NEWS

Reliance Big Entertainment eyes cinema earnings, lines up big movie releases

By VARINDIA - 2021-07-10

Anil Ambani's studio eyes cinema earnings, it has lined up big movie releases. Sources said, it has collaborated with Steven Spielberg, and is hoping to release two Hindi-language films in theatres in the next three months.

India’s streaming market is expected to grow 31% from 2019 to 2024, with revenues reaching $2.7 billion, according to consultancy PwC, while cinema revenues will contract 2.6% in the same period.

Theatrical debuts of “83” -- charting the journey of India’s cricket world cup victory in the title year -- and the action flick “Sooryavanshi” have been pushed back multiple times since 2020. There’s almost one and a half year of pipeline that’s blocked -- it has completely dried out the capital of the industry.

Chief Executive Officer Shibasish Sarkar said, I’ve got attractive offers from the digital platforms, but I’m still holding out for a theatrical experience because the directors and actors are striving to get it released on a larger screen.

The decision to wait out the pandemic-led closures underscores the financial clout of the box office in India’s film industry that’s already feeling the cash crunch. Most Indian state governments are yet to set a date for cinema re-openings as concerns mount over a potential third wave of infections amid a slow vaccination campaign.