On February 1, Finance Minister Nirmala Sitharaman will present the Union Budget 2023 to Parliament. Additionally, the central government is likely to present a number of brand-new tax reforms as well as modifications to the economic policies that are currently in place.
In light of the economy’s recovery from the Covid-19 pandemic, many people have high hopes for the Union Budget 2023. However, the entertainment industry is also hoping for some price relief for movie tickets and OTT subscriptions.
Numerous experts from Bollywood and the film industry have advocated for uniform and consistent ticket prices. Currently, the prices of movie tickets vary significantly between multiplexes and single-screen theaters, affecting both the quality of the venue and its upkeep.
The Union Budget 2023 could mean that movie ticket prices in multiplexes could be lowered if the entertainment industry’s demands are met. This would give people of all income levels access to movies on the big screen.
India has one of the highest taxes on movie tickets for entertainment. The Union Budget 2023 may introduce a new policy to regulate the entertainment tax on movie tickets and make them more affordable, even though it is governed by the state.
Since private companies have fixed pricing models for various OTT subscription modes and formats, it is unclear whether the Union Budget 2023 will have an effect on OTT subscription prices.
A significant portion of Netflix and Amazon Prime’s global viewers are Indian, the two OTT giants. The movie theater industry has suffered greatly as a result of the widespread availability of OTT subscriptions.
People will likely be able to rely more on the big screen for content consumption if movie ticket prices are reduced. The OTT platforms may also lower the prices of their subscriptions in order to compete with the lower prices of movie tickets.
Although the entertainment industry has not received much attention from the Union Budget in the past, it is possible that tax exemptions will be granted for the upcoming fiscal year as a result of the industry’s growing demands.
