Coronavirus in Bollywood: Industry To Take A Financial Hit Of THIS Much, Reveal Insiders
Bollywood industry is expected to face a loss of anything between INR300 crore and INR800 crore. 2020 seems to be a not-so-great or fruitful year for everyone who is a part of what is known as one of the biggest entertainment industries in the world
The coronavirus epidemic has led to chaos around the world. With most countries on lockdown, businesses have also come to a standstill. In the world of showbiz, Bollywood has also been affected to a great extent with cinemas shutting down, film promotions postponed, shootings halted and meetings delayed until further notice. Huge production companies such as Karan Johar’s Dharma have also closed doors until matters get better. The releases of some of this year’s big-budget films such as Akshay Kumar’s Sooryavanshi have also been pushed indefinitely. While all of this has been done for the safety of people and to contain the spread of COVID-19 through the practices of quarantine and social distancing, there is no gainsaying that 2020 will not turn out to be a fruitful year for actors, choreographers, directors, cameramen and everyone who is a part of what is known as one of the biggest entertainment industries in the world.
Coolie No 1 slated for a 2020 release
So, what will happen next? According to Indian cinema insiders, the Bollywood industry will face a loss of anything between INR300 crore and INR800 crore. The New Indian Express has quoted trade analyst and film critic Taran Adarsh as saying that the losses at this moment could be INR500 crore to INR800 crore. Another source revealed that Bollywood is eyeing a loss of INR350 crore in the first quarter of the calendar year. "This the worst time, not just for the film industry but for everyone. As far as the industry is concerned, business is getting hampered. It's too early to put any number as we don't know when the situation will be normal," T Series head Bhushan Kumar said.
Aamir Khan in Laal Singh Chaddha
Chameli filmmaker and veteran Sudhir Mishra revealed this is the first time in his 35-year directing career that he has witnessed such a crisis. "Entertainment is vulnerable as people work in groups and revenues depend on people coming to watch your work. Films that were up for release are affected, so are the ones that are on the floor. It's a crisis. Everybody is saying it will last till March 31. How do we know when it will finally end and when things will become normal? Maybe we are in for the long haul. The losses are huge. We can survive for six months but daily wage workers are going to suffer a lot. We all should help each other," Mishra said.
Following this, The Producers Guild of India set up a relief fund for daily wage workers, prompted by a suggestion from Mishra, Vikramaditya Motwane, Anurag Kashyap and Anubhav Sinha. Film Distributor Rajesh Thadani mentioned the first quarter of 2020 has already been the worst in terms of business. "It'll take a while to become normal. The impact will be huge on the second quarter as well. Right now, the shutdown is for 15 days but if the cases go up cinema houses won't open up. The loss is of INR400 to INR500 crore for the films that were supposed to release in the first quarter," he stated, adding, “Entertainment is the last thing on anyone's mind right now. It is a wait-and-watch situation. In the second quarter, there will be a lot of competition, as multiple films will come up and the Bollywood calendar will be chaotic.” Some big films which were set to release in 2020 are Sooryavanshi, Radhe, Laxmmi Bomb, Coolie No 1, Mumbai Saga, Brahmastra and Laal Singh Chaddha. What happens a few months down, only time will tell.