With over three decades in the media and entertainment industry, Shibasish Sarkar has played a pivotal role in shaping Indian cinema, television, and digital content. As Group CEO of Reliance Entertainment, he has overseen blockbuster films like Simmba, Super 30, Sooryavanshi, and 83, along with acclaimed OTT projects such as Sacred Games, Jubilee, and Indian Police Force. Beyond his corporate leadership, Shibasish has championed industry-wide initiatives as a three-time President of the Producers Guild of India. In this exclusive interview with Broadcast & Film, he shares insights on Reliance Entertainment’s evolving strategy, the future of theatrical and digital content, and the challenges and opportunities shaping India’s entertainment landscape.
Q: You have been an integral part of Reliance Entertainment for a significant period. As Group CEO, how do you envision the future of the company in the evolving landscape of Indian cinema and digital content?
To provide some context, I would like to begin with a brief overview of Reliance Entertainment’s journey. I have been associated with the company for approximately 18 years, having joined in 2007 as its second employee. At that time, the Reliance Group had recently entered the entertainment sector, initially through a strategic stake acquisition, followed by the establishment of its own film and content business. I began my tenure as the Chief Financial Officer of the film division and gradually assumed broader responsibilities. Over the past 10 to 12 years, I have been overseeing the company’s entire entertainment vertical.
Today, Reliance Entertainment operates through four primary business segments:
1. Film Production & Distribution – We began as a film production company and have since been involved in the production and distribution of approximately 450 to 500 films. Of these, we have directly produced around 100 to 120 titles, with the remainder being distributed through our network. About seven to eight years ago, we introduced a distinctive investment model, focusing not solely on films but on marquee film directors. This led to the formation of joint ventures with leading filmmakers, such as Rohit Shetty Productions (a collaboration between Reliance Entertainment and Rohit Shetty). Similar partnerships exist with Imtiaz Ali, Ribhu Dasgupta, and previously with Phantom Films (comprising Vikas Bahl, Vikramaditya Motwane, Anurag Kashyap, and Madhu Mantena). While Phantom Films has since disbanded, we continue to collaborate with its directors on various projects. Additionally, we have a robust presence in Telugu film distribution through our partnership with Suresh Babu and Sunil Narang under the Global Cinemas banner. Our film syndication business is another critical component of our operations.
2. Digital Content (OTT) – We are actively engaged in producing premium content for streaming platforms. Our foray into the digital space commenced with Sacred Games 2, and since then, we have developed projects such as Indian Police Force, Jubilee, and Amber Girl, among others. On average, we deliver four to five high-quality shows per year.
3. Animation – As the largest 2D animation studio in India, we employ approximately 1,000 professionals and focus exclusively on the development of our own intellectual properties (IP). Our strategy involves adapting successful film franchises into animated content, resulting in series such as Little Singham (based on Singham), Smashing Simmba (based on Simmba), and Golmaal Junior (inspired by Golmaal). Little Singham
1 Smashing Simmba and Golmaal Junior have each surpassed 200 episodes. Our principal animation studio is based in Pune.
2 Gaming – Our mobile gaming business, headquartered in Pune, employs around 100 professionals, with our CEO operating from Chicago. Notably, approximately 85% of our gaming revenue is generated from international markets. We specialize in developing games based on Hollywood and Western television intellectual properties, including WWE, Into the Badlands, Real Steel, and Drone.
In addition to these core business verticals, we operate a stock image licensing business, which has evolved into India’s largest distributor for Shutterstock. Furthermore, we run 15 animation schools across India under the Reliance Animation and Big Animation brands. These institutions offer diploma and degree programs, playing a crucial role in developing industry talent for our animation studio.
A star-studded night with an electrifying crowd!
Q: Given these diverse verticals, is the company more focused on films or web series?
Six to seven years ago, approximately 95% of our business was cantered around films, with non-film verticals contributing only 5%. Today, the composition has evolved significantly—films now account for approximately 60% of our business, while OTT content contributes around 25%, and animation and gaming collectively make up the remaining 15%. While films continue to be our largest vertical, the substantial growth in digital content and other segments underscores our strategic diversification and commitment to expanding our presence across multiple entertainment platforms.
