Hollywood's big boys are all set to give Indian production houses a run for their money. After Sony Pictures, Warner Brothers and Paramount Films will soon churn out Bollywood potboilers.
Warner Brothers, which has made successful movies like The Matrix, 300, Charlie and the Chocolate Factory, is on the verge of signing their first project and the announcement will be made soon.
Warner Brothers plan to make three-four Hindi movies each year and is eyeing producing mid- and big-budget films across genres. The company, which will hold worldwide rights of the films under its banner, is likely to start production of at least two films this year or early next year. They are slated for release in 2008, sources said.
The studio's entry comes close on the heels of Sony Pictures gearing up to release its first Bollywood film 'Saawariya', directed by filmmaker Sanjay Leela Bhansali.
Another Hollywood studio that is planning its entry is Paramount Films. According to the PricewaterhouseCoopers report, the Indian film industry in 2007 is estimated to be Rs 9,680 crore (Rs 96.8 billion) and is expected to grow at a CAGR of 16 per cent to Rs 17,500 crore (Rs 175 billion) by 2011. Given the numbers the Indian filmdom is expected to churn out this year, the entry of Hollywood studios is not surprising.
Also, foray into Indian cinema seems to be the trend among Hollywood majors wanting to scale up the value chain. The Rs 850-crore (Rs 8.5 billion) overseas market for Indian films is expected to grow rapidly at a CAGR of 18 per cent (higher than the estimated 16 per cent CAGR of the domestic box office collections), according to the PricewaterhouseCoopers report.
