CarXpert intends to scale up gradually to a level of 100 franchisee workshops in 2017-18 while gaining close to 500 franchise partnership by 2020.
Indian automobile industry is the largest in the world and accounts for more than 7% of the country’s GDP. Several initiatives by the Govt of India and increasing presence of major automobile players in the Indian market are expected to make Indian car market a world leader by 2020.
Resultantly, the car servicing business is growing faster to meet the increasing demand from this large car population in the country. The market research data states that only one third of the cars go back to dealer workshops post warranty and rest opt for local multi brand garages, which can provide reliable and cost effective service with closer home advantage.
It is typically seen that car care ends up becoming a massive issue, with restriction in budget coming in the way of proper servicing. Owners tend to pay a visit to authorised workshops for many of the services as a compulsory check-up ensures that the functioning of the vehicle is in high order.
Mandated workshops square measure expensive and can’t be afforded for normal maintenance. Hence, once the warrantee amount nullifies, customers tend to estrange from the authorised workshops particularly for nominal updates like oil change/paid services and minor accidental repairs. This is where the unorganised sector takes its share from.
The affordability and adaptability of local garages square, measure a large success amongst owners. Additionally the 24×7 handiness of those little repair retailers signify convenience. Their economical cost of repairs guarantees that the engagement remains intact. However, there’s no guarantee on the experience of workmanship or maybe the spare parts used by such garage. Owners require the boost of expert auto parts, at an affordable price-range. CarXpert aims to be that middle road of multi brand workshops- providing quality service at costs as low as local garages.
CarXpert Car Service is a franchising business under Skylark Group, an Indian Business Conglomerate with business Interests in EPC, Highways O&M, Security Services and automobile aftermarket industry. With pan India presence and a team of over 22,000 employees it is one of India’s fastest growing companies.
With core values of Customer Delight, Speed & Excellence; CarXpert through its dedicated franchisenetwork is designed to offer complete peace of mind to a car owner looking for reliable and cost effective car servicing solutions. Introducing a completely new business model to automotive aftermarket industry, CarXpert is quickly expanding its business to grasp the lucrative market opportunity through COCO and franchise car service stations.
BWDisrupt spoke to Navneet Pratap Singh, CEO and Co-Founder, Carxpert to know more about their future plans. Excerpts from the interview-
Inception and Business Module
Founded by Navneet Pratap Singh and Col Yogeshwar Singh Katoch and formally launched in Dec 2015, CarXpert is housed in Udyog Vihar phase 5 in the industrial focal-hub, Gurgaon- with a team of 15 dedicated employees. Currently, CarXpert has 1 COCO workshop in Palam Vihar, Gurgaon and a network of 19 Franchisees (17 in Delhi NCR and 1 each in Lucknow and Mohali).
After having consolidated their business model in August 2016, Carxpert has rapidly expanded up a franchisenetwork of 19 franchisees in mere 6 months, getting the title of India’s fastest growing multi brand car servicefranchise company. The organization provides the A-Z of car servicing- from repairs, car care to insurance renewal, extended warranty. The CarXpert business model involves setting up of COCO and FOFO workshops, interspersed across the country.
The USP of the franchise lies in providing high quality service at low cost to all stakeholders i.e. Car Owners, Insurance Companies and Franchisee Owners. They look at augmentation of existing unorganised multi brand car service stations to organize and elevate their business. In comparison to their competitors, they believe in creating car service centres rather than car service showrooms, thereby focusing on cost effective quality repairs rather than frills.
CarXpert looks forward at organizing the local multi brand service stations by providing them support in terms of systems & processes, provision of spare parts, training, customer connect and most importantly cashless tie ups with insurance companies. The organization intends to scale up gradually to a level of 100 franchisee workshops in 2017-18 while gaining close to 500 franchise partnership by 2020. Plans to start Pre-owned car franchise business in FY 2018-19 are also in the pipeline.
When we talk about big e-commerce companies, we think of the usual Flipkart and Amazon, in India. While these companies were the ones that introduced the concept to urban Indians, little did they realize that next generation of online customers would need an e-commerce portal which could cater to their specific needs.
Shopclues is one e-tailer targeting Indians living in tier-2 and tier-3 cities, but Voonik is trying to be the fashion destination for non-brand conscious Indians who prefer value for money.
With a ‘lean’ marketplace business model operating without inventory and fulfillment centers, Voonik.com has entered the big picture delivering goods to consumers in over 28,000 pin codes all over the country. They have been a profitable forum for unbranded labels to compete with the big names in the online business and the start-up is also dynamically growing the networks in Handloom and Rural penetration.
Sujayath Ali is the Co-Founder and CEO of Voonik, the leader in the unbranded fashion category with an annual GMV rate of over 120 Million USD.
Rebranding the Unbranded
It has over 20 Million registered users, with 18 Million app downloads and Mr. Ali talked to Business Insider to give an insight about e-commerce that is not glitzy but practical,”We are very focused on the kind of people we want to attract. For an average Indian, fashion is practical and while they want to wear traditional garb, the definitely don’t want garbage. We have over 15 Lakh products from more than 25,000 sellers, from all parts of India. Our sellers are the masters of their craft; whether it is leather footwear from Agra or Silk sarees from Chennai, we put retailers online.”
Voonik has built deep technology to enable personalization that made it the most engaging eCommerce app in India with you finding a lot of options in the same app.
Ali sees the retail sector as a part of online commerce and that’s why Voonik is all-encompassing Indians at its core.
If you have a small business that can be effortlessly replicated, franchising is one of the best ways to expand it. And if you handle it the correct way, you can absolutely pump up the profitability.
