Hindi
CCI upholds YRF’s deals with single screens
NEW DELHI: Ajay Devgn Films has received a setback with the Competition Commission of India (CCI) ruling that Yash Raj Films‘ (YRF) agreements with single screen exhibitors was not in contravention of the Competition Act.
The CCI said the agreements entered into in July/August by YRF with single screen theatres were not anti-competitive.
In its petition, Ajay Devgn Films had pointed out that during the release of Salman Khan-starrer ‘Ek Tha Tiger‘ on 15 August, YRF and its distributors had taken an undertaking from single screen theatres that they would also exhibit the film ‘Jab Tak Hai Jaan‘ by the same producer during Diwali.
Ajay Devgn Films alleged that it was laid down that any single screen theatre which did not agree to exhibiting ‘Jab Tak hai Jaan‘ would not get to screen ‘Ek Tha Tiger‘.
CCI was also informed that some single screen theatres did not agree to the YRF‘s condition.
The Commission said, “The act of booking theatres by a distributor for its two films simultaneously when the theatre owners have the liberty either to agree or not to agree, is not a restraint on the freedom of business of theatre owners. The theatre owners can wait for other films and can refuse to book their theatres simultaneously for two films. Even otherwise, the non significant position held by the single screen theatres does not cause any adverse effect on the competition.”
Furthermore under the Act, tie-in arrangements per se are not violating of section 3(4)(a) of the Act.
“If many high ticket mega starrer films compete with each other to be released only on the occasion of festivals, the choice lies with the theatres and each theatre is at liberty to book its theatre even in advance and it cannot be said that this had appreciable adverse effect on the market. The subject of appreciability is of huge practical importance for competition,” it added.
The Commission said according to its information, even single screen theatres in some of the states are further sub-divided in category A, category B and category C and the distributors discriminate between these categories and do not allow release of new films in category B or category C theatres and only choose category A theatres.
‘Thus the market of exhibition of new films on single screen theatres in the context of this case is not of enough significance to cause an appreciable adverse effect on the competition. Even otherwise, the market cannot be restricted to any particular period like Eid or Diwali and the market has to be considered a market available throughout the year.‘
Justice S N Dhingra and members H C Gupta, R Prasad, Geeta Gouri, Anurag Goel, and M L Tayal said Ajay Devgn Films did not place on record data either of market share or of economic strength to show how the opposite parties were dominant in the proposed relevant market on the basis of above stated guiding factors.
It was argued by the counsel for the informant that the opposite parties were dominant because Yash Raj Films was a big banner production house and had a big name and had given several blockbuster films.
But the Commission said, “No enterprise can be considered dominant on the basis of big name. Dominance has to be determined as per law on the basis of market share, economic strength and other relevant factors stated under Section19 (4) of the Act.”
The Commission said it was unable to accept ‘such a narrow approach‘ while determining the relevant market. A large number of movies are released in India every year. In Bollywood itself, 107 and 95 films were released in 2011 and 2012 (till now) respectively. Out of this, Yash Raj Films produced only two to four films each year. ‘This cannot be said to amount to dominance even in the Bollywood industry, leave aside film industry in India.‘ Therefore, the claim of Ajay Devgn Films that Yash Raj was a dominant player in the film industry in India cannot be accepted, it said.
Ajay Devgn Films had alleged that the YRF agreements were in violation of section 3 as well as section 4 of the Competition Act. It submitted that ‘Ek Tha Tiger‘ was released at the time of Eid and ‘Jab Tak Hai Jaan‘ is to be released at the time of Diwali.
‘This grievance of the informant arose because the informant feared that he would not get enough theatres for his own film ‘Son of Sardar‘ because of the agreement of single screen theatres with the opposite parties at the time of releasing Ek Tha Tiger. Ajay Devgn Films contended that the agreement between the opposite parties and the film exhibitors for exhibition of the two films together amounted to contravention of section 3(4)(a), 3(4)(b) and 3(4)(d) as well as contravention of section 4(2)(a).
Hindi
GUEST COLUMN: Why film libraries & IPs are the new engines of growth
Unlocking value through catalogue strength and IP synergy
MUMBAI:In a media landscape defined by fragmentation, platform proliferation, and ever-evolving audience behavior, the economics of filmmaking are undergoing a fundamental shift. No longer confined to box office performance, a film’s true value is now measured across an extended lifecycle that spans digital platforms, syndication networks, and global markets. As content consumption becomes increasingly non-linear and algorithm-driven, film libraries and intellectual properties (IPs) are emerging as strategic assets, capable of delivering sustained, long-term returns. For Mohan Gopinath, head – bollywood business at Shemaroo Entertainment Ltd., this transformation signals a decisive move from hit-driven models to portfolio-led value creation. In this piece, Gopinath explores how legacy content, when intelligently repurposed and distributed, can unlock recurring revenue streams, why the interplay between catalogue and original IP is critical, and how media companies can build resilient, future-ready entertainment businesses.
