Sources across cinema chains have confirmed to ET that they had individually written to the landlords and mall owners seeking waiver of rent under the ‘force majeure’ clause of their contracts. The clause excuses companies from meeting some obligations in case of certain unusual circumstances.
As the Covid-19 outbreak hits companies hard, CFOs like Vaish are bracing for what many are referring to as the toughest phase in their careers.
While the daily total time spent per viewer also jumped from 3 hour 46 minutes in January to 3 hours 51 minutes each in week under consideration. The increase in TV viewership was driven by kids (20%) after schools were shut down and kids could even venture out due to restrictions in place.
As per data from TV viewership monitoring agency BARC India, the PM’s address was viewed live by 197 million people, across 201 TV channels. The 8 pm speech was views for a record 3.891 billion minutes. In comparison, the last IPL final was viewed by 133 million viewers.
Advertising growth was muted due to overall economic slowdown in the second half of calendar 2019 which also impacted festive ad spending and that resulted in a polarisation of spends towards high-impact properties including the Indian Premier League (IPL), ICC World Cup and the general elections.
The digital services also decided to lower the bitrates to 480p, which will put less stress on telecom networks as India goes under 21-day lockdown and people are confined to their homes. This has caused an unprecedented surge in mobile internet consumption.
The Indian Music Industry (IMI) said that its members have started to suffer on account of drastically reduced cashflows as film releases have been stalled and public performances revenues have dried due to cancelled music events and F&B outlets being shut.
The Covid-19 outbreak has hit the industry hard and with shoots cancelled, release dates pushed, filmmakers are worried that even after the situation improves, there will be a clutter of films ready to be released, but getting dates will be an issue.
As cancellation of the 13th edition of the Indian Premier League (IPL) due to Covid-19, starts looking like a real possibility, Duff & Phelps, the multinational financial consultancy firm, has estimated it will reduce the value of the entire IPL ecosystem by $700 million to $1 billion.
“I am elated to welcome Piyush Pandey on the company’s board,” Punit Goenka, MD & CEO, ZEE, said. “We all have experienced his creative work, which has directly touched our hearts. His sharp acumen and creative approach will help us immensely in driving the Company to its desired goals.”
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