Bollywood Strike Ends counting a loss of 3 billion rupees
Bollywood News : The two-month-long standoff between the producers-distributors and multiplex owners over revenue sharing, which was resolved on June 5, Friday, has led to a whopping Rs.300 crore (Rs.3 billion) loss to the industry.
Bollywood strike ends as multiplexes open doors
“The strike has cost the Indian film industry over Rs.3 billion,” Mukesh Bhatt, United Producers and Distributors Forum (UPDF) chairman, revealed in an interview.
The standoff between producers-distributors and multiplex owners started in February over revenue sharing. While the producers demanded a flat 50 per cent share of all film revenues irrespective of the stars, budget and box office collection, the exhibitors stressed on sharing profits based on the earnings of a film.
Bollywood strike ends as multiplexes open doors
As a result the producers declared a strike April 4 onwards, which saw no new releases of Bollywood films in multiplexes across the country.
The strike came to an end on Friday morning after the two parties agreed on new format of revenue sharing.
According to the final settlement, 50, 42, 35 and 30 per cent for the first, second, third and fourth week respectively for all movies will be shared between the two parties.
Bollywood strike ends as multiplexes open doors
The Bollywood strike has also affected auxiliary industries like hoardings and advertising. They are said to have suffered an estimated loss of Rs.100 crore (Rs.1 billion).
The combined fixed cost losses – rent, salary, electricity bills – for all multiplexes for the first quarter (April-June) is expected to be around Rs.140 crore, said industry sources.
Time to pull up your socks and overcome the losses… Jai Ho Bollywood!!
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