Yes! Audiences may finally be able to breathe a long sigh of relief as latest developments confirm that the ongoing strike in Bollywood may finally be over. After an intense meeting, producers and multiplexes seem to have finally come to an agreement regarding revenue shares. It is believed that the three-month long strike has cost the industry about 300 crores. Ouch!
A source told Mumbai Mirror, “The final settlement reads 50 per cent in the first week, 42.5 per cent in the second week and 35 per cent revenue in the third week for the producer of all films.” Also, if a film earns more than 70 crore nett, the multiplexes will give an extra 2 percent to producers.
It seems that the producers couldn’t have chosen a worse time to strike. Smack in the middle of a worldwide recession, producers decided that the amount of money they were being given by the multiplexes was unfair and decided to unite and trigger some sort of change. As a result, the schedule of release dates has been shuffled around drastically with several biggies having no release date at the moment. In the next few days, a clearer picture should emerge.
As of now, neither the multiplexes or producers are confirming an end to the strike.
“I was a neutral observer at the meeting. The worst is behind us. But I am not supposed to give you any details until the entire paperwork regarding this matter is completed. You will have a clear picture by tomorrow. We will not uncork the champagne till then,” Mahesh Bhatt told Mumbai Mirror. Producer Ramesh Sippy also confirmed a settlement but refused to give out any details.
Perhaps the most hardly hit film was Kal Kissne Dekha, Jackky Bhagnani’s debut. Producer Vashu Bhagnani started promoting the film a while back and has been forced to extend promotion due to the strike. Also, Akshay Kumar starrer Kambakkth Ishq was earlier supposed to release in May but will likely be pushed to July/August. It remains to be seen whether Vishal Bhardwaj will release Kaminey in June or not.
Regardless, viewers can expect the biggies to start releasing in July while June will probably be a month of heavy promotion. Grab your popcorn…it’s back to the movies!
Update (May 29): Bollywood Hungama’s Taran Adarsh recently reported that the multiplexes and producers have NOT in fact come to a consensus but will talk again next week. Let’s hope for the best!