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Sunday 31 May 2020

Bollywood braces for huge losses of Rs 1,300 crore due to coronavirus lockdown

India's financial capital Mumbai, popular Hindi language cinema known as Bollywood was already in the midst of an unprecedented lockdown

Bollywood industry came to a grinding halt as the country closed businesses among measures aimed at slowing the spread of the COVID-19 pandemic. India’s Hindi entertainment industry one of the biggest in the world is staring at a likely revenue loss of upwards of Rs 1300 crore, based on predicted domestic net collections of 12 big-ticket films that either released in March or were slated to release in April and May.

The world’s largest democracy went under the world’s biggest lockdown on Wednesday with India’s 1.3 billion people ordered to stay home in a bid to stop the coronavirus pandemic.

Prime Minister Narendra Modi warned that if he didn’t act now, the virus could set the country back decades.

Net collection is the total sum of ticket value sold across the counter in single screen and multiplex theatres within the country, after tax deduction. The money earned by a film through its overseas release as well as by selling television and music rights adds to its overall collections.

“In the last two years, the industry made around Rs 850-900 crore in net collections in the quarter April to June. We’re definitely losing that amount,” trade analyst Atul Mohan said.

22 May was going to be the big clash between Salman Khan’s Radhe and Akshay Kumar’s Laxxmi Bomb. While the former likely cost Rs 125 crore to produce, the latter was made at an estimated production cost of Rs 90 crore. In 2019, the Eid weekend film release, Bharat, collected Rs 150.1 crore (this figure is based on collections from Wednesday to Sunday).

In 2018, Race 3, had collected Rs 106.47 crore (Friday to Sunday). So this year, the weekend collection of both films was pegged at a conservative estimate of Rs 175 crore. Both films had some shooting and dubbing work left. Now, there’s little hope it will be completed or, for that matter, released.

India’s financial capital Mumbai, home to the popular Hindi language cinema known as Bollywood was already in the midst of an unprecedented lockdown. More than 200 million of India’s 1.3 billion people had been under lockdown since Monday, also including the metro areas of Delhi, Kolkata, Hyderabad, Bangalore and Chennai.

This includes big-ticket releases like popular actor Akshay Kumar’s Sooryavanshi which was scheduled to be released on March 24. The Indian film industry, one of the biggest in the world, makes about 1,500 films a year and is one of the country’s largest employment generators.

Estimated cost of production:

Baaghi 3 – Rs 70 crore
Angrezi Medium – Rs 35 crore
Sooryavanshi – Rs 125 crore
Gulabo Sitabo – Rs 35-45 crore
‘83 – Rs 100-115 crore
Ludo – Rs 25-30 crore
Gunjan Saxena – Rs 20-25 crore
Coolie No. 1 – Rs 45 crore
The Girl on the Train – Rs 20-25 crore
Shakuntala Devi – Rs 20-25 crore
Radhe – Rs 125 crore
Laxmi Bomb – Rs 90-110 crore

Predicted net collections * These are average estimates based on trade analysts’ projections

Baaaghi 3 – (it collected Rs 92 crore till March 13). Rs 120-130 crore
Angrezi Medium – (it collected Rs 8.5 crore till March 13). Rs 35-40 crore
Sooryavanshi – Rs 200-275 crore
Gulabi Sitabo – Rs 90 – 110 crore
‘83 – Rs 200-250 crore
Ludo – Rs 40 crore
Gunjan Saxena – Rs 45 crore
Coolie No. 1 – Rs 100 – 125 crore
The Girl on the Train – Rs 15-20 crore
Shakuntala Devi – Rs 25 – 35 crore
Radhe – Rs 150 – 220 crore
Laxxmi Bomb – Rs 150 – 170 crore

Siddharth Raghvendra Raghuvanshi
Siddharth Raghvendra Raghuvanshi
Editorial Assistant of Sirf News with experience in covering sports and entertainment for Navbharat Times and Network 18's IBN Lokmat

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