After the surgical strike on money by Narendra Modi on Tuesday evening to ban the duplicacy on Indian Currency notes of Rs 500 and 1000 notes and to abolish Black Money count in the secret lockers as just a piece of paper. This swoop the gold rates and down the share market makes a situation of the nation similar to curfew, affecting the Box Office Business too.
This huge gap of currency with a couple of days is no yet filled with bucks in need is also affecting Indian Entertainment Industry and Bollywood Box Office Business too. Many Bollywood celebrities came forward on social media some with in favor and some with opposing Prime Minister, Narendra Modi. The political lad who is the actor in Bollywood Riteish Deshmukh, reacted quickly on his official twitter handle to share his views about the Blasting of Bollywood Business.
Will the #NoteBan affect the new releases at the box office over the next few weeks?
— Riteish Deshmukh (@Riteishd) November 9, 2016
— Riteish Deshmukh (@Riteishd) November 8, 2016
Ballsiest move I have ever seen from any leader.. It will cause a lot of heart ache but Kudos..Super way to make the black money redundant
— Anurag Kashyap (@anuragkashyap72) November 8, 2016
In fact, November’s Fridays, might turn ”Freaky Fridays” for the upcoming big budget movies this month, like Rock On!! 2, Chaar Sahibzaade-The Rise of Banda Singh Bahadur, Dongari Ka Raja, Force 2, Dear Zindagi, Kaahani 2, Befikre. The question striking the mind right now is ‘Will Bollywood lose out on more money at the box office?’
Film exhibitor Akshaye Rathi admits that it’s something that will definitely have an initial effect on Bollywood films in the next few weeks. “The degree of impact will be more visible in tier 2 and tier 3 towns where people are not completely aware of using plastic money or online banking. Places like Mumbai, Bangalore or Delhi is where people go to PayTM or a Book My Show to get their tickets. But there’s still a lot of people who are old school, who go to the bank at the beginning of the month, withdraw money and have a monthly budget. They spend that in cash. In that kind of places, the impact will be significantly bigger.”
Akshaye explains that around 40 percent of the money comes from online banking today. “It all depends city to city. In metro cities like Mumbai, around 40% of tickets are sold online. But you move to a tier 2 city like Lucknow and the percentage drops to around 30%. You move to some other small town and it’s not even that much.”
But Akshaye also adds that although ‘there will be a degree of inconvenience caused to moviegoers now, it’s going to benefit the industry in the long term’. How? “If you look at the future, it’s better because the production sectors will be benefited. Producers are always harrowed – people come and disrupt shoot and there need to be bribed. But all that leakage will stop so overall, the industry is welcoming this new change. The entire industry has applauded the measure.”