After several filmmakers took their films straight to the OTT platforms, some exhibitors and multiplexes expressed their big disappointment on the matter. In response to the dissatisfaction, the Producers Guild of India wrote out a strongly worded letter to the exhibitors citing reasons on the same.
"It is disappointing to see abrasive and unconstructive messaging from some of our colleagues in the exhibition sector," said PGI.
Earlier on Thursday, multiplex chain INOX had released a statement expressing "extreme displeasure and disappointment" over the film Gulabo Sitabo releasing on OTT.
Responding to the criticism, the PGI said, "Statements that call for 'retributive measures' against producers who decide to take their movies direct to OTT platforms - especially at a time when cinemas are unfortunately closed for the foreseeable future - do not lend themselves to a constructive or collaborative dialogue on the way forward for the industry."
The PGI also listed out various problems that the Bollywood film industry is facing today, it said that that hundreds of crores of losses is being eroded daily.
Expensive sets are being taken down, Interest costs are mounting, cinemas will likely open in a staggered manner, the overseas theatrical market remains uncertain, there will be a backlog of releases as and when theatres resume operations, and attendance will be dented, it said.
“Given this combination of factors, producers who have already invested heavily in their films with theatrical revenue assumptions that are no longer feasible will seek out all avenues available to recover their investment and stay in business,” the guild further stated.
On Friday, six big Indian films were announced to be heading straight to the streaming services including Gulaabo Sitaabo, Shakuntala Devi starring Vidya Balan, legal drama Ponmagal Vandhal starring Jyothika, Keerthy Suresh-starrer Penguin (Tamil and Telugu), Sufiyum Sujatayum (Malayalam), Law (Kannada) and French Biryani (Kannada).
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Prajwal Revanna's father in custody for alleged kidnapping and sexual abuse
May 4, 2024 7:53 PM
Delhi, Indore, Surat and Banswara — why these are the most challenging domains for Congress internally
May 4, 2024 1:53 PM
Congress nominee from Puri Lok Sabha seat withdraws, citing no funds from party
May 4, 2024 12:00 PM
Lok Sabha Polls '24 | Rahul Gandhi in Rae Bareli, why not Amethi
May 4, 2024 9:43 AM