For the last two years, the Indian movie industry's earnings have seen a steady decline of 80%. This year too, the first two-three months of business have ended. In such a situation, they are also engaged in demanding a special package for the movie industry in the upcoming general budget in February. Steps such as tax breaks, incentives, loan moratoriums and reducing GST on tickets have already appealed to the government to help the industry stand back. Among the suggestions sought by the government, the Producers Guild of India (PGI) has put forth their demands on these issues.
In the last two years, the film industry has lost about 21,000 crores. The biggest loss has been to the theatres. The box office earnings on movie releases have dropped by 80%. Earnings from abroad have also decreased. The earnings from TV rights have also been reduced to around 10% as new movies are not being released. The earnings from OTT alone have increased by about Rs 1600 crore, but it is too low to meet the losses of the industry.
Impact of Corona on the Film Industry:-
Earnings from theatre were 80% less: In 2019, the situation was normal throughout the year. Then the box office collection has been rs 115.2 billion, but due to the lockdown in 2020, this earning stopped at just Rs 24.9 billion. That means there was a loss of 80%. The same thing continued in 2021.
Losses in overseas as well: In 2019, only 27 billion rupees were collected from abroad. In 2020, it was just $3.1 billion.
TV rights earnings less: In 2019, broadcasting rights earned Rs 22.1 billion, which has gone up to just Rs 7.1 billion in 2020 . New movie releases were reduced, so satellite rights have also been sold fewer.
Benefits in OTT only: In 2020, the only positive thing that has been the only positive thing is that the earnings from OTT rights have increased even more. In 2019, it was Rs 19 billion, which has gone up to Rs 35.4 billion in 2020. However, the increase was nothing special in the face of losses in theatre, overseas and TV rights.
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