Close on the heels of announcing its first co-production with Sanjay Leela Bhansali, Sony Pictures India is looking at acquiring local movies for distribution, funding for which will come from parent Sony Pictures International and investment will be made on a case to case basis.
With Sony pictures now aiming at building a portfolio of movies, the company believes its roadmap for growth, which includes both acquisition of movies as well as co-productions, is viable.
Till now, Hollywood studios distributed local movies for commission and did not go the acquisition route.
"Acquisitions are a quick way to get quality products, and building a portfolio of movies. To ensure that one has to look at developed properties," said Uday Singh, MD, Sony Pictures, India.
Singh also revealed that the company was holding talks with a number of filmmakers for both film acquisition and co-production, but refused to elaborate.
The company has been eyeing opportunities in co-productions for the last nine years.
"With Indian cinema now throwing up good opportunities, Sony Pictures is looking at strengthening its position in the local arena," added Singh.
Talking about the year ahead, Singh said it would be an exciting year for Sony Pictures with three major international releases The Chronicles of Narnia, Da Vinci Code, and the upcoming James Bond flick.
Next year will also see the company get into some strategic local acquisitions.
"Revenues for 2006 should most definitely surpass Rs 100 crore," said Singh.
In 2002, Sony Pictures clocked total revenues of Rs 100 crore, 2003 garnered Rs 80 crore, 2004 was up again at Rs 100 crore and 2005 being a weak year should manage about Rs 75 crore.
Sony Pictures India, though has maintained its top position among the international studio houses in India.
That apart, the international studio this year also set up a home entertainment operation in India and is also looking at distributing MGM titles apart from Disney and Miramax.
