Bollywood Bailout: T-Series & Reliance Entertainment Ltd. To Develop More Than 10 Thrillers, Dramas ,Comedies In 36 Months

Mumbai: In one of the largest financing efforts in recent Indian film-making history and also a bold gamble, two of India’s biggest film studios have signed a silver-screen deal for about Rs 10 billion ($135 million), in a bid to help Bollywood recover from the huge losses incurred while cinema halls remained closed during COVID-19.

Record label and Bollywood major T-Series, along with tycoon Anil Ambani’s Reliance Entertainment Ltd. have agreed to jointly develop more than 10 features, ranging from action thrillers, historic biopics, dramas and comedies over the next 36 months, the heads of both production houses said in an interview. Some of those are set for release as early as next year, ThePrint reported.

But big producers have been sceptical about investing in movies with lavish budgets and end up releasing them on OTT. “We can’t make such big investments, such big films just keeping OTT in mind,” Bhushan Kumar, chairman and managing director of T-Series was quoted as saying.

Both Reliance Entertainment and T-Series have delayed the release of a number of potential blockbusters that have been ready since last year, pushing back their debuts multiple times for cinemas to reopen

Ironically, Maharashtra, which accounts for roughly 30% to 50% of a mainstream Hindi film’s theatrical earnings has been the worst hit with COVID. For Kumar, the state is clearly a “huge market” and key to box-office success.

Underscoring the continuing importance of the big screen and the state of Maharashtra to the industry, the Producers Guild of India and the country’s largest cinema chains took to social media and published full-page advertisements in local newspapers last week, calling on the state government to reopen theatres.

They said the continued closures were costing the industry monthly losses of Rs 4 billion ($54 million).

Kumar hopes all cinemas across the country will restart by early November in time for Diwali, one of India’s largest festivals. But much will depend on the nation’s progress in containing the virus.

Shibasish Sarkar, the group chief executive officer of Reliance Entertainment, pointed to a vaccination campaign in India that has slowly picked up steam in recent weeks. “That’s the big hope honestly. Even if a third wave comes by September or October — we should be out of this in the next few months,” he was quoted as saying.