ABS-CBN sashays into Indian market as films get Bollywood remake
ABS-CBN Corp. sealed a deal with India’s Global One Studios to adapt some of its hit movies for Bollywood.
In a statement on Friday, ABS-CBN Film Productions said the agreement would involve five movies top-billed by local box office stars Kathryn Bernardo and Daniel Padilla.
The move was part of ABS-CBN’s efforts to expand overseas and also marked its entry into India, a multibillion-dollar cinema market that produces about 800 films and sells about four billion tickets a year.
“We are thrilled to have our movies adapted for the Indian market,” ABS-CBN Films managing director Olivia Lamasan said in the statement.
“The Philippines and India share many common values, among which is the strong love for family, that resonate in our films and will soon be experienced by the people of India,” Lamasan said.
According to ABS-CBN, the five movies were Barcelona: A Love Untold, Can’t Help Falling In Love, Crazy Beautiful You, She’s Dating The Gangster and The Hows Of Us.
ABS-CBN has been seeking new revenue sources after the Duterte administration shuttered its free-to-air broadcasting business while allied lawmakers killed its bid for a new franchise in 2020.
As a result, loss last year jumped 400 percent to P13.5 billion. It was also forced to cut thousands of jobs.
During its annual meeting last July, ABS-CBN CEO Carlo Katigbak told shareholders the company was optimistic its new strategy would produce additional earnings to sustain the business.
Katigbak also noted the international market was a significant growth opportunity for the company.
ABS-CBN is also boosting its digital presence while partnering with other TV networks in the form of airtime leasing agreements.
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