Lionsgate Films comes to India
Prominent Hollywood studio Lionsgate Films will soon start producing films in India. The production house, known for bringing out blockbusters such as the dystopian science fiction adventure series The Hunger Games, romantic fantasy drama The Twilight Saga: Breaking Dawn: Part 2 (2012), and the Oscar-winning romantic musical La La Land (2016), has set up an office in Mumbai to produce Bollywood films.
“Is it a good time to invest in Bollywood? Yes and no. Different people have different models. When companies shut down, it’s a reflection of their own strategy and what they want to do, or do not want to do. I don’t think it’s a reflection of the market,” a studio executive familiar with the development was quoted as saying by Mint.
Bollywood Entry of American Studios
Lionsgate has set up a management team in Mumbai that will be announced in a couple of weeks, the publication reported. Lions Gate Entertainment Corporation, of which Lionsgate Films is a unit was founded in Quebec almost 55 years ago. It recorded a revenue of $3.2 billion during the financial year ending March 31, 2017.
Lionsgate makes an entry in Bollywood at when many Hollywood studios are either packing their bags and going home or going slow in terms of their operations in India.
In 2016, Walt Disney Studios set a box office record with the release of its The Jungle Book. But then it misfired in Bollywood with the historical epic Mohenjo Daro, incurring a loss of Rs 58 crore. Its latest Hindi release, Jagga Jasoos, which came out in theatres last month, also managed to earn only Rs 53.29 crore.
Current Industry Situation
Industry experts say it is a good time for new multinational giants, which have the resources and muscle power to enter the business. Many studios, however, such as Viacom18 Motion Pictures and Fox Star Studios, are being selective and ensure that they don’t end up wasting money on issues like over-priced outings and green-lighting several projects.