How’s It Looking For The Entertainment Industry? Trade Experts Have This To Say

0
350

[ad_1]

After almost two years of lockdown, the entertainment industry showed a glimmer of hope when films like ‘Sooryavanshi’, ‘SpiderMan: No Way Home’, ’83’ and many more excelled at the box office. But the sudden spike in Covid-19 cases across the globe due to the Omicron variant forced governments in many countries to shut down operations and once again enforce the lockdown protocols. While the necessary steps were taken to curb the spread of the deadly virus, the entertainment industry took another blow as cinema halls were also ordered to close (in many Indian states) once again by the government.

And with Finance Minister Nirmala Sitharaman presenting the new 2022-2023 budget in the parliament today, the Indian film industry also seems to be turning gears as a source of revenue. And so far, it seems like a ‘fairly balanced’ budget. Don’t take our word for it, here’s what experts have to say.

Impact On The Entertainment Industry

“There is sufficient emphasis being laid on up-skilling, and making right investments in tech which is the need of the hour. The previous budget was more inclined towards setting up a strong foundation in the digital space, and this one is essentially focused on making further advancements,” says CEO and Co-founder of White Rivers Media, Shrenik Gandhi.

The Indian film industry is directly proportionate to the sentiment of the nation, and therefore the budget is expected to have a significant and great impact, even if there are no entertainment industry-specific points. It can even witness bigger opportunities in the near future only if the sentiment of the audience turns out to be positive post the budget.

While the industry has been struggling for the past two years due to the pandemic, most of the content which was created for cinematic viewing in theatres ended up on various online streaming platforms. Therefore, the budget should allow the filmmakers an opportunity to overcome the losses they have incurred in the pandemic.

In terms of GST on ticket buying, if a window can be given to encourage people to start visiting theatres more frequently, it would have a lot of positive impact for a long time to come.”

The budget would turn into a nightmare if the government decides to increase the GST on film tickets, as it would directly impact the audience’s interest in stepping out and catching all the action in cinema halls, which again will affect the economy adversely. But there good chances that the introduction of the digital rupee in the coming months is going to be a game-changer in India’s future.

The trade expert is also hopeful that though the immediate benefit may not be seen right now, the fairly-established budget’s benefits would be quite profitable in the long run.

SEE ALSO: Budget 2022: Gati Shakti Plan To 60 Lakh New Jobs Under PLI Scheme; Key Takeaways From FM Nirmala Sitharaman’s Speech

Cover artwork by Bhavya Poonia/Mashable India

[ad_2]

Source link