here’s how they thought the government's move will give a boost to the segment: <keyword id="2388996" type="General" weightage="20" keywordseo="sai-srinivas" source="Orion">Sai Srinivas</keyword>, Co-Founder and CEO, Mobile Premier League It is very encouraging to see that the Union Budget has taken into consideration some of the long-pending suggestions for the Animation, Visual Effects, Gaming, and Comics (AVGC) sector, while noting the strong potential this industry holds for employment-generation as well as taking ‘Made in India’ game titles global. We welcome the Hon’ble Finance Minister's announcement to set up an AVGC Promotion Task Force to provide a much-needed boost to the sector. This announcement highlights the need to build capacity to serve both domestic and global markets, and is a strong indicator of the impetus that the government is willing to provide for its growth. It is also heartening to see the government's commitment to work with the industry, allowing for a balanced approach that accommodates the needs of all stakeholders and strengthens the ecosystem holistically. A progressive tax regime, predictable regulatory framework and supportive funding policies will allow the industry to compete on the world stage and fulfil the Hon’ble Prime Minister’s vision for the Indian digital gaming sector to be a global powerhouse. Moreover, it will also help develop a workforce of young and employable AVGC professionals to usher in the next tech revolution from within India. With a renewed focus on the AVGC sector, blended financing for deep tech and IT, hardware and electronics manufacturing combined with deployment of 5G and affordable internet in underserved areas, it is clear that the government is committed to take the Indian startup ecosystem to the next level. We are hopeful that with the positive support of the government, the coming years will see online gaming, VFX and esports startups leading the charge in the global economy. By developing deep tech intellectual property and exporting services, they can help cement India’s position as a world leader in the sector. Rajan Navani, Vice Chairman and Managing Director, JetSynthesys I strongly welcome the formation of a AVGC task force for promotion, something that we as an industry have been pushing for a long time. It is high time that animation, visual effects and gaming are recognised as an industry because of the sheer potential that they carry. Skyrocketing further owing to the pandemic, these industries have the power to create large employment as well as give Indian gaming companies an opportunity to become globally competitive and play an increasingly larger role at a global level. Building a task force that will address the needs of this industry across various ministries would be a very proactive approach towards strengthening this industry, in my opinion. The aim to rollout 5G services in FY 2022-23 along with affordable broadband services and efficient connectivity to allow equal access to e-services in remote and urban areas has also been long due. The focus of Hon FM on new emerging technologies particularly like Blockchain and AI, a word which was repeated several times during the speech is again a very positive move to show that digitalisation is truly the future, and a strong focus area for government. Digitalisation was applied across agriculture, healthcare, skills, education and appeared in various shapes and forms throughout the budget speech. Additionally, the national tele-mental health programme is a great initiative by the government as the COVID-19 pandemic has impacted the mental health of people to an unfathomable extent. Various channels and platforms like ThinkRight.me by JetSynthesys and others in the space can together help tackle India's mental health issues. In all, we’re truly excited about the future of digital India and what this means to JetSynthesys which is here to play a key role in the daily digital lives of a billion Indians. As a country, we hope to move forward with jet speed and transform our country into an atmanirbhar, technologically and digitally forward nation. Vishwalok Nath, Director, World Esports Cup We welcome the steps by the Finance Minister of India as part of Budget 2022-2023 including the creation of the AVGC task force. We hope that this task force can help promote the creation of a robust infrastructure for game development with gradual benefits to the esports community. We are also looking forward to the 5G spectrum auction this year. 5G can further promote the latest innovations and mass adoption of technologies like cloud gaming in the country. There is a huge scope of employment for the youth in the gaming industry. Esports/Video Games is a versatile industry and there is a huge scope for professional gamers as well as other jobs like casters, commentators, and other support staff appointed by the esports tournaments like producers, editors, analysts, product managers, game testers, referees, production crew members, event managers, social media managers, etc. Lokesh Suji, Director, Esports Federation of India &amp; Vice President, Asian Esports Federation It is encouraging to finally see the seriousness from our Government towards this sector which has been long neglected. This will definitely help in setting up the policies which would encourage and build our capacities and capabilities to export to the rest of the world; leading to more domestic video game development studios and more investments in the AVGC sector. Spectrum auctions for 5G is a welcome move for the gaming