Goa:27/11/17:Celebrated filmmaker Karan Johar, TV Czarina Ekta Kapoor and Sudhanshu Vats (Group CEO, Viacom18) attended the Panel Discussion with the theme ‘Mastering A New Reality’ presented by World Economic Forum on Day 8 of International Film Festival of India 2017. They extensively spoke about the growing emergence of online content providers, considered to be a threat to cinema and movie business.
Moderated by Ronojoy Banerjee, Principal Correspondent, CNBC TV 18, the session was truly exhilarating and enriching for the packed auditorium. While Ronojoy started off the conversation by pointing out that content is the king, the meaning of that is still getting reinforced in many ways. The digital journey is quite exciting. The broadband penetration has been going up and is growing by 30 percent every year. The real revolution is taking place in terms of mobile handsets. By 2021, 80 percent of mobile traffic will be video led.
Profitability in movie making is probably at an all-time low. With more competition coming from online content providers like Netflix and Amazon, how has moviemaking as a process changed?
Karan Johar said, “Movie making per say has advanced tremendously. The general standard of cinema has taken a quantum leap in terms of narrative, technology, etc. everyone has upped their game. What is alarming to the mainstream cinema when we talk about purely theatrical business is that we have seen a downslide only because the energy that surrounds entertainment has been enhanced considerably. There are so many options available to the cine-goer or the consumer, be it digital, television and mobile handset. It used to be just sport and cinema considered as the go-to phenomena for entertainment. But now all these verticals have added so much for the average consumer that cinema unless it is a huge event film or a big word-of-mouth film, nothing else seem to be doing the numbers. And this downslide we have seen in the last five years. It has been a tremendous drop and my understanding suggests that it’s been 20 percent in just theatrical revenues and any exhibitor of the mainstream chains, be it the PVR, INOX, Cinepolis that they have witnessed the reduction of footfalls and as filmmakers is hugely an alarming sign.”