Q: With declining footfalls in theatres and the rise of OTT, how do you see the future of theatrical releases?
There has been a clear shift in audience behaviour over the past few years. Comparing 2019 (pre-COVID) to 2025, the Indian box office has yet to fully recover in terms of footfalls. While overall revenue levels have returned to 2019 levels primarily driven by higher ticket prices, footfalls remain 8-12% lower. However, in contrast to Hollywood, where theatrical attendance has declined by 25-30%, India has demonstrated a stronger recovery.
That said, consumer preferences have evolved significantly. Audiences now make a conscious choice between experiencing films in theatres or consuming content at home, depending on the nature of the film and the viewing experience it offers. For theatrical releases to thrive in this new landscape, films must provide compelling, large-scale cinematic experiences that justify the theatre-going experience.
Q: How is Reliance Entertainment adapting to these shifts?
Reliance Entertainment remains committed to being a leading player in film production and distribution, with a strategic focus on maintaining our position among the top three studios in India. However, our role has evolved beyond that of a traditional studio—we are now actively involved in film production rather than solely acquiring ready-made content.
Recognizing the increasing engagement in regional cinema, we are strengthening our presence in this space. While we have previously produced 40-50 regional films, we aim to significantly expand our footprint to capitalize on the growing demand for high-quality regional content.
In the OTT segment, we are closely monitoring the industry’s transition from subscription-based (SVOD) to ad-supported (AVOD) models. Our approach is to navigate this shift strategically, ensuring sustainable business outcomes while continuing to deliver premium digital content.
Within the animation sector, we are looking to expand into adult animation, a largely untapped genre in India. Traditionally, animation in the country has been perceived as content for children, but we see strong potential for mature storytelling within this medium. Additionally, as we scale our talent pool, we may explore outsourcing opportunities to further leverage our capabilities in this space.
At our core, Reliance Entertainment remains platform-agnostic—we create compelling content that resonates with audiences across mobile, television, and theatrical platforms. Our guiding principle is to adapt to evolving consumer trends and technological advancements while maintaining a strong focus on storytelling.
A fundamental question for the entire industry is whether we are truly addressing audience preferences or catering to our own perceptions of demand. Before shaping content strategies, it is essential to assess and align with the evolving expectations of viewers.
The Indian box office landscape remains dynamic, with no clear, definitive trends emerging as yet. It may take several more years for a stable trajectory to develop, at which point the industry will be better positioned to refine its content strategies in response to audience behaviours and market conditions.
Celebrating the spirit of cinema at the 'Bhavesh Joshi' event!
Q: Is the escalating cost of production—driven by star fees and increasing expenses—a major obstacle?
The answer is both yes and no. Over the past four years, particularly in the post-COVID era, films that have achieved exceptional success have largely been high-concept spectacles. While "spectacle" is not a defined genre, these films are characterized by grand visuals, immersive worlds, and compelling high points that deeply engage audiences. Additionally, they are unapologetic in their creative vision and storytelling. When a filmmaker's conviction is strong and aligns with audience expectations, the response is overwhelmingly positive.
However, creating such large-scale cinematic experiences comes with substantial costs. At the same time, the industry is actively addressing the need to rationalize expenses—whether related to talent fees, director and technician costs, or inefficiencies that result in prolonged production schedules. With mid-budget films currently facing challenges at the box office, there is increasing pressure to control costs while preserving the artistic and cinematic integrity of a project.
While cost-control measures are being implemented, the challenge remains in striking the right balance between financial prudence and creative ambition. It is essential to eliminate unnecessary expenditures that do not contribute to the final on-screen impact. However, cutting costs at the expense of production quality could be counterproductive. If a project demands a certain scale to deliver the intended experience, the industry must be prepared to make that investment—while simultaneously optimizing planning and resource management to minimize inefficiencies.
Q: What are your priorities as President of the Producers Guild of India?
As President of the Producers Guild of India, my foremost priority is to restore the financial stability of the industry. True success is not defined by a handful of blockbuster films achieving extraordinary box office numbers, but rather by ensuring that most producers can operate sustainable and profitable businesses.
