While some films might have done well in 2014, the harsh reality is that 2014 was a very bad year for the Indian Film Industry with just 0.9% growth according to FICCI-KPMG Indian Media & Entertainment report.
At a Panel discussion held at FICCI FRAMES 2015, Fox Star CEO Vijay Singh said, “2014 has been a difficult year. We believe revenues dropped by 5%. The impact of this is that mid-level and small-level films have been completely wiped out. I can tell you that the number of films being green lit are going to half of what they were earlier on.”
But Vijay is not just looking at the problems but also has some solutions to offer. “The problem lies with us in the industry. 2014 not being good is the best thing that could’ve happened to us. Because unless we feel the pain, we are not going to correct ourselves. There are three things that we must be doing. One is scripts. We haven’t made scripts the centre of our content. Two is budget. We have to make movies with the right budget. And three is finding more ways to expand the revenue pool. This is more difficult because the first two are more under our control.”
Well, let’s hope the industry people and decision makers are listening.