industry as well, 5G can disrupt the industry by enhancing the live streaming of games and cloud gaming as well. The task force should consist largely of people who have been part of the ‘Video Game’ industry and are playing an active role in shaping up the Indian video game industry. <keyword id="263906" type="General" weightage="20" keywordseo="jehil-thakkar" source="Orion">Jehil Thakkar</keyword>, Partner and Media and Entertainment Sector Leader, Deloitte India The setting up of the AVGC promotion task force announced in the Union Budget will help India achieve its potential of achieving 20 lakh jobs according to Deloitte projections. These are critical skills for growth of the metaverse and India is poised to take advantage of this ecosystem. Sagar Nair, Co-Founder &amp; CEO, Qlan It is this continued acceptance that will lead to the progress of the Indian gaming and esports industry. First was esports’ entry in the Asian Games as an official event followed by a government dedicated task force to work with the AVGC sector. I have no doubt that these initiatives as part of the national budget policy highlight the true potential of the Indian gaming &amp; esports segment not only in India but also on the global circuit. The statement clearly indicates the backing of homegrown game developers, tournament organizers, and esports companies and recommendations from the appointed task force will help build domestic capacity for serving out markets and the global demand as well. Sunil Yadav, CEO, PlayerzPot The AVGC sector is one of the fastest growing sectors in India, and attracts a huge interest from a large cross section of the population. The announcement of the new AVGC task force is a welcome one, as we expect it will help to build domestic capacity and also serve the global demand. The task force has come at the right time, for those pursuing a career in gaming as the sector is booming right now and needs more talented youngsters to grow. With the government introducing digital rupee and a visible trend in crypto adoption, NFT’s will grow significantly. 5G services auction within FY 22-23 across the country will play an important role in the growth by further penetrating in the markets and also enhancing the gaming experience. As the honorable minister mentioned in her budget presentation, the gaming sector has the potential to become the torchbearer of 'Create in India' &amp; 'Brand India', on the same lines we were hoping for transparent and progressive regulation that will help differentiate games of skill from those of chance, because this is a key area of concern for the industry as a whole. Dilsher Singh Malhi, Founder &amp; CEO, Zupee The creation of the AVGC promotion task force is a welcome move. The initiative with industry participation will help in establishing uniform, progressive policies that will promote growth and investments in the sector, which in turn, will lead to job creation, revenue generation, and engagement opportunities. This will be a crucial step towards bridging the digital divide and unlocking a fully connected and empowered digital India. We believe that this initiative will pave the way for the Indian gaming industry to establish itself on a global stage. Rahul Tewari, Chief Financial Officer, Games24x7 The gaming industry welcomes the decision to set up a task force for Animation, Visual Effect, Gaming and Comics. AVGC taskforce can provide the long-term policy impetus and bring together the various stakeholders to turbocharge the vibrant ecosystem in gaming and animation. India has a deep and very high-quality talent pool of developers and creative artists who will transform India into a global player in the interactive entertainment space in the coming years. We hope this paves way for regularity clarity for gaming, a sector that has contributed immensely to India’s start-up success in the last few years. Manish Agarwal, CEO, Nazara Technologies Ltd. The government’s announcement of an AVGC task force to seek recommendation to create the way forward is a welcome move. As we know, India presently commands around 10% of the global AVGC market and has the potential to reach 20-25% by 2027. This taskforce will facilitate employment for the youth, build domestic capacity to serve the Indian markets and also meet global demand. <keyword id="3471731" type="General" weightage="20" keywordseo="roland-landers" source="Orion">Roland Landers</keyword>, CEO, The All-India Gaming Federation I am pleased that the government has announced a progressive budget; stating the gaming industry as a sector that generates various job opportunities for the youth while boosting the economy of the country. The ideas proposed for the sector are very encouraging. We are thrilled and look forward to the AVGC task force that will give a major boost to the game development sector by building scale and adding to the overall online skill gaming industry’s momentum. AIGF and the skill games council of domain experts will be happy to assist, if need be, in playing a consultative role for the same Likewise, the tax extension to four years will benefit the entire start-up ecosystem in online gaming which is in the excess of 300 companies. Furthermore, the Hon’ble FM’s announcement of the digital rupee launch will increase purchases of virtual goods in games through microtransactions. Finally, 5G auctions when implemented will enhance the gamer experience dramatically as well as facilitate the adoption of new technologies in gaming. Overall, the budget has opened more avenues for the gaming industry.

