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Indian Film Industry witnesses Rs. 1500 crore loss during the shutdown due to the coronavirus

The Coronavirus pandemic is showing a huge impact in the movie industry and all language filmmakers are currently in a panic mode about the loss of business
by Xappie Desk | March 23, 2020 13:17 IST
Indian Film Industry witnesses Rs. 1500 crore loss during the shutdown due to the coronavirus

The ongoing coronavirus pandemic is shaking the entire world. The whole world comes to a standstill. People are staying at home to avoid getting or spreading the virus. Even the governments are advising to do the same. Meanwhile, one of the most affected industries due to this shutdown is the Film Industry. There is no denying in saying that the entertainment industry is one of the profitable industries in our country. But now, the theatres across the country got shut down till the 31st of this month. Even the shootings have come to a halt. Apparently, the Indian film industry has incurred a loss of more than 1500 crores in this period.

 
Speaking to the Economic Times, Vikram Malhotra, CEO of Abundantia Entertainment said that what is going to stare us shows how vulnerable we as a business. He added that the film industry is right up with the businesses like Aviation, Hospitality and Services industries. He said that those industries can rise once the manufacturing demand increases. But the film industry is not like that. Once a Friday is gone, it is gone. Vikram further added that the industry bigwigs will meet soon and figure out the next plan of action.
 
Big releases like Sooryavanshi and 83 (film) got postponed indefinitely. The Multiplex Association of India (MAI) stated that the footfalls got decreased by at least 30% since last month. We will know the exact figures of the film industry's loss only when the situation gets back to the normal stage.
 
Also Read: Prestigious Cannes Film Festival gets postponed due to the coronavirus pandemic


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