Cash-strapped local producers grappling with extreme uncertainty at the box office are now turning to bigger studios to partner on their oldest, most popular IPs (intellectual properties) and take these franchises forward.
With filmmaker Rakesh Roshan agreeing to co-produce the next instalment of the Krissh franchise with Yash Raj Films after holding on to the IP for years, entertainment industry experts say such deals offset possible risks and actor costs while combating the unpredictability of the box office.
Director JP Dutta too is bringing back his war franchise Border whose last movie released in 1997, along with T-Series.
The collaborations make smart business sense given that few producers today have the financial bandwidth to mount big projects on their own and the details of co-ownership of IP can always be negotiated.
“The commerce of cinema having changed so much is driving these collaborations. On one hand, there is the risk of the box office where there is no assurance of returns even on budgets of Rs. 400-500 crore and on the other, there is great pullback on OTT rights. It only makes smart business sense to bring collaborators especially on big franchises and movies that are part of a cinematic universe which require a certain amount of cash flow and financial appetite,” said Priyanka Khimani, a legal expert in entertainment and music rights.
Co-productions: Smart way to share costs, risks
Khimani pointed out that such deals can be quite nuanced, with the original producer holding on to rights of foundational characters featured in the film while the studio can participate in revenues from remakes or spin-offs. In the long run, local producers often have to choose between making and selling projects for a limited margin or raising own money and holding on to IP alone, she added.
A senior executive at a film studio pointed out that unlike a Zee Studios or Sony Pictures, local producers often find it easy to partner on established IPs that they want to take forward, with homegrown studios like YRF. “It makes not just for smart financial structuring but also hardcore corporates like Zee and Sony would never part with IP. Here, it’s a case of working within the ecosystem,” the executive said.
The person added that these are innovative ways of controlling costs, given that Roshan’s son and actor Hrithik Roshan is already working with YRF on separate projects besides directing the new Krissh film. This would mean an obvious reduction in his remuneration for the movie and the budget can then account only for visual effects and production costs. Even on projects like Border, actor fees can be negotiated since T-Series is working with several names across movies.
“It’s an intelligent move that can help them add value to each other. Nobody wants to risk money on their own and besides, OTT and other sales will be easy when top names come together and the franchise gets a new lease of life,” film producer and distributor Yusuf Shaikh said. He added that such collaborations instantly create awareness for the new film and make for intelligent packaging. Also, even the bigger studios are looking to bolster their slates with new titles.
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