The gaming industry lauds the government’s decision to set up an Animation, Visual Effects, Gaming and Comics promotion task force

<ul><li>India poised to have 1 billion smartphone users by 2026 and will be the second-largest smartphone manufacturer in the next five years.</li><li>India to catch on to the <keyword id="13228644" type="General" weightage="20" keywordseo="global-Non-fungible-Tokens" source="Orion">global Non-fungible Tokens</keyword> (NFTs) revolution with favourable regulations.</li><li>The AI market to grow at a CAGR of 20.2 percent globally to reach US$7.8 billion by 2025; AI to have a promising future in India.</li></ul> Favourable policies, convenience-driven mindset, and evolution of the new normal have brought in a renewed focus on tech adoption. Smartphones now act as a catalyst for digital penetration across the tier-2 and 3 markets in India. The India edition of Deloitte’s 2022 Global TMT (Technology, Media, and Entertainment, Telecom) predictions indicates that digital and mobile are the key enablers of the future of technology. This edition captures the latest trends in the Indian TMT space that are driven by the economic and societal shifts caused by the global pandemic. These trends are poised to result in a better-connected ecosystem of multiple digital devices that can meet the world's ever-increasing need for faster connectivity, and more chips and entertainment options. Moreover, an evolving marketplace for NFT, increasing diversity in talent and participation of women in the tech industry, and rising popularity of AI and app-centric approach to promote mental health and wellness indicate enhanced digital maturity for businesses. Technology sector prediction - The urgency to address semiconductor chips shortage The global shortage of semiconductor chips has affected the manufacturing industries across the world. As demand soars, supply is likely to be constrained in the near term, but gradually ease up in 2023. With an increase in supply and normalisation of demand, and the specific initiatives muted by GOI, India can play on the strength of its large and thriving domestic market to form a basis for setting up the domestic semiconductor and electronics manufacturing industries in the next three-five years. “As the ecosystem matures in the medium to long term, we expect India to emerge as a strong regional hub in semiconductor and electronics manufacturing”, said P. N. Sudarshan, Partner and TMT Industry Leader, Deloitte India. He added, “The government’s recent announcement on the Production Linked Incentive (PLI) scheme for the semiconductor and electronics manufacturing industries has the potential to create an end-to-end ecosystem for manufacturing electronic products. We expect the broader shift to digital to continue in 2022 and drive the industry growth in the future.” Telecom sector prediction: 1 billion smartphone users by 2026 In 2021, the Indian telecom sector has undergone major policy reforms to reset growth and revive the health of the operators. The total cumulative shipments of smartphones in the country are expected to reach 1.7 billion units from 2022 to 2026, creating a market of about US$250 billion. According to Deloitte’s analysis, smartphone demand in India will increase at a CAGR of 6 per cent in the rural market and at a CAGR OF 2.5 per cent in the urban market to reach a cumulative number of about 400 million units being sold in 2026. This is largely propelled by demand for internet services in the rural market with the adoption of E-learning, Fintech and E-health platforms. Internet enabled devices in the rural market will also get a push with the government’s plan to fiberize all villages by 2025 under the BharatNet program. 5G devices will alone contribute 80 percent (about 310 million devices) to smartphone demand by 2026. Furthermore, the recently announced incentive package of US$10 billion to drive semiconductor manufacturing in India and the PLI schemes will encourage handset manufacturing in India to service the second-largest smartphone market in the next five years. Peeyush Vaish, Partner and Telecom Sector Leader, Deloitte India, said “India will have 1 billion smartphone users by 2026. This growth will result in over 75 percent of the subscribers using smartphones by 2026 from a sub- seventy percent as on date. 5G enabled devices will contribute 80 percent to the devices being sold in the year 2026 and Indian consumers will purchase 840 million 5G smartphones