Production and distribution giant, Disney has confirmed its exit from Hindi film production.
According to a statement from Disney, the company will focus on its core Hollywood film business. After wrapping up its current slate of films, Disney India will shut down on the India film production business. This also signals the end of UTV, which it bought from Ronnie Screwvala, four years ago.
A statement from Disney India said, ���We periodically review and realign our business priorities in response to evolving market dynamics. Given the challenges with the current economic model for investing in the local film industry, we intend to shift the focus of our film strategy to driving our Hollywood movie slate in India. These movies have enjoyed considerable success, including The Jungle Book, which is the highest-grossing Hollywood movie of all time in India. We remain optimistic about the incredible potential of the Indian market and will continue to invest in growing the Disney brand in India with our movies, television networks, consumer and interactive products, and live experiences.”
Disney India recently released ‘Mohenjo Daro’, which proved a huge box office disaster. As well as this, films like ‘Fitoor’, ‘Katti Batti’ and ‘Phantom’ have been detrimental to Disney India’s business. ‘PK’ and ‘ABCD 2’ have been the biggest successes since Disney India took over.
The future of international operations for Disney India currently remain unclear until post the releases of ‘Dangal’ (December 2016) and ‘Jagga Jasoos’ (April 2017).