One of the most significant global entertainment sector shutdowns occurred in 2020. The impact of the international film and television production halt was felt most acutely in India, where the world's most prolific film industry was compelled to halt production. The television market in India is the world's second-largest. It has a thriving broadcasting and distribution sector, with roughly 900 satellite television channels, 6,000 multi-system operators, 60,000 local cable operators, and seven direct-to-home operators. There are around 2,500 multiplexes in the United States.
Few films had to be pulled from theatres last year, and they were finally distributed on the O.T.T. platform. However, several high-profile films in both mainstream and regional languages have been postponed as a result of state-level orders to close the Cinema Hall. When the prime minister declared a nationwide lockdown, various projects were put on hold, affecting daily technicians and marginal workers in the art, commerce, and light departments who rely on the industry for a living.
A slew of high-profile Bollywood and Hollywood films, including Sooryavanshi, '83, Spider-Man: No Way Home, The Matrix Resurrections, and others, eventually appeared on the silver screen after protracted delays and a devastating covid-19 outbreak. Spider-Man grossed Rs. 47.5 crore in advance ticket sales, according to the Multiplex Association of India, making it the single-busiest advance ticket sales generator since cinemas reopened in October 2020.
Even after the first weekend, the local '83 has kept luring audiences back to the theatre. According to the most recent figures, box office receipts for big-ticket films have returned to pre-covid levels.
Is the movie business on the mend, with a slew of big-budget event pictures on the way? Or will Omicron harm the film industry in 2022? People appear to be flocking to theatres mostly to attend event films at the moment. Depending on the level of concern surrounding Omicron, I believe this pattern will continue for a few more weeks or months.
In these troubled times, OTT entertainment services are gaining ground. When travel and other constraints forced people to adjust to a new environment, and consumer behaviour is rapidly altering, life will be remembered as the 'pre-covid' age and the 'post-covid' era. As a result, the O.T.T. platform is in high demand, with new demographics and areas being added all the time. It resulted in an increase in subscribers, which was aided by the continuous growth of internet users with low-cost data and smartphones.
The pandemic has had an impact on many businesses, but on the plus side, it has accelerated the subscription trend (of O.T.T. platforms) due to increasing in-home spending in the film and entertainment industry. Top O.T.T.s' subscriptions increased by 55-60%, and several of them expanded into tier two, three, and even four cities. The industry's revenue took a significant impact as a result of the lockdown. Bollywood's annual box office receipts are just above Rs 3,000 crore, while it was just around Rs 500-600 crore in 2020. The industry is nostalgic for the 'good old days.'
The future of the entertainment and media industries Given the current situation, it is clear that the time is perfect for O.T.T.s, even in 2021, when audiences are still hesitant to visit theatres. When O.T.T. platforms bypassed a film's theatrical distribution in favour of publishing mainstream Bollywood films on their platforms, the film business underwent a complete transformation. People are still apprehensive of going to the movies, so this tendency will likely continue.
Will the industry receive a continuous enough influx of content in light of the current uncertain times? Experts believe it will be more than enough, and both Spider-Man: No Way Home and Pushpa: The Rise are demonstrating this tendency right now.
There will be no shortage of content in the next 8 to 10 months, according to Komal Nahta, Film Trade Analyst. Because of the limited amount of movie theatres in the country, films will be consuming each other's collections.