Currently, producers face several key challenges:
1. Unpredictable Box Office Performance – Theatrical revenue remains inconsistent, making financial planning and risk assessment increasingly difficult.
2. Declining Content Acquisition – Over the past 24 months, digital and satellite platforms have significantly reduced both the volume and value of their content acquisitions, impacting revenue streams for producers.
3. Challenges in the Pay TV Sector – The linear television segment is experiencing a decline in advertising revenue, further affecting the sale of satellite rights and limiting monetization opportunities.
4. Exhibitor-Related Issues – Ongoing discussions with exhibitors focus on concerns such as Virtual Print Fee (VPF) charges, fair screen availability, optimal showcasing, and the appropriate windowing between theatrical and digital releases.
5. Industry Stability – There is a critical need to establish a more stable and predictable ecosystem where producers can operate with greater financial security and long-term viability.
Addressing these challenges requires a collaborative approach across stakeholders, with the goal of fostering an environment that supports creative expression while ensuring financial sustainability across the entire value chain.
Q: Institutional financing remains a critical issue for Indian cinema. What specific steps should be taken to encourage banks and financial institutions to engage with the industry meaningfully?
Beyond the immediate challenges facing industry, there are broader structural issues that require long-term solutions. Two key areas of concern are:
1. Lack of Institutional Financing
Unlike Hollywood, Europe, Japan, or Korea—where institutional film financing is well-established—India continues to lack structured capital for film production. In developed markets, major financial institutions such as JP Morgan, Barclays, and BNP Paribas have been actively financing films for over 75 years. However, in India, institutional film financing remains negligible. While some banks, such as IDBI and Yes Bank, have sporadically funded films in the past, the overall access to structured financing remains severely limited.
Despite the film industry being granted "industry status" 25 years ago, financial institutions have yet to develop dedicated film financing portfolios. To address this gap, we have been actively engaging with the Ministry of Information & Broadcasting (I&B) and the Ministry of Finance, advocating for the implementation of institutional financing mechanisms tailored to the unique financial models of the entertainment sector.
2. Inadequate Investment in Film Infrastructure
Public sector investment in film infrastructure has been minimal. Unlike other industries that benefit from government support, the film sector has relied almost entirely on private capital for production and distribution.
A significant example of this shortfall is the lack of world-class film studios. If asked to rank India's top 10 film studios, Ramoji Film City would undoubtedly be at number one—but there is no clear second, third, or fourth-ranked facility of comparable scale and capability. Mumbai Film City, despite its extensive land resources, requires significant redevelopment to meet modern industry standards.
In 2019, the Producers Guild of India, in collaboration with EY, submitted a white paper to the Chief Minister of Maharashtra outlining the need for major infrastructure development in the film sector. While political changes have delayed progress, we remain committed to driving this initiative forward and are hopeful that renewed efforts will lead to meaningful action in the near future.
Addressing these systemic challenges will be essential in fostering a more stable and financially viable film industry, enabling Indian cinema to compete more effectively on the global stage.
Legends in one frame! A meeting of minds, creativity, and cinematic brilliance.
Q: How can the exhibition sector, which has seen a decline in the number of screens, experience a resurgence?
The exhibition sector in India is facing significant challenges, with single-screen theatres shutting down across the country and even major multiplex chains experiencing financial strain. A critical issue is the lack of cinemas in tier-2 and tier-3 cities—despite audience interest, many regions simply do not have access to a nearby theatre.
While the private sector has been instrumental in building and maintaining cinema chains, government intervention is necessary to incentivize investment in this space. Without proactive measures, access to theatrical entertainment will continue to decline, further limiting the industry's growth potential.
Bridging the Infrastructure Gap
The Indian film industry is at a crossroads. While opportunities for expansion exist, addressing financial constraints, reducing inefficiencies, and improving infrastructure investment are critical for long-term sustainability. Through collaborative efforts with policymakers, industry stakeholders, and financial institutions, the sector must work towards creating a more robust and resilient exhibition ecosystem that benefits both producers and audiences alike.
