OTT WORLD GOES BIG ON BUDGET
Makers are now investing more money in web projects and taking content production a notch higher with ensemble casts, looking to compete with global KUNAL KOHLI,
With star-studded casts and big ideas, the world of over-the-top or OTT is also upping its scale in terms of budgets allotted for projects. And the same is reflected in KPMG’s Media and Entertainment post Covid-19 report, which states that India may have a billion digital users by 2030, which will add to the demand for OTT originals, leading to higher requirement of cash flow.
“It is a good space to be in. Makers and OTT platforms are looking to go big with production value. They want us to compete with global productions,” says filmmaker Kunal Kohli, who captured the grand scale of India’s mythological history through his web show Ramyug.
From Ajay Devgn’s Rudra The Edge of Darkness, Sanjay Leela Bhansali’s Heeramandi to upcoming digital outings by Akshay Kumar, Shahid Kapoor and the spin-off of the Baahubali franchise, big bucks are expected to pour in, to create these OTT wonders.
“Makers will invest thought, time and money to explore the potential of this medium. But, you can’t make any kind of content without spending money. How much you spend will depend on the kind of story you want to tell,” opines producer Anand Pandit.
According to the latest report by FICCI, streamers are expected to spend around ₹1,920 crore to create original content for India in 2021, which is a 17% rise from 2019, when ₹1,400 crore was spent. Explaining this, Jehil Thakkar, partner at media and entertainment, Deloitte India, says: “The sole objective of OTT platforms right now is customer acquisition, so focus is on increasing the spending on shows to create signature or tentpole shows, because average-style shows just don’t work on the digital platform. They don’t get people to sign up. That’s what is driving a lot of the spending.”
The acceptance of digital content in recent times has instilled confidence among makers as well as platforms, feels Vikram Malhotra from Abundantia Entertainment.
“For instance, we have tripled our investment behind content development in the last 18 months. That’s the sign of confidence and the results we all are trying to get,” adds
A still from Kunal Kohli’s Ramyug
Malhotra, who is overlooking the development of Kumar’s The End as well as the adaptation of the book of the Kalachakra.
Actor Aahana S Kumra, too, agrees that investment has risen. “People are now ready to invest more in a web project as compared to before, which is a good thing,” she says.
But, this doesn’t mean there has to be a free flow of cash. Filmmaker Nikkhil Advani, who created the ambitious series The Empire, shares, “It is a misnomer to think that budget is not a constraint anymore. In my experience, as far as projects are concerned, we never compromise on ambition, but we always have to bear in mind the guard rails of a budget.”
On the other hand, Call My Agent director Shaad Ali asserts, “Money can buy you a budget, not aesthetics. In the end, it all comes down to vision and good eyes.”
Ajay Devgn will soon be seen in Rudra - The Edge of Darkness
A still from The Empire
Makers, OTT platforms are looking to go big with production value to stay true to the content.