over the next 5 years valued at US$130 billion. In addition, 5G will fuel an incremental sale of 135 million smartphone units over the next 5 years.” Media sector prediction: The Indian streaming industry to evolve dramatically Greater adoption by audiences, the popularity of international content (such as Korean, Israeli, or Spanish) in India, and the ability to attract a wider audience through subtitles and dubbed content, have broken previously held views on the characteristics of the Indian market. These trends have forced many streaming companies to revise their original strategies. Pricing for streaming services will remain competitive as service providers attempt to stabilise and consolidate their customer base. However, in a rapidly evolving market, streaming players would rather focus on customer acquisition instead of customer churn. As prices stabilise and content libraries become nuanced and structured, the focus will shift to the minimisation of churn. Jehil Thakkar, Partner, Media and Entertainment Sector Leader, Deloitte India, said “Evolving consumer behaviour in view of the pandemic has increased digital content consumption in India. Audiences are experimenting with genres and languages with regional content breaking out of its traditional boundaries. Fierce competition is likely to persist in the short-to-medium term with more than 40 service providers in the fray.” This growth will be driven by heavy investment in original content, pricing innovations, low data costs, and the rise of short-form content. However, this progression from the early to mass stage might come at a cost to the broader media industry as subscribers, especially in tier-1 and tier-2 cities, may switch to more streaming content from traditional linear TV. We, however, do not expect India to cut the cord. Gaming and commerce are important elements contributing to attract, retain and amplify consumer stickiness as the battle within the evolving digital world continues. Other highlights in the Deloitte “TMT Predictions 2022” report India all set to catch on to the global NFT revolution; entertainment and sports NFTs will disrupt the industry in India: Deloitte Global predicts that NFTs for sports media will generate more than US$2 billion in transactions in 2022, about double the figure for 2021. Given the global trends and the government of India’s pending policy/regulatory framework in this area, it is a matter of time before NFT-based market for movies and sports memorabilia becomes a reality in India. The future of AI in India: More market players are realising AI’s importance, including its ability to provide competitive advantage and sculpt the future of work. In 2022, we expect to see India’s AI priorities shift towards cost efficiencies and employee productivity. Mental health becomes a priority with increasing app penetration: Given the challenges related to awareness, access, and capacity, technology can play a significant role in building scalable solutions that can help the population at large. About **36 percent of the Indian millennials have a fitness app installed on their phones and ~45 percent think leading a healthy life is essential. Floating Solar Photovoltaics (FSPVs) as a means for scaling solar PV deployment: FSPVs is expected to play an important role in paving the path for India’s energy sufficiency given the natural advantage of a vast coastline. With reduced crude prices and improved designs, Deloitte India predicts a significant rise taking place as both central and state government agencies might announce more floating solar projects. Deloitte India further estimates that the FSPV sector in India has a high potential to become self-sustainable largely due to the benefit of economies of scale as and when the tariff rate reduces over the next few years.

NFTs for sports media will generate more than $2 billion in transactions in 2022, about double the figure for 2021: Deloitte report

New Delhi, Dec 25 () The Department for Promotion of Industry and Internal Trade (DPIIT) is expected to soon issue a clarification on the issues raised by certain stakeholders over the government's decision to permit 26 per cent FDI in digital media sector, according to sources.
Certain industry players and experts have stated that the move to cap foreign direct investment (FDI) in digital media sector to 26 per cent throws up questions that need clarifications as some of those who were looking to raise funds could be restricted.
