India’s multibillion-dollar entertainment industry is quickly gaining a global audience, and it’s not just because of the song and dance. Worlds largest movie making industry is gaining american audience, and it’s not just because of the dance and songs. The first time ever, the IIFA awards show dubbed the Indian Oscars in hopes of expanding more in the West & is being hosted in New York City this weekend.
U.S. producers have already been closely monitoring the robust growth in Bollywood. In terms of income, the industry has gross box-office realizations of $2.9 billion which is equivalent to Rs. 1,86,04,95,00,000. That is expected to grow at 11 percent compounded annual growth rate reaching about $4 billion by 2020, according to research published by Deloitte India in 2016.
For years Fox, Sony, Disney and Viacom18, among others, have been investing in Bollywood while also finding ways to partner with local Indian studios. Bollywood is well known to be larger than Hollywood. If Hollywood people want to play role in India, they must partner up with local studios to get access to the talent. U.S. content makers are also getting in on the action.
Amazon Prime Video this past week unveiled their first Indian web series, “Inside Edge,” featuring prominent Bollywood stars including Richa Chadda and Vivek Oberoi. Amazon’s move is seen as a way to produce short digital series while at the same time leveraging India’s popular talent.
“Netflix and Hulu and Amazon, whoever’s entering the market, realizes that local content is king and people want content that is localized and resonates with them,” said Acharia.
In an effort to add more diversity to U.S. shows & movies, american networks have started bringing over talent from India. ABC recruited Bollywood titan Priyanka Chopra to play the lead role in “Quantico.” Chopra’s prominent role in a major U.S. show is a sharp contrast to what the U.S. media industry has typically seen in the past, when Indians usually played side roles.
“I think Priyanka’s really mowed down the doors for everybody to come in and make a mark here,” Acharia said. “And I think that her success is definitely telling network executives that they should be hiring more Indians, South Asians, into their shows, TVs, and movies.”