The film industry in India will take a minimum of two years to financially recover from the pandemic of coronavirus, endangering tens of thousands of job opportunities, say, industry experts and insiders.
India’s film production, a supplier of millions of dancing and singing shows, is at the risk of endangering tens of thousands of jobs for at least two years to recover financially from the corona-virus pandemic.
It was the grim evaluation of around a dozen top manufacturers, marketers, and actors from Bollywood, the Indian industrial city of Mumbai, at a video conference this week.
“Making movies has always been a risk, and now some of us will gear up for next year,”
said a director on condition of anonymity, known for several popular action films.
“We will have to request people to come to the movie theatres.”
Bollywood has come to a halt
Even after the lockout has been removed, these grim expectations risk the profits from the box office that make up 60% of the industry ‘s revenue, and lead producers to speak about large-scale films and lavish shoots in foreign countries. OTT platforms have been making a space in the hearts of audiences through platforms like Putlocker, Khaanflix, etc.
Bollywood has come to a standstill, with film production and theater shut down nationally, following Prime Minister Narendra Modi’s 40-day shutdown to contain the virus, which has infected lakhs of people India.
Around 9500 theaters are locked, so companies are unable to come back for weeks or even months in multiplexes, so single screen movies as illnesses risk recurring and disposable income declines. For instance, Bollywood’s first effort to establish a Multilateral Action series, the “Sooryanvanshi” directed by Rohit Shetty, is delayed indefinitely from a timeline late in March.
Industry veterans fear that the steepest recession in years may lie ahead for Bollywood, as virus infections in Mumbai, home to the Hindi film industry, make up around a quarter of India’s count.
“When the lockdown ends, and any normalcy comes back, everything would have to be measured,” Bhanushali said.
Sakshi Bhagat, whose visions of being a filmmaker drew her to Mumbai in 2013 from the northern holy city of Varanasi, the lockout was a total surprise.
“It’s been so frustrating to receive compensation from production houses for the job I’ve performed,”
said the assistant director.
“No one needs to compensate for that.”
Fall in shares
The shares in India’s PVR and INOX Leisure, the two biggest multiplex operators, dropped over 40% in late February from their all-time peak. Brokerage Emkay also reduced its rating to both ‘hold’ and ‘buy’ rates, stating that the number of ticket purchases, advertisement revenues, and food and beverage purchases will plunge by more than 50 percent in fiscal 2020-21.
The theater owners believe that they would need to register the names and addresses of visitors, test the temperatures, and have a sanitary, mask, and social space. Big stars and directors may make a difference to the slowdown. Still, the upturn affected tens of thousands of ordinary employees, including film actors, performers, and technicians, who compensated for the job.