Bollywood seeks to move past Covid-19 with $135 million film deal

 Record label and Bollywood major T-Series, along with tycoon Anil Ambani's Reliance Entertainment Ltd. have agreed to jointly develop more than 10 features over the next 36 months

Two of India’s biggest film studios have signed a silver-screen deal for about 10 billion rupees ($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 Ltd. 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 in an interview. Some of those are set for release as early as next year, they said.

The deal, one of the largest financing efforts in recent Indian film-making 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 Inc. for premieres. Like in other countries, lockdowns and curbs to contain the spread of 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 can’t 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.