There are mainly two issues -- how the FDI policy of the sector would treat news aggregators and what would happen to those digital media companies where overseas investment is over 26 per cent -- that need clarification.
On these matters, the department is expected to issue clarification soon, a source said.
The DPIIT has already taken views of the Information and Broadcasting Ministry on the issue.
Deloitte India Partner Jehil Thakkar had said that clarity was needed on how to treat cases of television broadcasters that stream news online, but are allowed 49 per cent FDI.
"What happens to those, whether they qualify under 26 per cent or 49 per cent (FDI)? What happens to news websites which are 100 per cent foreign entity?" he said.
Internet and Mobile Association of India too had sought clarification on the issue.
In a representation to the DPIIT, it stated that the decision will have impact on startup ecosystem as continued FDI is critical to enable Indian digital media startups to achieve global scale.
"Several foreign strategic intermediaries have set up their operations in India, as digital media was categorized as 100 per cent FDI under the automatic route. A clarification on the non-applicability of the new FDI measure would be critical for them to continue making massive investments in India," it added. RR BAL

DPIIT to soon issue clarification on 26 pc FDI in digital media sector

<ul><li>Netflix has reportedly backed <keyword id="6897968" type="UNKNOWN" weightage="20" keywordseo="sacred-games-season-2">Sacred Games season 2</keyword> with an investment of ₹1 billion -- so far the highest on the production of any original content on any OTT platform in India. </li><li>The series is going to release on the independence day with 12 episodes.</li></ul>Netflix has reportedly backed <keyword id="1272587" type="ORGANIZATION" weightage="20" keywordseo="Sacred-Games">Sacred Games</keyword> season 2 with an investment of ₹1 billion (₹100 crore) -- so far the highest on the production of any original content on any OTT platform in India. The success of the first season of the show with its ensemble cast has led to a lot of expectations both from the users and the producer, <a href="https://www.livemint.com/industry/media/netflix-makes-biggest-india-investment-yet-with-sacred-games-2-1565673333129.html">reported </a>LiveMint. A big chunk, of course, would have gone into hiring the ensemble cast including Bollywood stars like Saif Ali Khan, Nawazuddin Siddiqui, Pankaj Tripathi, Surveen Chawla, Kalki Koechlin and Ranvir Shorey. "This season is bigger, more compelling, and totally unexpected. Be prepared to discover a different side to each character as we take the audience on a tremendous journey, and address questions left unanswered last season." Netflix had earlier said while revealed the date of release. Sacred Games Season 2 is an incredibly dramatic series where a gangster who fled 34 years ago committed suicide leaving clues with a cop. The series is going to release on the independence day with 12 episodes. Anurag Kashyap and Neeraj Ghaywan directed the series by adapting Vikram Chandra's book with the same name. "Only two to four shows from a streaming service's portfolio get this kind of a pedestal every year both in terms of investment and promotions, Jehil Thakkar, partner at Deloitte India <a href="https://www.livemint.com/industry/media/netflix-makes-biggest-india-investment-yet-with-sacred-games-2-1565673333129.html">told </a>LiveMint. The big-budgeted season is likely to add more subscribers to the platform. Available before release "Sacred Games Season 2" would be available for OnePlus smartphone users a day earlier, said OnePlus in a statement. The members of the OnePlus community will have the chance to watch the first episode of the Anurag Kashyap-directed series by registering for special screenings in Mumbai, Delhi, and Bengaluru. The tough fight The global streaming platform has been working on the edge to challenge the streaming services in India, including Amazon's Prime Video. Earlier in July, It <a href="https://www.businessinsider.com/netflix-announces-cheapest-ever-subscription-in-india-2019-7?IR=T">launched its cheapest "mobile-only"</a> plan at ₹199. The per capita video consumption of India is the highest in the world, according to <a href="https://www.limelight.com/resources/white-paper/state-of-online-video-2018/">Limelight Networks</a>. However, it is also a tightly fought market with many players like Hotstar, Voot, etc. See also: <a href="https://www.businessinsider.in/netflix-market-share-in-india-5-launches-5-new-shows-and-one-with-shahrukh-khan/articleshow/70244969.cms">Netflix with about 5% market reach in India is hoping that Shahrukh Khan's Betaal will win more viewers without having to cut price</a> <a href="https://www.businessinsider.com/netflix-announces-cheapest-ever-subscription-in-india-2019-7?IR=T">Netflix announced its cheapest ever 'mobile-only' subscription for $2.88</a>

