We need to bounce back in these challenging times

With theaters shut down for the second time and film, TV and streaming projects on hold, the damage caused by the latest COVID wave is taking a heavy toll on the country’s entertainment industry too.

‘While cinemas gradually began to open with limited seating and film shoots resumed, the devastation caused by the ongoing third wave has now brought everything to a halt’ said MPI Film Circuit Director Dr. Arosha Fernando who was earlier the Working Director of ITN TV channel and also produced 17 films, 6 tele dramas and 2 stage dramas - a total of 25 productions in a short period of time. 

‘With shoots stalled, daily wage workers employed in various capacities in film and TV crews have been hit especially hard. However, we need to make plans and contingencies based on an assessment of when things will open up as the Cinema industry in Sri Lanka certainty needs to bounce back,’ Dr. Arosha added with a strong determination.
‘Further, we need to explore the possibilities seriously to partner with global firms to rescue the local film industry. I am trying to initiate discussions with the recently launched International Media Acquisition (IMA) Corporation, a US New Jersey based company set up as a Special Purpose Acquisition Company (SPAC) which have no commercial operations and are formed strictly to raise capital through an IPO for the purpose of acquiring existing companies in the film and TV sectors. IMA plans to raise $200 million to $230 million on the NASDAQ stock exchange within the next 12 to 18 months and has plans of targeting acquisitions in North America, Europe and Asia. I guess we should make use of such efforts in bringing foreign direct investments (FDI) to the Sri Lankan film and TV industries’ Dr. Arosha further added. 

‘Meanwhile, as the country embarks on a massive vaccination drive, corporate entities in the industry need to stepping in to assist the government’s public health efforts. The Walt Disney Company India and its Star network announced it would contribute $6.8 million for local Covid-19 relief efforts, building upon the $3.8 million it contributed last year. We too need to make our contribution in whatever way possible at this hour of need,’ Dr. Arosha pleaded from the key corporates in the industry. 

CAPTION 1: Dr. Arosha Fernando

Caption pic 2 : MPI Film Circuit directors during an official inspection visit to SPI CINEMAS mega complex at PALAZZO CENTRE in Chennai, India exploring opportunities of creating global partnerships