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TBI’s 2024 Predictions: Sunder Aaron, co-founder & principal, Locomotive Global
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Sunder Aaron (Source: Locomotive Global)
2024 is set to be a pivotal year for the global content industry, so TBI has enlisted some of the biggest names in the business to share their thoughts on the major trends of the next 12 months and how they’re going to capitalise on them.
Here, Sunder Aaron, co-founder and principal of Rana Naidu producer Locomotive Global, explains why the Indian company is pushing into mid-budget theatrical genre releases and how the coming months will see new opportunities for international investment into the country.
What is the biggest growth area for your company this year?
For Locomotive, I’d say it’s producing theatrical release films in India. We have been focused on premium long form scripted drama until now, but that doesn’t provide the upside that a strong-performing theatrically released film can. While the market for theatrical release is more tricky than ever before, opportunities for ownership in filmed content exist quite unlike when you’re producing a series on a commission / fees basis.
Also, we’ve seen the film business contract for streamers in India, so our objective this year will be to successfully produce and release small to mid budget genre films which can have a global appeal. We believe that India is yet to have its Parasite moment, and hopefully we can come close with one of our new projects.
What is the key trend going to be in 2024?
We should see different models for financing series that the streamers begin to adopt. As their business continues to rationalize, platforms and channels will also have to evolve the structure for their content deals. Hopefully this means that creative talent and producers will be able to negotiate ways to retain an ongoing interest in the works they deliver. We have already seen platforms make some pretty dynamic shifts to their business by licensing rival companies’ content, adopting advertising on their services, and sharing performance data, so it seems natural that some may also be open to changing how they set up and finance their shows and movies. This then opens the door for shared ownership in the rights. Now that’s exciting!
Blue Eye Samurai (Source: Netflix)
What is your New Year’s resolution and why?
We plan to work hard to take advantage of the new production incentive in India that was recently announced by the I&B Minister. It’s sizable when you also take into account the lower production costs in India. The incentive benefits any foreign funded productions for series or film, and can return up to 40% of qualified production expenses! This is a huge step in the right direction, and should bring to the market a number of new potential partners with capital for content.
What will be the biggest headline (not involving your own company) in 2024 and why?
‘Foreign Investment into Indian Media and Entertainment Surges’. I think that for a couple decades, Chinese media was the darling for multinational companies and international investors in emerging markets. It’s now become clear to everyone just how closed a market China can be for the media and entertainment business.
Hopefully macroeconomic factors (including the wars in Ukraine and Gaza) will improve, leading to a “flight from quality” for international capital. That means emerging market investors who are interested in media will see the various advantages of investing in India, including: legal recourse and rule of law, comfort in English (contracts and business is widely conducted in English), allowed up to 100% ownership of media and entertainment businesses, ability to repatriate profits, the new production rebate, high levels of technical production talent, etc.
What show are you most looking forward to in 2024?
Aside from our own releases, there are plenty of returning series that promise to be amazing, including The Bear, Blue Eye Samurai and The Last Of Us.
Read more from TBI’s 2024 Predictions
Nomsa Philiso, CEO of general entertainment, MultiChoice Group
Marina Williams, co-CEO, Asacha Media Group
Kate Beal, founder & CEO, Woodcut Media
Julian Bellamy, MD, ITV Studios
Daria Leygonie-Fialko, founder, Space Production
Rob Wade, CEO, Fox Entertainment
Frank Spotnitz, CEO, Big Light Productions
David Michel, president and co-founder, Cottonwood Media
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