The ₹1 billion Sacred Games 2 is Netflix’s biggest bet in India so far

BCCL<ul><li>Digital release of the films might be another component of the ‘new normal’ that experts anticipate post-COVID-19. </li><li>While big production houses may be able to afford to wait it out until the lockdown ends, medium and small budget film producers may not have an option but to release their films on OTT platforms. </li><li>Business Insider spoke to media and entertainment experts about how sustainable is the option of releasing films directly onto the streaming services. </li><li>Indian film producers are likely to make only half the profit through digital release.</li></ul>With cinema halls closed, streaming platforms are chasing film producers premiere films on their platforms during the nationwide lockdown. These OTT platforms have been under pressure to provide new content frequently to sustain user growth. It’s not just OTT platforms but film producers too, who are trying to not lose money by opting for a web premier. Some upcoming films like <keyword id="3371986" type="PERSON" weightage="20" keywordseo="Lakshmi-Bomb">Lakshmi Bomb</keyword> featuring Akshay Kumar are in talks with Disney+Hotstar for a release. Even <keyword id="6245082" type="UNKNOWN" weightage="20" keywordseo="ZEE5">Zee5</keyword> is considering premiering movies directly on its platform in the near future. On the other hand, some are holding out — like Kabir Khan’s <keyword id="6411340" type="UNKNOWN" weightage="20" keywordseo="83">83</keyword>, despite <a href="https://www.newindianexpress.com/entertainment/hindi/2020/apr/28/ranveer-singhs-83--not-headed-to-digital-platforms-makers-clarify-2136111.html">receiving a ₹143 crore offer. </a> Digital release of the films might be another component of the ‘new normal’ that experts anticipate post-COVID-19. Business Insider spoke to media and entertainment experts about how sustainable is the option of releasing films directly onto the streaming services. Will web premiers be the new normal? While big production houses may be able to afford to wait it out until the lockdown ends, medium and small budget film producers may not have an option but to release their films on OTT platforms. “With Box Office collections continuing to account for a lion’s share of a film’s overall revenues, some producers may choose to bide their time and wait for the situation to normalize, rather than settle for potentially lower revenues by releasing on an OTT platform” Girish Menon, Partner and Head, Media and Entertainment, KPMG in India told Business Insider. Film critic and senior entertainment journalist Latha Srinivasan believes producers who are looking to make a profit on their films are aware that streaming services might not be able to match the returns of a theatrical release. Producers in India first release the films in the theatres and bag an offer for streaming it online two to three months after the premier. However, once the film is released on OTT platforms audiences will no longer flock to the theatre to watch the same film, Srinivasan pointed out. No gain no loss <div type="image" title="19685ADE-A79D-4CAF-AA60-62A0B55DB7B1" msid="75563988" hostid="261"></div> (BCCL). Even those producers who are considering a digital release aren’t going to make any profit out of it. Just like film producer Akshay Bardapurkar — whose film AB Aani CD featuring Amitabh Bachchan recently released on Amazon Prime — who opted for a digital release to recover losses. “The calendar is likely to get bunched and smaller films will have a tough time finding a screen. Screens will be a big problem. Therefore, some of the smaller movies may decide that it is better to release films on OTT platform,” Jehil Thakkar from Deloitte India told Business Insider. Once theatres open, footfall will continue to be tempered even if people decide to head out and go for a movie. The audience will also be very selective about which movie to watch. Thakkar believes, the trend will ultimately depend on how much OTT platforms are willing