No big theatre releases this festive season, but video OTTs promise to keep you entertained

While Laxmmi Bomb will release on November 9 on Disney+ Hotstar, Coolie No 1 will be a December 25 release on Amazon Prime Video.

Along with Coolie No 1, Amazon Prime Video will be releasing nine new films in the upcoming months.

The platform has had many direct-to-digital releases during COVID-19 lockdown. In fact, it was the platform in India to start the trend of digital premieres.

In May, the platform had announced seven digital premieres. And many other video OTTs followed suit. But Disney+ Hotstar, unlike other platforms, added multi-starrer and tent-pole films in its direct-to-digital portfolio.

Tough times for theatres

While the festive season will not be dull thanks to video OTTs releasing big films, theatres have fallen short of content especially tent-pole films due to digital premieres.

Theatres are struggling with content as big Bollywood films that are waiting for a theatrical release haven't yet announced release dates.

Makers of Akshay Kumar's Sooryavanshi are unlikely to release the film this Diwali and may push the release to next year. Many Hollywood ventures have also postponed the release to next year, leaving cinemas struggling for content.

Big films need big opening for strong box office collections which theatres currently cannot guarantee due to a staggered re-opening of theatres and 50 percent occupancy.

On the other hand, video OTTs have offered 80 percent higher premiums to small and medium-size films during COVID-19 lockdown as compared to pre-COVID levels. The premium for bigger films has been 120 percent in times of COVID-19.

For example, Ajay Devgn's Bhuj: The Pride of India which is made on a budget of approximately Rs 60 crore has been signed by Disney+ Hotstar for around Rs 130 to Rs 140 crore.

Laxmmi Bomb was also bought by Disney+ Hotstar for around Rs 120-130 crore.

This is why even producers of big films took the OTT route leaving theatres with a few big films.

Cinemas need content

Many experts believe in the current times, theatres will have to be more flexible and release films that first came to an OTT platform.

Ishaan Khattar and Ananya Pandey-starrer Khaali Peeli which premiered on ZeePlex, a pay-per-view movie service by Zee Entertainment, will be releasing in theatres on October 16.

Whether theatres will agree for the release of more such films, only time will tell. But theatres that have always banked on the festive period will have to think of ways to get back the audience to theatres in the upcoming months.

As for the audience, they have their options with video OTTs betting big on the festival season.

When it comes to video streaming platforms, according to experts, they have in the current times added four to five million new subscribers in the overall OTT space. And with strong content during the festive period, OTTs are expecting more uptick in the number of subscribers.