ID :
43014
Thu, 01/29/2009 - 14:38
Auther :
Shortlink :
https://oananews.org//node/43014
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GLOBAL RECESSION BITES TAMIL FILM INDUSTRY By P.Vijian
CHENNAI, Jan 28 Bernama) -- The once bustling Kollywood, the South Indian film industry, is bracing for hard times as the global economic meltdown chokes financing for new film production and producers are saddled with rising costs.
Industry players' are pessimistic, worry that shrinking funds from financiers
would clip production by at least by 40 percent this year, despite a healthy
2008 upward trend.
"The number of films produced had shown a steady increase, up from 132 in 2007
to 162 in 2008, due to corporate companies entering into production. But of
late money flow into the production market is decreasing day by day," M.
Balasubramaniam, vice president of South Indian Film Chamber of Commerce told
Bernama.
During good times, Indian corporate giants like Pyramid Saimira Ltd, Moser
Naer, Zee TV, Eros International and GV Films had ambitiously invested millions
of dollars into film production, a lucrative industry worth over RM20 billion
in India.
"These corporate companies have pumped crores (millions) of rupees and made the
production cost to increase manifolds and less funds will severely hit
production of movies in the current year. We expect production to fall at least
40 per cent," he noted.
India prides as the second largest film industry in the world, after Hollywood,
with nearly 800 movies churned out annually -- including from Bollywood
and Kollywood.
The highly entertaining movies, often glossed with romance and sizzling dances,
are sold worldwide, with top Indian actors earning mega bucks for their roles.
S. Sivashakthi Pandian, Tamil Producers Council secretary said artistes and
technicians working in the industry earned fat salaries due to corporate
funding, but this is likely to turn sour this year, as investors trim their
budgets.
"Those (actors) who were getting two crores rupees (RM1.54 million) are now
paid five crores rupees (RM3.85 million) or more. We cannot match this now as
individual producers. Global recession has shaken the Tamil Industry and Indian
film industry as whole.
"The initial indication is that it will take at least a year or more to recover
from the slowdown," he added.
--BERNAMA
Industry players' are pessimistic, worry that shrinking funds from financiers
would clip production by at least by 40 percent this year, despite a healthy
2008 upward trend.
"The number of films produced had shown a steady increase, up from 132 in 2007
to 162 in 2008, due to corporate companies entering into production. But of
late money flow into the production market is decreasing day by day," M.
Balasubramaniam, vice president of South Indian Film Chamber of Commerce told
Bernama.
During good times, Indian corporate giants like Pyramid Saimira Ltd, Moser
Naer, Zee TV, Eros International and GV Films had ambitiously invested millions
of dollars into film production, a lucrative industry worth over RM20 billion
in India.
"These corporate companies have pumped crores (millions) of rupees and made the
production cost to increase manifolds and less funds will severely hit
production of movies in the current year. We expect production to fall at least
40 per cent," he noted.
India prides as the second largest film industry in the world, after Hollywood,
with nearly 800 movies churned out annually -- including from Bollywood
and Kollywood.
The highly entertaining movies, often glossed with romance and sizzling dances,
are sold worldwide, with top Indian actors earning mega bucks for their roles.
S. Sivashakthi Pandian, Tamil Producers Council secretary said artistes and
technicians working in the industry earned fat salaries due to corporate
funding, but this is likely to turn sour this year, as investors trim their
budgets.
"Those (actors) who were getting two crores rupees (RM1.54 million) are now
paid five crores rupees (RM3.85 million) or more. We cannot match this now as
individual producers. Global recession has shaken the Tamil Industry and Indian
film industry as whole.
"The initial indication is that it will take at least a year or more to recover
from the slowdown," he added.
--BERNAMA
