In a recent update India office of Hollywood studio, Universal Pictures will shut down in the year-end. Lockdown and is one of the reasons because of which companies are suffering. From 1st January, 2021 producer will close down its operations in India.
The India office of Hollywood studio Universal Pictures has produced such blockbusters including Jurassic Park, E.T. The Extra-Terrestrial, Fast & Furious films, Meet The Fockers, Jaws, Bruce Almighty, The Bourne Ultimatum, King Kong, Minions and Fifty Shades Of Grey.
Now all the films of Universal will be distributed by Warner Bros. in India. And as the reciprocal arrangement, Universal will distribute Warner’s films in Australia and New Zealand.
According to the agreement the two Hollywood studios will work in close tandem with each other. Each studio will distribute films of the other in the territories in which it is stronger.
A trade person was quoted by a tabloid, “After Disney acquired Fox, one can expect more such acquisitions or mergers. In the long term, there will be only three or four players in the OTT space just as there will be three or four in the multiplex space. Most single-screen cinemas will, in the final tally, be taken over or managed by the large multiplex chains, which will increase the bargaining power of both, the multiplex chains as well as the single-screen cinemas.”