India produces about 900 films per year, of which about 200 are made in Bollywood. Out of the 200 films, about a fifth are hits, i.e. they make money. From 2007, the hit-flop ratio has improved by 10 per cent due to increased avenues of income such as an increase in the number of multiplexes, music downloads, in-movie product advertising and of course a robust television market in India and overseas.
In 2007, the industry, which includes Bhojpuri and Marathi films made in Mumbai, generated a revenue of Rs. 3,000 crore. Bollywood's annual revenue is forecast to increase by 16 per cent every year over the next five years, according to www.1takemedia.com, a free jobs portal for the television and film industry.
Job opportunities are also expected to grow by 15 to 20 per cent each year over the next five years. Over the years, the composition of the workforce has changed, with more youngsters now able to break in early. So growth will benefit young people looking to get into films. Already, the Mumbai film industry employs three lakh people, of which half are youngsters.
Bollywood is also much less formulaic than it was in the recent past, allowing a greater diversity of talent and vision to flourish in the industry. Young directors like Farhan Akhtar, Farah Khan, Anurag Kashyap have created new vistas with their success.
Bollywood has been corporatised, with integrated studios such as UTV, Eros Multimedia, Reliance Adlabs, Percept, Astvinayak Films, Studio !8 and YRS Studios offering complete services right from film production to exhibition.
Social values have also changed. So while earlier, those who worked in films were looked down upon, parents are now actually pushing their children to become a star. In some cases, even academics have taken a backseat for celluloid aspirations.