Life & Style

Hollywood, Bollywood sign landmark cooperation pact

Hollywood and Bollywood sign pact to boost cooperation for producing and distributing films.

Afp November 11, 2010

LOS ANGELES: Hollywood and Bollywood, the world's largest movie industries, have signed a pact that will boost cooperation for producing and distributing their films.

The "historic declaration" inked Wednesday between the city of Los Angeles and the Indian film industry strengthens commercial ties and will move to increase the number of Indian productions that are filmed here, the Motion Picture Association of America (MPAA) said in a statement.

The pact "reinforces our city's commitment to attracting international production... we enthusiastically welcome further Indian production," Los Angeles Mayor Antonio Villaraigosa said at the event at Paramount Pictures Studios in Hollywood.

The two industries account for the majority of the world's cinema, and cooperation between them has already grown strongly in recent years.

Representing the Indian delegation, producer Bobby Bedi praised the pact's potential, noting how Hollywood and Bollywood "are economically robust and represent significant economic and cultural interests of their respective countries."

India has "always held a fascination for Hollywood, and this agreement pulls us closer together with the aim of sharing ideas and best practices on domestic and international film production," he added.

Analysts also point out that India's movie industry potential is huge.

India's film and television industry generated revenue of 7.7 billion dollars in 2008 and the figure is expected to top 13 billion dollars by 2015, according to the study conducted by consultancy PricewaterhouseCoopers.

The figures are dwarfed by the major Hollwood studio's total annual revenue of around 40 billion dollars, but the film audience on the subcontinent dwarfs its western counterpart.

Last year, some three billion cinema tickets were sold in India, compared with 1.5 billion in the United States, according to a Crisil media and entertainment report last September.

COMMENTS (8)

F. Alam | 14 years ago | Reply @ Neeraj, India Typical Pakistani mindset? I find your analysis deprived of common sense too. Typical Pakistani loves Bollywood movies. They either don't watch Hollywood movies or don't have the capacity to understand English movies. Typical Pakistani thinks Bollywood is a God and that is why they don't care about their own industry. Many Pakistanis think that Bollywood is their own industry (I have discussed with many) and no marriage is complete without Bollywood songs. I haven't come across even a dozen Pakistanis who boycott Indian films. Even the ones who hate India, love Bollywood. By your comparison, Nollywood (Nigerian film industry) is very close to beating Bollywood. If you like that trash too, good luck to you! I would like to think in a different way when it comes to any issue, be it films or politics. So don't tar me with the same brush!! Ordinary Pakistani may hate India and love Bollywood. I like India but don't like Hindi movies! I prefer French films over Hollywood/Bollywood.

Neeraj, India | 14 years ago | Reply @F Alam, I can understand your consternation at the coming of understanding between Hollywood and Bollywood as that reflects the typical Pakistani mindset. Let me tell you this, the figures quoted in the article do seems to be beyond your understanding. If you have any iota of understanding of the economics, then, let me tell you that, there is something called PPP(purchasing power parity) and going by it's terms, Bollywood is far-far ahead of Hollywood. Let me tell you in simple terms, a movie like Lord of the Rings could have been produced in India by just spending 1/9 th of it's original production cost. In India there is an army of skilled workers from every sector or fields imaginable and we can produce any thing under the sun with a fraction of cost compared with rich countries. That is why, we Indians are loathed, hated, envied, feared, admired and loved in world!

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F. Alam | 14 years ago | Reply UK Film Industry Contributes £4.3 billion (nearly $6 Billion) to UK economy every year (UK film council website). Even a third class film made on a home made cinema can return manifold, if successful. Is that an argument? If PROPER Bollywood films are more than 900 a year, then WE SHOULD SEE NEARLY 18 films being released in Cinemas across the globe EVERY WEEK!! Only a few Bollywood films are big budget but the reality is that there is black money behind them (their expenditure and income are both heavily exaggerated by underworld) and only a handful become very successful How stating facts equates to worrying? Someone has to think rationally and point to anomalies that people are scared to see and hate to admit!!!

no joy | 14 years ago | Reply @F. Alam 1.In 2009 British films grossed around $2 billion worldwide and achieved a market share of around 7% globally and 17% in the United Kingdom.(wikipedia) 2. it is extremely uncommon for any film to make 1 billion dollar.only six movies have achieved this mark in the history of films. 3.whatever bollywood is spending at,they are earning it many fold.so dont worry they are going to rock.

Anoop | 14 years ago | Reply @F. Alam, "Bollywood is a big thing but please don’t ingore the fact that it is a small industry as compared to Hollywood (even UK film industry!!). " Bollywood, the name of the Hindi Movie Industry is way bigger than Hollywood when you consider the number of releases or the number of people who watch the films. Hollywood has better revenue because Indian currency is around 40 times US dollar. In the future when India's currency will appreciate then Hollywood will look minute compared to a true giant.

F. Alam | 14 years ago | Reply Bollywood is a big thing but please don't ingore the fact that it is a small industry as compared to Hollywood (even UK film industry!!). Hollywood's revenues are nearly $27 Billion, UK film industry makes $3.5 Billion and is the second larget film industry (in terms of revenue). Whole Indian film industry doesn't make even what one Hollywood blockbuster makes. It is quite common for Hollywood blockbusters to earn more than $1 Billion each. Indian film industry makes less than $1 billion annually. Bollywood is wasting a great deal of resources when it comes to film locations. Even in this deal LA will be winner and Indian money will be spent there. Whereas, Warner Bros is building a $100 Million studio in the UK to shoot more films in England!

Rana Amjad | 14 years ago | Reply Conspiracy against Ummah a Islami!

saad | 14 years ago | Reply amazing figures! proves there's no business like show business!

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