The government must develop effective strategies to extend the cinema infrastructure into tier-1, tier-2, and tier-3 cities, as these regions present a significant business opportunity. Various models can be explored to establish this infrastructure. A structured approach could include assessing the feasibility of setting up screens with different investment levels, whether at INR 50 lakh, INR 1 crore, or in towns with a population of 10,000.
Although some progress has been made, further government intervention is necessary to drive sustainable growth in these areas. Without the necessary policy support, investment in new theatres, particularly in underserved regions—will remain stagnant.
Comparing India's Screen Growth with Global Markets
Fifteen years ago, India had approximately 13,000 cinema screens, while China had around 8,000. Today, China has expanded to nearly 85,000 screens, whereas India's screen count has declined to around 9,000-10,000. India’s diverse market structure is more comparable to Europe, where each state operates with distinct economic and cultural dynamics. Notably, states such as Tamil Nadu and Andhra Pradesh have managed to maintain a strong single-screen culture due to regulatory measures, such as ticket price controls, and a deeply ingrained cinema-going tradition.
Addressing Uneven Screen Distribution
One of the primary challenges facing India's exhibition sector is the uneven distribution of screens. Metro cities are saturated with multiplexes, while smaller towns and mid-sized cities remain largely underserved. For instance, within a three-kilometre radius in Mumbai, multiple multiplexes operate, collectively offering 25-30 screens. However, just beyond these urban centres, cinema infrastructure is sparse or non-existent.
Additionally, many potential moviegoers in smaller towns are deterred from visiting theatres due to concerns about hygiene, affordability, and overall experience. If industry can develop clean, well-managed, and reasonably priced cinema spaces, there is a vast untapped audience eager to engage with theatrical experiences. However, this requires a strategic approach distinct from the multiplex-driven model prevalent in metro cities.
To ensure a resurgence in theatrical exhibition, India must adopt a comprehensive approach that includes both private investment and public policy support. By improving accessibility, affordability, and infrastructure, the industry can revitalize the exhibition sector and sustain long-term audience engagement in cinemas.
Q: You’ve actively engaged with policymakers on industry concerns. What progress has been made in extending copyright protection beyond 60 years, and what more needs to be done?
A key issue in India’s Copyright Act is that it currently provides copyright protection for only 60 years. As a result, by 2025, any film released in 1965 or earlier will enter the public domain, raising significant concerns for producers and rights holders. This is in stark contrast to most developed nations, such as the United States and the United Kingdom, where copyright protection extends for 80 to 90 years—often beyond the lifetime of the original creators.
Recognizing the implications of this limitation, we have been actively engaging with the government to advocate for an extension of the copyright tenure. Aligning India's copyright laws with international standards is crucial to ensuring that producers, studios, and rights holders continue to benefit from the commercial value of their intellectual property.
While discussions with policymakers have been ongoing, further efforts are required to push for legislative changes that reflect the evolving dynamics of the entertainment industry. Strengthening copyright protections will not only safeguard creative investments but also encourage long-term financial sustainability within the industry.
Q: Unlike many international markets, India lacks robust film production incentives. How can the government structure a more impactful incentive model for domestic producers?
The Producers Guild of India is actively addressing the need for structured incentives and grants for domestic film production. When Indian filmmakers shoot abroad, they benefit from various incentives—including grants, tax subsidies, and credits ranging from 20% to 40%—offered by numerous European nations and destinations such as Mauritius. However, India does not provide comparable incentives for its own producers.
While there are well-defined policies for foreign productions filming in India, with incentives capped at INR 30 crore, domestic productions receive no equivalent benefits. Although several state governments have introduced incentive policies, these are typically capped at INR 1 crore—an amount that is insufficient for large-scale productions. For a filmmaker investing INR 100 crore, an INR 2 crore incentive is negligible and fails to make a meaningful impact.
To create an effective incentive structure, the government should evaluate the broader economic benefits of supporting domestic film production. This includes assessing its role in employment generation, direct spending on local talent and businesses, and its contribution to the overall economy. At a minimum, a refund of the state GST (9%) for a defined period could serve as a viable incentive, ensuring that production investments remain competitive while fostering growth within the Indian film industry.
When storytelling meets passion – two visionaries sharing a moment of inspiration!
