Bollywood studios T-Series and Anil Ambani’s Reliance Entertainment sign deal, eyeing post-Covid recovery

The two studios signed a US$135 million deal to jointly develop over 10 films in the next 36 months, betting on a box office recovery as India reopens

While many producers turn to Amazon and Netflix for premieres, they are hoping that cinemas will reopen, despite fears of a Covid-19 third wave

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Indian tycoon Anil Ambani, pictured here with his wife Tina. His Reliance Entertainment has already delayed the release of a number of blockbusters because of the coronavirus pandemic. Twitter

Published: 1:00pm, 13 Sep 2021Updated: 9:35pm, 13 Sep 2021

Two of India’s biggest film studios have signed a silver-screen deal for about 10 billion rupees (US$135 million), betting on a robust box-office recovery from a devastating Covid-19 wave as cinemas slowly reopen across the country.

Record label and Bollywood major T-Series, along with tycoon Anil Ambani’s Reliance Entertainment have agreed to jointly develop more than 10 features, ranging from action thrillers, historic biopics, dramas and comedies over the next 36 months, the heads of both production houses said. Some of those are set for release as early as next year.

The deal, one of the largest financing efforts in recent Indian filmmaking history, is a bold gamble at a time when many producers in India are abandoning theatrical releases during the pandemic and turning to over-the-top platforms such as Amazon and Netflix for premieres. Like in other countries, lockdowns and curbs to contain the spread of the coronavirus have caused a surge in demand for digital streaming in India, as people crave entertainment at home.

But big producers say that lavish budgets cannot be recouped without cinemas. “We can’t make such big investments, such big films just keeping OTT in mind,” said Bhushan Kumar, the chairman and managing director of T-Series.

Both Reliance Entertainment and T-Series have delayed the release of a number of potential blockbusters that have been ready since last year, pushing back their debuts multiple times for cinemas to reopen.

Though some of India’s states have started allowing cinemas to resume screenings, the western state of Maharashtra – home to India’s financial capital Mumbai and Bollywood – has been the biggest holdout. That is not good news for an industry that counts on the state for roughly 30 to 50 per cent of a mainstream Hindi film’s theatrical earnings.