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| Bollywood finds reason to smile |
| Upasana Kaur / Mumbai Aug 09, 2009, 00:09 IST |
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After a lull of three months, good times seem to have returned for Bollywood. Three recent films — Love Aaj Kal, Kambakht Ishq and New York — have done well at the box-office and have together collected over Rs 150 crore from ticket sales.
The success of the three films augurs well for the industry. Financiers had become risk-averse, thanks to the liquidity crunch. Also, there was the suspicion that viewers, especially in the urban markets, would cut down their entertainment expenses in the economic slowdown. In addition, the multiplexes had gone on a long strike recently after differences emerged with producers over revenue sharing.
The reversal in fortunes has brought relief to producers, especially because 40 big budget movies are lined up for release in 2009-10. Eros International President (India) Sunil Lulla said, “Two successive hits at the box office like Kambakht Ishq and Love Aaj Kal after a long drought due to the strike spells good news for the industry. Audiences can now look forward to our other highly-anticipated releases, including Aladin, the trailer of which was unveiled with Love Aaj Kal, and De Dhana Dhan.”
The industry is equally upbeat about coming movies like Kaminey, What’s your Rashee, Kites, Blue, London Dreams, Qurbaan, Sikander and 3 Idiots.
UTV’s much-awaited Kaminey, which has been made on a budget of Rs 35 crore, will hit the screens on August 14. Ronnie Screwvala of UTV said, “We expect our top line to grow 30 per cent across businesses in 2009-10 led by the film division and to be profitable for the entire year.”
Big Pictures has two films lined up for release: Sikander and Daddy Cool. Big Pictures Chief Operating Officer Mahesh Ramanathan said, “We have come out very strongly after the strike and it is important that films perform well to keep the momentum strong. Our two movies are ready for release in August, in which we have invested about Rs 20 crore.”
According to a Mumbai-based media analyst, there is no more looking back for Bollywood with three hits in a month and with aggressive line-up of movies like Aladin, London Dreams, Kites and Yash Raj’s Dil Bole Hadappa. What has also lifted the mood is the recent acquisition of the marketing and distribution rights of Karan Johar’s My Name is Khan by Fox Star for around Rs 106 crore.
The turnover of the Indian film industry stood at Rs 10,700 crore in 2008, up from Rs 9,600 crore in 2007. It is expected to grow 11.5 per cent over the next five years to touch Rs 18,430 crore in 2013. The domestic box-office segment is expected to grow at 10.2 per cent cumulatively over the next five years to reach Rs 13, 200 crore in 2013 from Rs 8,100 crore now, according to a PricewaterhouseCoopers study on the Indian film industry.
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