Streaming services to produce movies for theatres
2 min read 13 Oct 2022, 12:26 AM ISTAmazon Prime Video will release Akshay Kumar’s Ram Setu on Diwali weekend, while Telugu and Marathi services aha and Planet Marathi are also co-producing feature films
PremiumNEW DELHI : Video streaming platforms in India are increasingly producing films that will first release in cinemas, as they look to benefit from the box office buzz, and secure intellectual property (IP). Amazon Prime Video will release Akshay Kumar’s Ram Setu on Diwali weekend, while Telugu and Marathi services aha and Planet Marathi are also co-producing feature films. Media and entertainment industry experts said while this is an organic transition for any content creator to maximize revenue, it also a move by the platforms to own the IP. The move could also bode well for Indian cinema that needs cash-rich companies to fund projects.
“Streaming platforms are looking at owning IP rather than paying a premium for acquiring theatrical films. Co-producing a film helps them in participating in the IP for perpetuity. Once a platform owns the IP on the film, it would not have to renew the streaming rights like it would have to for films it acquires," said Gautam Jain, partner at media consulting firm Ormax.
Globally too, platforms have produced films which have been released theatrically as well as digitally, sometimes on the same day as well, Jain said, adding that the priority for platforms is to create or own IP across films and series.
Amazon Prime Video did not respond to Mint’s queries on the idea behind film production. Theatre releases were out of the question during the pandemic, but now nobody wants to let go of the possibility of box office revenue, said Akshay Bardapurkar, founder of Planet Marathi.
“We are aware that certain plots and stories that are longer or more concept-heavy will work better on OTT. But if there are films that can hold people’s attention, why leave additional income?" Bardapurkar said.
Also, when a film manages to create box office buzz, it grabs more eyeballs when streamed on OTT thereafter, he added. Further, in case of certain films that want to avail of government subsidies, there is a mandatory clause for release in theatres, Bardapurkar pointed out.
It is pretty organic for a corporate that gets involved in the content creation business to think of owning whatever it backs, said Vaibhav Modi, founder-director at Victor Tango Entertainment, a production house. “It also creates an opportunity for long-term franchises and spin-offs originating from those movies, including web series. Additionally, as the boundaries between films and OTT blur, a lot of talent holding currency can travel between the two mediums," Modi added.
Atul Mohan, editor of trade magazine Complete Cinema, said the move was similar to the one followed by American corporates like 20th Century Fox and Sony Pictures Networks India, who first launched television channels and then began producing local films in India. “They will probably take baby steps at first and gradually green-light more films. But it augurs well for the industry, if there is a new studio-like entity making films for theatres that can later go to satellite and digital platforms."
