There is a war brewing in Hollywood. Steven Spielberg is gathering forces to push out Netflix original movies from the Oscars race, keeping only studios at play. Even as large and small screens battle it out in the US, Indian movie makers are partnering with video streaming services, instead of competing for eyeballs.
With Amazon Prime Video and Netflix spending on premiering Indian movies, digital rights values grew by 59 per cent last year, according to an Ernst & Young report on the Indian media and entertainment sector called ‘A Billion Screens of Opportunity’.
“In fact, digital rights values are greenlighting many movies, giving producers the confidence that they will be able to produce a film. I believe that many films which could not release earlier can see the light of day and there will be a growing trend of digital-only films now,” said Ashish Pherwani, media and entertainments sector leader, E&Y.
On the way out?
Last year, many new movies like Andhadun, KGF (Kolar Gold Fields), Raazi, Bazaar and Pink were made available across video streaming services, within a few months of their theatrical release. In most cases, these movies trumped TV premiers. That has kickstarted a debate whether large screen movie value is going down as they are too quickly and too easily available. A few critics believe that movies will turn obsolete. But, producers and directors are not taking bait.
“We had this debate even when VHS and television came in and when movies were showcases within a few months. I think films and video streaming services like Zee5, Netflix and Hotstar are parallel worlds. Film theatres will not shutdown because of them,” said Rohit Shetty, film producer and director of the recent Rs 100 crore hit Simbba. He went on to observe that in spite of being a hit, Simbba’s footfalls were low at 200 million, covering a very small percentage of India. “We need more theatres in smaller towns,” he said.
More screens, more eyeballs
In addition to money, streaming or releasing movies on video platforms can help Indian movies garner an international audience. The success of Dangal in China and the international success of Sacred Games in overseas markets proves that there is an audience for Indian content. Last year, revenues from overseas theatricals rose by 20 per cent from the previous year, according to E&Y. While many Indian movies release in the US, UK and China, very few ever make it other markets like Turkey or Brazil. Video streaming services can help break this barrier, due to their high-quality subtitling.
Video streaming has also become the primary target for small budget films. Last year, Netflix released its first such original film, Love Per Square Foot which received much acclaim. Netflix also released an Indian original film called Rajma Chawal. Both these had movie stars like Vicky Kaushal and Rishi Kapoor. The other films that followed the trend were Lust Stories, Once Again and Brij Mohan Amar Rahe, which released digitally.
“The logistics of Indian film production, distribution and marketing make a theatrical release for a small budget film an unviable proposition. With the wide reach and heavy marketing of digital platforms across all age groups, especially youth, digital releases for certain set of films ensures that producers do not shell big amounts,” said E&Y.