to shell out in order to purchase a film. A producer would expect at least 60% return to be on even keel with expected returns from the box office. At the current rate, Indian producers would earn at least 25% to 50% less on OTT platforms in comparison to releasing their movie across theatres in India as well as overseas. “For example, a film of Stree, Badhai Ho and Raazi’s calibre would easily lose between ₹35 to 55 crores per film by avoiding the theatrical release. But there is no option for a few producers, as once the theatres, open windows for releasing films even of A-list actors would be very limited,” Murlidhar Chhatwani, Managing Partner, Panorama Studios Distribution The existential crisis of cinema halls in India <div type="image" title="250E5197-081D-4523-B580-FFD3FEEB39D6" msid="75563911" hostid="261"></div>Tickets counter of Fun cinema in Hinoo area wears a deserted look after state government announced a closure of all major public places including cinema halls amid corona scare in Ranchi (BCCL) Apart from big producers, theatres also don’t want films to be released on OTT platforms as it would eat their business. On April 5, Multiplexes Association of India urged all producers and directors to refrain from the digital release of the film and wait until the theatres are open again. Cinema halls in India are <a href="https://www.businessinsider.in/entertainment/news/cinema-halls-await-for-behind-the-screens-as-they-lose-150-crore-a-week/articleshow/74689696.cms">losing ₹150 crore a week</a> ever since India shut down 9500 screens over coronavirus outbreak. In South, Tamil Nadu Theatre Owners Association (TNTOA) have threatened 2D Animation — a production house of actor Surya — after it reportedly made a ₹9 crore deal to release film on Amazon Prime. Theatres are banking on post covid-19 release of films in large numbers for the revival of their business. See also:<a href="https://www.businessinsider.in/entertainment/news/cinema-halls-may-not-open-in-india-until-june-end/articleshow/75407053.cms">Cinema halls may not open in India until June end</a> <a href="https://www.businessinsider.in/entertainment/news/disney-hotstar-amazon-prime-videos-zee-5-gained-a-lot-this-lockdown-and-it-might-not-be-temporary-either/articleshow/75443378.cms">Streaming platforms who are on a new high — are hosting web premiers and might even expand to gaming</a>

A film producer, a critic, and analysts explain an existential threat to Indian movie makers

<ul><li>Amid the nationwide lockdown, production houses are releasing their movies directly on <keyword id="5293670" type="UNKNOWN" weightage="20" keywordseo="OTT-platforms">OTT platforms</keyword> and have skipped the theatrical window run. </li><li>Multiplexes are expressing their disapproval of this trend on social media and requesting content creators to not skip the traditional windowing pattern.</li><li>We reached out to industry experts to find out what this means for the industry and if this could be a long-term trend. </li></ul>The on-going COVID-19 crisis has forced the multiplexes to shut down. As per Ormax Media’s Shailesh Kapoor, the pandemic has led to a whopping loss of Rs 2500 crore, which might accumulate upto Rs 5000 crore by the time theatres reopen. As a result, for the first time in its history, production houses have skipped the theatrical window run for a few Indian movies and are now releasing them directly onto OTT platforms. To be specific, Amazon Prime Video announced that it has acquired global streaming rights for seven upcoming Indian movies in Hindi, Tamil, Telugu, Malayalam, Kannada, on its platform between May and August. It includes Gulabo Sitabo, Shakuntala Devi, Ponmagal Vandhaal, Penguin, Sufiyum Sujathayum, Law and French Biryani. Amazon’s announcement evoked mixed reactions from the multiplexes. They expressed their dismay with the production house’s decision to go directly for streaming services. <div type="twitter" handle="INOXMovies" handlename="INOX Leisure Ltd." image="http://pbs.twimg.com/profile_images/1253021908179628032/D9TO3szK_normal.jpg" favoritecount="2724" retweetcount="526" status="STATEMENT BY INOX ON A PRODUCTION HOUSE’S ANNOUNCEMENT TO RELEASE THEIR MOVIE ON AN OTT PLATFORM BY SKIPPING THE TH… https://t.co/iPSHMHvNbD" createdat="1589465718000" id="1260936729617260544"></div> <div type="twitter" handle="taran_adarsh" handlename="taran adarsh" image="http://pbs.twimg.com/profile_images/1440352704/profile_pic_taran_normal.jpg" favoritecount="4198" retweetcount="265" status="IMPORTANT... Release of films on #OTT platforms... #PVR has its say... OFFICIAL STATEMENT... https://t.co/7ow7zMpzjB" createdat="1589610704000" id="1261544847623643136"></div> The Producers Guild of India responded to the multiplexes ensuring that it ‘would work extensively to get audiences back to theatres once the cinemas reopen.’ <div type="twitter" handle="producers_guild" handlename="producersguildindia" image="http://pbs.twimg.com/profile_images/962298169521528832/j-f_hRx9_normal.jpg" favoritecount="1584" retweetcount="348" status="Statement from Producers Guild of India https://t.co/WCeX3zMlsh" createdat="1589517078000" id="1261152148890415106"></div> INOX and PVR, both, issued a public statement reacting to the same development. However, both of them had a different approach. Karthik Srinivasan, Social Media and Brand Expert, uploaded a <a href="http://beastoftraal.com/2020/05/18/inoxs-outburst-and-a-lesson-on-framing-in-corporate-communication/">blog </a>highlighting how INOX’s outburst teaches us a lesson on framing in corporate communications. He compared both the letters and said, “In principle, INOX’s argument has merit. But the way it frames the argument demonstrates arrogance and holier-than-thou stand. When someone or a corporate entity showcases that, it becomes a natural sign for the reader to mentally bring down that arrogance.” We further spoke to experts to find out if this could be a long term trend and how it might affect the stakeholders, here is what they said: Jehil Thakkar, Partner, Deloitte India: This is a solution to a short-term need of the film industry which is getting by financial difficulties. It is a win-win situation for the OTT players who are looking for content as consumption has gone up and filmmakers who have ready products which are due for use. In the longer term, assuming things return to normal, I don’t see this being a paradigm shift. More deals will happen now than earlier but given that India’s 65-70% of revenue depends on box office collections, I don’t see this becoming a long-term trend. There may be a few odd films that go directly to OTT. They have commissioned movies before and it’s no different right now. It is just that the windowing is changed from going to theatre-first or OTT second, vice-versa. Shailesh Kapoor, Founder and CEO, Ormax Media: I don't see this as a long-term trend but a short-term one, created because of the indefinite closure of theatres. Once theatres re-open, we can expect old business models to take over. Though some small films may be tempted to take the digital route, most films with a medium or big scale will go for theatrical releases. Even the OTT platforms are currently paying a premium for direct OTT releases because the lockdown gets them more captive audience. This will not be the case when life begins to get back to normal. Harikrishnan Pillai, CEO and Co-founder, TheSmallBigIdea: OTT-first release will depend on the status of social distancing. If it continues even at half the current intensity, then this is the new norm. If this continues, the theatre/multiplex business will definitely be affected quite badly. But you can’t attribute this to only the film deals. The film deals are a result of the current situation which anyway renders malls and places of mass gathering redundant for a while. Disclaimer: TheSmallBigIdea is a party to some of these film deals/rollouts. The opinion might be biased. Karan Taurani, Vice President - Research Analyst, Elara Capital: I think it is a continued phenomenon. These are primarily small-budget movies which have been released directly on digital. None of the large films have announced any sort of digital release. This was an expected move -- nothing surprising on that. More announcements will follow as many films that were shot before the lockdown are going through the post-production work, these will be small-budget in nature. Usually OTT don’t pay a mark-up for more than 15-20% over the cost of production. However, now that they don’t have content right now, it is more of a desperate measure. They have given a very hefty premium to these movies to release directly on digital. So it is a win-win situation for the OTT platform and producers. But I think this trend is not sustainable once the cinema opens up. It will take a lot of time to come on-track after opening up but if it at all cinema occupancy comes back in place, I don’t think movies will go directly on digital.

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