For all these years, we thought that a film is successful if it performs well in theatres. There are opening weekend numbers, box office milestones, and distribution footprints that gave a good picture of how the movie has done commercially and also tell us about its cultural impact. However, there are multiple platforms today, always-on content ecosystem, which has caused a shift. Today, the theatrical performance is not the culmination of a film’s journey but merely the beginning of a much longer and more dynamic lifecycle.
Film libraries today are emerging as high-value, constantly evolving assets that deliver sustained returns well beyond initial release cycles. This becomes a point of great advantage for legacy content owners with diverse catalogues, to shape long-term business outcomes.
According to FICCI-EY, the media and entertainment industry of India achieved a valuation of Rs 2.78 trillion in 2025 which is expected to reach Rs 3.3 trillion by 2028 through a compound annual growth rate of approximately 7 per cent and digital media will bring in more than Rs 1 trillion to become the biggest sector which generates about 36 per cent of overall market revenues.
This shift is the expansion of distribution endpoints. We know how satellite television was once the primary secondary window but today, it coexists with YouTube, OTT platforms, Connected TV, and FAST channels. Each of these platforms caters to distinct audience demographics and consumption behaviors, helping content owners to obtain more value from the same asset across multiple formats.
For instance, films that had great reruns, now find continuous engagement across digital platforms. On YouTube, classic Hindi cinema continues to attract significant viewership, reaching audiences across generations and geographies with remarkable consistency. At Shemaroo Entertainment, this is reflected in our film library shaped over decades as part of a long association with Indian entertainment. From classics such as Amar Akbar Anthony to much-loved entertainers like Jab We Met, Welcome, Dhamaal, Phir Hera Pheri, Dhol, Golmaal, and Bhagam Bhag, many of these titles continue finding new audiences while retaining their place in popular memory. Their enduring appeal reflects how culturally resonant stories can continue creating value over time. Similarly, FAST channels have created curated, always-on environments where catalogue content can continue to thrive through star-led and genre-based programming.
This multi-platform approach has very well transformed films into long-tail IP assets which are capable of generating recurring revenue across advertising, subscription, and syndication models.
The evolution of audience behavior is equally important. Nowadays, it’s more important to find what’s more relative than what’s recent as viewers are more influenced by mood, memories, and algorithmic suggestions than by release schedules. Even if a movie was released decades ago, it can trend alongside a newly released movie, if surfaced in the right context. Thoughtful packaging, whether through festival-based playlists, actor-driven collections, or genre clusters, allows catalogue content to remain dynamic and continuously discoverable. Shemaroo Entertainment has built extensive film libraries over decades and its focus has mostly been on recontextualizing content for the consumption of newer environments. This process doesn’t just include digitization and restoration, but also re-packaging of films as per platforms.
Syndication itself has evolved into a key growth driver. In perspective, when looking at the domestic market, curated content packages continue to find strong demand across broadcast and digital platforms. Meanwhile, in the international market, especially in markets like Middle East, North America and Southeast Asia, the appetite for Indian content is opening up new monetization avenues. Here, the ability to package and position catalogue content effectively becomes as important as the content itself.
Importantly, the need to re-package catalogue content does not diminish the role of new content. In fact, originals and fresh IP are essential to sustaining the long-term value of a film library because they act as discovery engines that bring audiences into the ecosystem, while catalogue content drives depth, retention, and repeat engagement.
This interplay between the “new” and the “known” is what defines a robust content strategy today. While new films generate spikes in consumption, catalogue titles offer familiarity and comfort. These are factors that are increasingly valuable in an era of content abundance and decision fatigue. This is also shaping our strategy, drawing value from both a deep catalogue assets and a growing focus on original IPs to strengthen long-term audience engagement and build more predictable revenue streams.
There is growing recognition that long-term value in entertainment will be shaped not only by how intelligently existing content continues to live, travel and find relevance, but also by how consistently new stories are created to renew that ecosystem. In that sense, film libraries and original IP are not parallel bets, but reinforcing engines of growth. For media companies, the opportunity lies in making these two forces work together, because that is increasingly where more resilient and predictable businesses are being shaped.
Note: The views expressed in this article are solely the author’s and do not necessarily reflect our own.
