“Only the gentle are ever really strong.” — James Dean
Through 2019 the filmed entertainment industry in India grossed a revenue of Rs 191 billion, which should have logically catapulted to Rs 206.7 billion in 2020, had Covid-19 not struck when it did. Since the lockdown induced by the pandemic, a great many films slated for release at movie theatres have had to opt for the OTT (over the top) platform instead.
The hardest hit in the cinema industry are its support crew, like spot boys and make-up assistants who are hired on the basis of projects, but the times are hard for actors and filmmakers too. Many are despondent for lack of work. The industry had pinned its hopes on the fourth phase of the “unlock” drill, but movie theatres have been passed by again. The film industry is optimistic that its magic will work again once cinema shows get a green signal from the administration and movie loving Indians flock back to the theatres – but will they?
Our cover story flashes the limelight on the film industry to gauge the trends likely in the days ahead. Will the OTT platform take over, relegating cinemas halls to oblivion? Or will they co-exist? What will the content of the future be like? This segment includes an exclusive conversation with Sanjeev Bijli, Joint Managing Director, PVR Ltd., who talks of the changing landscape of the industry. We do hope for a revival in an industry that creates considerable employment, especially now when the availability of jobs for the country’s youth seem constrained.
The already dismal economic scenario suddenly seems more bleak with the first quarter GDP projections for FY 2020-21 at (-) 23.9 per cent, indicating a deep contraction of the economy. We hope for a revival of the economy, but believe that a turnaround cannot happen without the concerted effort of all businesses, big or small.
As usual, we bring you our regular columns, along with a fortnightly case study of an enterprise that has been able to scramble out of a crisis, when the odds were against it. In this issue our columnist Shashank Shah dwells on how Tata Steel overcame its overwhelming manpower burden.
We also bring you dialogues on leadership with Marico Founder and Chairman Harsh Mariwala, former Tata Sons Director Syamal Gupta and actor and social entrepreneur Kunal Kapoor, among others. The Last Word goes to Dr G.S.K. Velu, who offers an informed opinion on healthcare issues arising from Covid-19.
We hope you enjoy reading this issue of BW Businessworld just as much as we did writing it. We look forward to your feedback. Happy reading!