Sony has decided to shelve its proposed foray into film production in Bollywood. The company has also decided against setting up the proposed Rs 100 crore film fund. The decision assumes significance as it comes at a time when several of India’s biggest corporate houses are jumping into the movie-making business.
The company, however, is still open to financing films of smaller independent producers for a fee.
Sony was also planning to set up a Rs 100 crore film fund wherein funds were to be pooled in from other segments of the industry or investors and was to be managed by SET India. The idea behind the pool fund was to make easy financing available to film makers for a fee.
SET India had initially envisaged film production as a backward integration process as it already has a movie and music channel in place. With its own film production business, Sony would have automatically got the music rights and satellite rights. Also, the films would have been ready-made content for its channels.
Some of the leading corporate houses that have been reported to be looking at film production and distribution business include the Tatas, the Ambanis, the Hindujas, the RPG group, the Videocon group and Kishore Biyani’s Pantaloon.
SET India’s parent company, Sony Pictures Entertainment’s global operations include motion picture production and distribution, television programming and syndication, home video acquisition and distribution, operation of studio facilities, development of new entertainment technologies and distribution of filmed entertainment in around 67 countries worldwide.
Source: Business Standard