Q: How do you view the need for skilling initiatives in the entertainment sector? What specific reforms or partnerships would help build a sustainable talent pipeline?
The emphasis on skilling and workforce development within the entertainment sector is paramount. Unlike traditional industries that rely on physical infrastructure, the film industry is fundamentally driven by talent and skilled professionals. At present, India’s formal film education and training ecosystem is limited to institutions such as the Film and Television Institute of India (FTII), Satyajit Ray Film & Television Institute (SRFTI), and a handful of other specialized schools. Given the sheer scale and complexity of the industry, there is an urgent need for a structured vocational skilling framework to train professionals across various filmmaking disciplines.
Several states are making significant investments in developing film cities: however, without a well-trained workforce, these facilities risk being underutilized, leading to an over-reliance on skilled professionals from Mumbai and other established hubs. A systematic and scalable approach to workforce development is essential to ensure that talent is nurtured locally, supporting regional film industries while strengthening the national ecosystem.
The Producers Guild of India continues to refine its objectives in response to the evolving needs of the industry. While immediate priorities have included legislative advocacy on issues such as the Cinematograph Act and Broadcasting Bill, our broader long-term objectives include:
- Securing institutional capital to develop film industry infrastructure.
- Expanding incentives and grants to support domestic film production.
- Extending copyright protection to align with global best practices.
- Establishing a structured vocational training ecosystem to develop skilled professionals for the industry.
India’s film industry is not just about infrastructure—it is fundamentally about people and creativity. Without structured investments in education, training, and skill development, the industry will face sustainability challenges, regardless of infrastructure expansion. A collaborative approach involving the government, industry bodies, and private stakeholders is essential to fostering a holistic and long-term growth strategy for Indian cinema.
Q: Reliance Entertainment has a history of global partnerships. What is your current approach to international collaborations—do you see more co-productions or India-led global content strategies emerging?
Reliance Entertainment has a strong legacy of international collaborations, including its 22% stake in Steven Spielberg’s Amblin Entertainment. While earlier investments were more globally expansive, the company’s current strategy prioritizes strengthening India-centric content across diverse formats such as animation, live-action, OTT, and gaming. The objective is to establish a leadership position in each of these segments while selectively pursuing global collaborations at the content level.
The evolving landscape of India’s entertainment industry presents significant opportunities for international partnerships. Rather than adopting an inorganic approach—such as acquiring studios, the focus is shifting toward content-driven collaborations. This includes working with international writers and creative producers, as well as leveraging OTT platforms to expand the global reach of Indian stories. The key consideration is whether Indian narratives can engage international audiences or if globally resonant stories can be effectively produced in India.
From a financial perspective, currency fluctuations are not a primary concern. While discussions on international funding or acquisitions continue, the company is currently undergoing a financial restructuring process. However, this restructuring is not exclusively geared toward securing a strategic or financial partner; rather, it is part of a broader effort to strengthen the business. If the right opportunity arises, the alignment will occur naturally.
Ultimately, the future of India’s entertainment industry hinges on a multifaceted strategy that encompasses infrastructure development, government support, international collaborations, and skill-building initiatives. By addressing these key areas, Indian cinema can continue its domestic growth while enhancing its competitiveness on the global stage.
Q: AI, VFX, and virtual production are transforming the entertainment landscape. How do you see these technologies reshaping storytelling, production, and distribution in India?
The rapid evolution of technology—particularly AI, VFX, and virtual production—is fundamentally reshaping the Indian entertainment sector. Over the past decade, audience expectations have driven significant advancements in VFX and CGI, and now, with the rise of AI, the industry is experiencing even more profound and swift transformations.
As these technologies advance, adaptation becomes essential. Certain job roles may become obsolete in the next four to five years, but the key lies in navigating this transition effectively. Rather than viewing technological disruption as a threat, the industry must embrace it to enhance storytelling, improve production efficiency, and elevate audience engagement. Historical parallels, such as the introduction of computers in the 1980s, underscore the importance of adaptation over resistance.
