Unable to attract sizable audiences for their own films in India, Hollywood studios have instead begun producing movies in the Hindi language under their own banners and financing other productions, the London Financial Times reported today (Monday). The result, according to Vikram Malhotra, chief operating officer of Viacom18, Viacom's Indian subsidiary, has been a shake-up on the financial side of Bollywood, which until recently was dominated by small, family-controlled production houses. In a very short span of time, the financing architecture of the industry has changed completely, Malhotra told the FT. Together with India's Reliance and Eros International, U.S. studios now account for about three-quarters of film funding in India, the newspaper reported. Or, as the unnamed head of a large Indian entertainment group put it, For 95 out of the 100 years of Bollywood there were no corporations at all. It was one big family business, based on handshakes and hugs, often with quite dubious sources of finance. ... Now you have professionals running the businesses, and professional sources of finance too. It has upended the entire power structure of this industry, and for the better.
Take a look back at October's inaugural event.
The film is expected to continue without Mendes' involvement.