The Indian film industry is entering a new phase of comprehensive expansion, during which it will become increasingly important to speed up production to keep up with the world’s most cutting-edge technological developments and innovations.
Embracing technology has been a slow but steady catalyst for change in India’s film industry. This is especially clear in recent blockbusters like Bahubaali: The Conclusion and the visual effects-laden Krrish and Ra.One. This is a reflection of the rising expectations in Indian film and has spurred a wave of innovation in storytelling, scriptwriting, and visual effects. Adopting proven technology all along the film value chain has been shown to increase profits, expand audiences, and reduce production costs.
Despite these bright spots, the Indian business sector lags behind the rest of the world when it comes to innovation and the use of cutting-edge technologies; in this context, the widespread adoption of new methods is urgently required. The good news is that significant steps are being done to strengthen the system, including:
Boosting Investment in Film Technology Research and Development
Research and development (R&D) funding in the film business needs to be increased. This can help spur technology innovation and lessen reliance on imported machinery. The film industry could benefit from the establishment of specialised research and development (R&D) centers devoted to fields like virtual reality (VR), artificial intelligence (AI), and other cutting-edge technology. This will lead to the creation of Indian-made technological solutions tailored to the requirements of the Indian market, opening up prospects for export.
Improvements to Film Industry Intellectual Property (IP)
The Indian film industry has learned over the years the value of IP protection and now has a rigorous IP registration and protection mechanism in place from pre-production through post-production that all parties involved can trust. As a result, foreign studios are more likely to set up shops in India, form joint ventures with domestic players, and co-produce films with studios here at home, increasing both revenue and the sharing of best practices.
Acquiring New Technical Abilities
India has emerged as a leading hub for the production of visual effects and 3D conversions. The abundance of cheap labor has played a role in this, but there is still a skills gap in the industry. Gaining expertise in these new technologies paves the way for their rapid adoption and use. As a result, the country will become an international hub for the film industry. Increasing the number of schools that teach film is crucial if India is to achieve a uniform filmmaking workforce. The potential of partnering with universities throughout the world to offer courses in cutting-edge fields like virtual reality, drone cinematography, and 3D conversion is being investigated by various academic institutions.
Building an Environment that Encourages Creativity and Risk-Taking
The film industry can benefit greatly from fostering a spirit of innovation and entrepreneurship. The expansion of the film industry as a whole can be aided by the promotion of startups whose primary mission is the development of cutting-edge technology solutions with applications in the sector. These fledgling businesses might be fostered by establishing incubation centers and offering guidance and funding to help them develop innovative solutions in fields like film production, distribution, and marketing.
Increasing Cooperation with Foreign Studios
Collaborations with foreign film studios and tech firms can provide a major boost to the transformation process. The Indian film industry might gain access to cutting-edge tools and production techniques if it formed strategic partnerships. Opportunities for talent exchange, capacity building, and the launch of collaborative businesses with domestic and international appeal could potentially arise from working together. In addition, if successful, such collaborations could entice FDI into the country, which in turn would boost the entertainment industry as a whole. The Indian film industry can learn a thing or two from Hollywood, which has become known for its mastery of storytelling and its use of cutting-edge technology.
Production Companies Deploying New Technology Need Financial Incentives
Funding issues are a common problem for Indian studios, preventing them from making industry-advancing strides. Financial incentives, such as tax holidays or recovery of development costs, are being enacted to encourage studios to explore future technologies. As a result, studios will have the money they need to invest in research and development of domestic technologies, and international production companies will be more likely to open their doors for an Indian adventure.
Financial Aid for Upgrading to 3D-Compatible Displays
It is crucial to assure the proliferation of 3D screens to commercialise content to foster a thriving ecosystem that supports the widespread adoption of 3D content in Indian cinema. Building a new 3D screen typically costs around INR 3-3.5 million, while converting an existing 2D screen to 3D compliance costs around INR 1 million. Tax breaks and low-interest loans, among other government-backed incentives, are being considered. Given that 3D films generate two to three times the revenue of previous releases, theatre owners anticipate swiftly recovering their investment once funding support is finalised for the changeover.
Sustainable Filmmaking Methods Needed to Be Promoted
Finally, as concern for environmental issues grows, India’s film industry must adopt sustainable practices. The film industry may take the lead in sustainable cinematography by embracing eco-friendly practices including recycling, using renewable energy, and cutting down on waste during production. The use of digital solutions, virtual sets, and cloud-based platforms can all play important roles in this respect by facilitating more effective management of resources and reducing physical waste.
To genuinely revolutionise and keep up with global peers, the Indian film industry must prioritise international collaboration, engage in R&D, stimulate innovation, and adopt sustainable practices. There is a long way to go, but if you make it there, the payoff will be great.
Technology Development
As the Indian film industry enters a new period of comprehensive growth, it is crucial to quicken the tempo to keep up with the cutting-edge technological developments and innovations taking place all over the world. In such a scenario, it will be essential for Indian filmmakers to create and implement essential technologies in their films. How the industry works towards implementing holistic change to usher in a revolution of sorts remains to be seen.