Conclusion

Be it Hollywood or Bollywood, both prove the saying, "there is no business like show business." In spite of there being no definite formula for success and the risky nature of this business, the film industry has always attracted maximum attention and is still gaining in popularity.

In recent times, Bollywood experienced the increasing influence of Hollywood, especially on business and legal practices. The reason for this has been the ever-growing international exposure that talent in Bollywood is getting as a result of the globalization of the entertainment industry.

With India opening its doors to foreign investment in the film industry and permitting financial institutions to fund film projects, Bollywood is steadily witnessing a huge change in its outdated business and legal practices. It is very important to realize that films will always remain a risky business but becoming a business can mitigate the risk. Several Hollywood companies have shown an interest in co-production of films in India and the distribution of Indian productions in English. They have also expressed interest in bringing more of Hollywood to India, such as investments in infrastructure facilities, studios and multiplexes. To complement the foreign players and attract investments from overseas, the Indian film industry will have to work better and become more disciplined and organized.

Corporatization and globalization are the buzzwords in Bollywood today. The transition process to move into the next phase has begun with issues like (a) drawing up of well-defined finance models; (b) planned organization structures; (c) transparency in dealings and accounting; and (d) addressing the global market, gaining importance.

Furthermore, Lagaan's nomination for an Academy Award was an achievement in and of itself. Regardless of the fact that it did not win, there is no way that the Indian film industry can be ignored as a global force anymore. In December 2002, Lagaan was released in Shanghai, the first Hindi film to be distributed in China in three decades.³¹⁶ However, even while we are witnessing this globalization fever, there are lessons to be learnt for Bollywood with regards to marketing, diversifying and expanding in this global market. The way in which the Chinese, through films like Crouching Tiger Hidden Dragon, penetrated the Western market and caught the attention of Hollywood is also an important point to be taken into consideration. The need of the hour is for the Indian film industry to realize the huge potential of venturing into the international market beyond the non-resident Indian population. Producing films with local themes using the finest technical and directorial resources is the conduit to acquiring a greater foothold in the international arena.

As Shekhar Kapur rightly said, "Indian films are the only ones which have the resilience to withstand the Hollywood juggernaut. In the next few years, one can be sure that Indian films and music will be seen and heard more and more outside the cloisters of non-resident Indians". As David Chute put it “While Hong Kong cinema works by radical compression, Bollywood operates by expanding in all directions.”³¹⁷ This difference in style also demands immense amount of creativity, ingenuity, energy and craftsmanship to deliver intense pleasure for a long period of time.

The important consideration that flows throughout the Report is the fact that there is an urgent need for Bollywood to improve business and legal practices employed and bring them on par with those prevailing in Hollywood. Even though Bollywood has weaknesses with regards to the inorganic and disorganized nature of conducting business, the lack of systems and processes, required management skills and poor enforcement environment, the fact still remains that there is enough talent, creativity and skill in the industry today and enough domestic and global opportunities exist for Bollywood to prosper and bloom. Correction of these weaknesses would help Bollywood in attracting international talent and resources. Further, just as in the case of the software industry, Bollywood can position itself as an ideal outsourcing base for Hollywood by leveraging its low-cost base and high-quality skills. On the other hand, Hollywood has the opportunity to tap into the vast pool of talent and benefit from the low-cost factor that Bollywood currently enjoys. However, it would require a lot more determination, commitment, effort and understanding from players operating in both industries if the chasm is to be bridged.

Mark Twain once said, "For East is East and West is West and never the twain shall meet.” However, with Bollywood's outstanding features like cost effectiveness, a local, English-speaking populace, a large talent pool and a rich heritage of culture, history and geography, are creating areas of synergy with Hollywood and the 'twain' are set to meet!