ABS-CBN Corp. has made an agreement with Indian studios Global One to adapt some of its blockbuster films for Bollywood.
In a statement released Friday, ABS-CBN Film Productions said the deal would cover five films topping the list of 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 around 800 films and sells around four billion tickets a year. .
“We are delighted to have our films adapted for the Indian market,” ABS-CBN Films Managing Director Olivia Lamasan said in the statement.
“The Philippines and India share many common values, one of which is the strong love for family, which resonates in our films and will soon be experienced by the Indian people,” Lamasan said.
According to ABS-CBN, the five films 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 sought new sources of revenue after the Duterte administration shut down its free-to-air broadcasting business while allied lawmakers canceled its bid for a new franchise in 2020.
As a result, the loss last year jumped 400% to P13.5 billion. He was also forced to cut thousands of jobs.
At its annual meeting last July, ABS-CBN CEO Carlo Katigbak told shareholders the company was optimistic its new strategy would yield additional profits to support the business.
Katigbak also noted that the international market was an important growth opportunity for the company.
ABS-CBN is also strengthening its digital presence while partnering with other television networks in the form of airtime rental contracts.
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