‘‘It’s time to radically change the way we think about our business,’’ the meek film broker said. He has been in the film trade for over 30 years. He was reacting to the news of yet another Bollywood film which had opened disastrously at the box office and had to be consequently pulled out from several cinemas on the very first day due to lack of audiences. The thing which disturbed him the most was that this was not a low-budget, new-star cast film, that this one had a superstar. ‘‘Our industry and the entire media is boxed in by dysfunctional practices which, instead of exposing the reality, are obscuring it. I wonder why all these frantic producers put themselves under huge debts and pay these stars so much money? What’s going on in our industry? Why do you think our films are flopping one after another?’’ he inquired. His question set me thinking. There was no denying that the business environment world over is becoming far less forgiving to mistakes. The impact of globalisation is all pervasive these days. It has changed the ground rules of almost every business forever. We are living in a new age. In this period of lightning change, our old ways of doing business just won’t work anymore. This is an epoch of hyper-competition, falling prices and wafer-thin margins. It is certain that in the future, very few films will manage to make a profit, let alone break even. But why is Bollywood rapidly falling? Why is it facing its ‘‘greatest economic challenge since the Indian Independence’’? According to me, it has little to do with the prices of its stars or with its manufacturing capabilities. Neither has this crisis been activated by the raging piracy problem. Bollywood has run out of new ideas and it is going through the throes of ‘‘creative death’’. Most people fail to realise that the entertainment industry breathes and thrives on two key factors: its openness to new ideas and its ability to harness the creative energies of its own creative workforce. Today, like never before, Bollywood needs new people with new ideas. Look at America and take the example of Hollywood. For years it has kept its creative fires burning by opening its doors to all sorts of talented people from all over the world. It is said that America produces $450 billion worth of films, music, TV programmes and books every year. But now things are beginning to change. All the creative talent which once went to America is beginning to disperse around the globe. This is because countries like Finland, Canada, Ireland, Australia and New Zealand have grasped the impact of creative minds on the economy. These nations are cultivating and encouraging new creative talents in every field to come and work in their country. Lord of the Rings is one recent example. The Government of New Zealand funded this path-breaking film. It is simple. To remain relevant and to stay new, you must continue to attract new sharp creative minds to your group and make huge investments in them. Because wherever creativity goes, economic growth is sure to follow. Here in India, most states are giving tax holidays to the exhibition sector to build multiplexes. Instead of pumping so much money into bricks-and-mortar projects, we must invest generously in creating a new creative infrastructure. In the UK, in West End and Broadway, theatre owners spend three times as much on intellectual property as on their theatre buildings. In the 21st century, Bollywood must focus on creating and encouraging its human capital. The movie business world over lives off ideas, but it also knows how elusive and puzzling ideas can be, and how casual their birth. World renowned screenwriter William Goldman once said: ‘‘In Hollywood, nobody knows anything.’’ Which is true, nobody knows which idea will hit the bull’s-eye next. A writer of repute says that the only attitude every businessman needs in these times of change can be summed up in one phrase: Relentless realism. Bollywood is paying a heavy price for ignoring reality. The real long-term predicament facing Bollywood and the world is the looming shortage of creative talent. We have for too long ducked from the bitter truth that we have hit creative rock bottom. It is time it urgently begins to make investments to renew and nourish its creative wells before they dry up for ever.
