Mumbai: Owners of multiplexes and producers and filmmakers met Tuesday night to discuss suggestions to resolve the ongoing standoff between both groups. The impasse is over working out a viable revenue-sharing formula.
Tuesday’s late-night meeting was the latest attempt to resolve a dispute that has brought the Hindi film industry, popularly known as Bollywood, to standstill and threatens to cost it at least Rs500 crore in lost revenues. Producers have withheld all films from release since 4 April to protest what they claim are inequitable revenue-sharing terms, and have asked for fixed revenue-sharing for every release, regardless of how it does.
Ajay Bijli of PVR, Shravan Shroff, managing director of Fame India and INOX Leisure’s chief executive Alok Tandon were among the multiplex representatives understood to be attending, while production houses were represented by filmmakers such as Mukesh Bhatt and Ramesh Sippy, as well as heads of studios, including UTV’s Ronnie Screwvala and Yash Chopra of Yash Raj Films.
The dispute has already pushed back the release dates of a number of Hindi films including Mukesh Bhatt’s Jashn as well as New York , produced by Yash Raj Films. The faceoff could drag on until the end of May because there isn’t enough content at this point of time, said a person familiar with the development.