Aditya Chopra‘s Yash Raj Films is all set to enter the Indian OTT space. Chopra is earmarking Rs 500 crore for YRF’s OTT arm that will be called YRF Entertainment, according to a press release.
The statement says, “Aditya Chopra wants to contribute towards raising the bar of digital content production in India. He wants to match global standards of vision and storytelling with stories that are rooted in India.”
Noting that YRF has “huge plans” and will roll out their strategy soon, the press statement adds that home-grown scripts for new OTT projects are currently in the works.
The note adds, “Aditya Chopra is of the opinion that OTT has the power to showcase truly Indian stories to the world. Being the first and only true blue Indian studio, YRF wants to tell the best stories to global audiences in the most visually grand way possible. Platforms like this are now bridging the language barrier and exposing cultures and talents to the world. Aditya Chopra wants to shift a gear and really scale up the OTT space in India to match international standards.”
The 50-year-old filmmaker and his studio have been working on floating the OTT venture for the past two years and reportedly already have several new projects lined up.
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The production house is entering the OTT space at a time when streaming platforms are thriving in the country. According to the Federation of Indian Chambers of Commerce & Industry, in 2020, digital media grew by 6.5% to reach Rs 235 billion and is expected to grow at a compound annual growth rate (CAGR) of 22% to reach Rs 425 billion by 2023. Paid OTT subscriptions crossed 50 million for the first time in 2020 and are only expected to grow in the coming years.
Meanwhile, YRF has several films lined up for release in theatres. Chopra also announced recently that he will make his Broadway directorial debut in Autumn 2022 with a Dilwale Dulhaniya Le Jayenge musical.