How the Indian Film Industry is Boosting Entrepreneurship
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We have witnessed many changes in the Indian film industry from the muted to black and white and then to coloured films. This is due to the technology advancements, new platforms as well as applications that are reshaping the film industry in India along with social and environmental innovations. The Indian film industry, as a result, is also helping entrepreneurship. Nowadays, people who have basic knowledge about the film industry like writing, camera, and pre & post production are entering the industry leading to a rise of entrepreneurs. There are several factors that are leading to entrepreneurs in the Indian film industry, which we will talk about:-
The Indian film industry has found its place in almost every culture and countries in terms of marketing or awards. Indian cinemas comprise of more than one industry such as Bollywood, Tollywood and other regional industries. The former being the popular one across the world and plays an important part in our lives for entertainment, leisure or social life. Hindi films or the Bollywood movies comprises about 20 percent of the total number of films produced in the country as compared to films in Telugu, Tamil, Bhojpuri or other regional languages. Together, it makes India one of the largest feature film producer countries globally. Despite many challenges faced by the industry such as high taxation, government policies and decentralized structure, Hindi films industry still managed to survive and have produced several award-winning films that received an overwhelming response from millions. Filmmakers complained and will continue to do so, however, this will not stop them from making films.
Innovations and Technologies:
The Indian film industry is growing due to the rising consumer demands, improved advertising strategies, digitization and the increasing use of internet over the last decade. It is expected to grow further as India is one of the highest spending and fastest growing advertising market in the world due to technologies like 3D and 7D screens, post-production and new techniques.
Availability of Internet:
The penetration of internet and data consumption is also increasing such as Google videos and YouTube to name a few. The customer base on such platforms is also on the rise, especially in rural areas where they can access videos on their smartphones. Furthermore, many film entertainment companies, for example, PVR Cinemas, are also planning to add more screens not only in metros but also in rural areas, in the coming years in order to raise their capacity.
The Government of India has also taken several steps and initiatives in the areas like broadcasting sector, Make in India, Skill India and Digital India, Goods and Services Tax (GST) and much more. The initiatives by the Indian government such as digitizing the cable distribution sector to attract more funding and DTH satellite platforms are also gaining interests in order to have easy access to the entertainment world. The growth in Indian media and entertainment industry is expected to grow at an impressive rate than earlier as cinema, internet video sector and TV subscription are also growing.
Indian Film Industry Will be an Industry of Entrepreneurs
There are many similarities between Hollywood and Bollywood movies. Both the industry is large, commercialized, profitable and has a global presence. However, the Indian film industry is decentralized, financed mainly by entrepreneurial capital and works on social and kin networks. It will be an industry of freelancers and entrepreneurs who collaborate to work together on film projects.
In the coming years, the India film industry is likely to witness an increase in production and distribution due to the emerging entrepreneurs. The partnership between the International and Indian filmmakers is also expected to increase. The Indian government needs to have a long-term plan and vision on how to promote filmmaking in the global market. The filmmakers or entrepreneurs, on the other, must come up with films in more languages or regional languages in order to reach out to newer audiences with subtitles for markets. In the past, Hindi films managed to reach so many audiences without much effort, entrepreneurs can try doing it to mark their presence in the industry. Despite many challenges, the film industry has been constantly growing and it will grow further in the coming years and will further give rise to entrepreneurship. Booming entrepreneurs needs skilled manpower to sustain their growth and to keep their enthusiasm and passion alive. The industry offers many career opportunities to new entrants to take it this to the next level.