AI is already revolutionizing multiple aspects of filmmaking, including dubbing, content creation, marketing, and post-production workflows. Automated tools are streamlining processes such as trailer editing, poster design, and various elements of film production. While this evolution may lead to the displacement of some traditional roles, it will simultaneously create demand for new skill sets. Therefore, a strong focus on upskilling and reskilling the workforce is essential to align with emerging industry requirements.
Globally, the increasing integration of AI into content creation has sparked critical discussions around regulation and its impact on creative professions. Recent labour movements in Hollywood, including the writers’ and actors’ strikes, highlight the need for structured policies to ensure fair industry practices. As India continues to embrace AI-driven advancements, finding the right balance between technological innovation and ethical industry standards will be crucial for sustainable growth.
Q: You transitioned from finance to media—what were the most unexpected challenges you faced when entering the entertainment industry?
My professional background is in finance—I am a Chartered Accountant with expertise in company secretarial roles. The first decade of my career was spent in the FMCG sector, primarily with Godrej, where I operated within a structured, process-driven corporate environment.
My transition into the media and entertainment industry was entirely unplanned. In 2003, I made the decision to join UTV Software, a move that surprised my family, given that UTV was then a relatively small company valued at approximately INR 100 crore, compared to Godrej’s INR 4,000 crore business. I was seeking a more dynamic and entrepreneurial work environment, but the shift from a traditional corporate structure to the highly creative and fluid world of media proved to be an eye-opening experience.
One of the most unexpected realizations for me was the industry’s unique approach to assets and inventory. Coming from FMCG, where physical inventory meant large warehouses filled with tangible products, I was surprised to learn that UTV’s INR 40 crore inventory consisted of content stored on tapes in a single room. This stark contrast underscored the fundamental difference between traditional industries and entertainment, where intellectual property and creative output drive business value rather than physical goods.
This transition also highlighted the challenge of balancing creativity with financial prudence. Unlike in structured corporate environments, where processes are standardized and predictable, the entertainment sector thrives on innovation, subjectivity, and constant change. Navigating this intersection of commerce and creativity required a shift in mindset—one that embraced uncertainty, creative intuition, and strategic risk-taking.
Q: Over the years, what has been the most significant change in the way Indian studios and producers operate?
What has kept me in this industry for over two decades is the fine balance between creativity and commerce. Unlike rigid, process-driven industries, entertainment is in a constant state of evolution. Every day presents new challenges and learning opportunities. Though the industry itself is over a century old, it remains dynamic, demanding continuous innovation to keep pace with shifting audience expectations.
Ultimately, success in this field hinges on understanding and anticipating consumer preferences. Unlike the FMCG sector, where a successful product formula can endure for decades, entertainment requires relentless reinvention. This ever-changing landscape is what makes the industry both challenging and exciting.
There is no fixed formula for success in this business. One year, Shah Rukh Khan delivers blockbusters like Pathaan, Jawan, and Dunki, but there is no predictable pattern to ensure repeated success. While certain pitfalls can lead to failure, the key to a hit remains elusive. This unpredictability keeps everyone on their toes.
As challenging as it may be, the industry constantly pushes you to evolve, prompting you to reassess your approach, your work structure, and your creative instincts. That’s why people move on. Very few enter this space and successfully navigate their way through it.
Q: Finally, looking ahead—do we see Mr. Shibasish Sarkar building a new studio empire or creating a new industry model altogether?
There are many factors that must align before reaching that stage. That being said, what truly drives us in this industry? It’s the unparalleled thrill of creating something that captivates audiences—whether creatively or commercially. The excitement of witnessing a film like Sooryavanshi achieve massive box office success, or seeing Simmba and Singham resonate deeply with viewers, is unmatched. At the same time, there is immense satisfaction in watching a film like Chamkila perform exceptionally well.
Working within an organization means operating within a structured system—one that is ultimately driven by people. Naturally, there is always an aspiration to build something of your own, to create and collaborate with a team that shares your vision. Whether one ultimately owns or runs a studio is a matter of destiny, but the desire to shape an ecosystem remains constant.
Fortunately, my journey in this industry has given me the space to grow and the freedom to operate independently. Having joined early, I have been able to navigate this landscape with a degree of autonomy that has been invaluable. As for what the future holds—only time will tell. Let’s see where destiny leads!