The question here is, “How and when do you switch to selling franchises”
Can your business be replicated?
You have to examine if your company can be a homerun anywhere. It’s simple for entrepreneurs to underestimate how much value they personally add to the business, however, for a company to translate into a flourishing franchise, it must be ready to survive the everyday challenges and do as such without the founder’s personal touch.
Entrepreneurs should expect to have investing accomplices and in addition personal financial stake in the venture. Costs will rapidly multiply for brand development, courting potential franchisees, repaying experts and particularly covering legal fees. Franchises can’t get off the ground without inexhaustible cash flow, and if the franchise flops, it could all vanish. Individuals frequently look too hard at the potential earnings without considering the potential loss.
1. It must be pilot tested with company-claimed and worked outlets
2. Business must be successful, unmistakable and replicable
3. Take legitimate professional advice – Solicitor, Banker, Accountant and possibly a Franchise Consultant.
4. The Franchise Agreement must be composed by an accomplished Franchise Solicitor
5. Take time to compose an operations manual
6. Choose franchisees precisely and gradually
7. Avoid overselling and forecasts
If you’ve ever thought of franchising your business, know that the procedure of becoming a franchisor is generally long and involves considerable capital. Still, many entrepreneurs dream of seeing their brand become a household name with a chain of franchisees spread from east to west and north to south. Franchising a business can help the business grow by leaps and bounds, but becoming a franchisor does not necessarily guaranty success, especially in the kind of economy we’re living in today. In addition to making some really smart decisions, becoming a successful new franchisor involves wading through a lot of legal paperwork to comply with state and federal laws. Here are a few tips on how you can expand your franchise:
Since the time you established your very first franchise unit, you mfranchiseust have run into several obstacles. From selecting the perfect location to hiring the right managers to run that particular unit, you might have used different strategies on a trial and error basis and emerged successful eventually. Since you are now aware of the kind of problems you might encounter when starting yet another unit, it is only apt that you pass your teachings on to your store managers and employees. When you teach those under you how to run a successful business, they can replicate your model and use it to create another duplicate establishment which is as successful as the previous ones.
Create a strong brand identity
Make your brand a household name before expanding your franchise. For example, if your business sells women’s beauty products, your brand’s name should be the first thing that consumers think of when they want to purchase women’s beauty products. That’s how strong the recollection value of your brand should be. If you want your franchise to become successful, you need to come up with a business model that will make your brand popular throughout your country. The more recognisable your brand personality is, the more prosperous your franchise will be. This way, when you establish new units, they’ll instantly gain success as they’ll be strongly backed by your brand name.
Strike a balance between local and national
Your franchise may be national with several establishments strewn all over the country, but there still needs to be a balance between your national name and local identity. Each individual establishment needs to develop a connect with its local people by staying in touch with its community, doing local marketing, and acting as though it is a traditional small business. Relying on the brand name might work for the establishment in its initial few days, but it needs to foster relationships with the local people to become a hit in the neighborhood it operates in. The easiest way to do this is by hosting and participating in a variety of community events.
Keep the above tips in mind to ensure that your business approach is working well in the market you’re catering to. Spend wisely on advertising your franchise and you’ll drive sales to the growing chain like never before.
Buying a Franchise: What Steps Should You Take?Buying a franchise is a huge step and one of the biggest decisions you will ever make. With such a wide range of franchise opportunities available, how do you ensure that you’re taking the right steps towards a successful future? Top tips for considering, not just their franchise opportunity, but for any franchise opportunity. 1. Does the franchise fit with your existing skillset or interests?
When looking into any business opportunity, you must ensure that the franchise opportunity fits with your skills and interests. Think about the skills gained from your previous career, is there anything that you excel in? Choose a business that you will enjoy and can be enthusiastic about. To make sure your business is a success, you should be happy with the commitment you are making and understand that it is a long-term investment and not something you may lose interest in a few months down the line. This is one of the first steps you should take to help you narrow down your search and decide which type of franchise you would like to start.
Auditel provide all the ongoing training, mentoring and support you need to tap into their franchise opportunity but they also encourage you to put your existing skills and experience to good use. You will become part of a network that comprises of over 200 like-minded professionals with whom you can combine your skills to upsell services to prospective clients. 2. Can you afford the franchise opportunity?
When you’re looking into franchise opportunities you will find that there are a range of different investment levels. Consider what you can realistically afford and remember that you will also need to cover your living costs for at least six months after starting the franchise. Will the franchise opportunity provide you and your family with the lifestyle you’re looking for?
The Auditel franchise opportunity allows you to build a business that suits your lifestyle and needs. An Auditel franchise can be run from home in order to keep overheads, office and staff costs low and provide you with a better work-life balance. Should you wish, you can build the business and rent office space, once the opportunity arises. The variety of the business means that Auditel suits a range of investment levels and you can build the franchise opportunity to suit you. 3. Research the franchise opportunity
Complete your due diligence to make your chosen franchise opportunity is everything it seems. When starting a franchise, you will probably look at a range of opportunities before you decide on the one that’s right for you. Research the market and your local area to make sure there’s sufficient demand for the product or service you want to sell. Avoid crowded or fad markets when starting a franchise as this will greatly increase your chances of success and means that you won’t have a huge amount of competition.
Speak to as many people involved with the franchise opportunity as you can to find out whether or not the business will provide you with everything you’re looking for. Does the franchise match up to everything you’ve been told? Thorough research of the franchise opportunity will allow you to make a measured and informed decision about whether or not you wish to start the franchise. Source : franchiseinfo
Franchising : They’re the largest living generation in the U.S.
They spend more money in restaurants per capita than any previous generation, according to Restaurant Marketing Labs.
They’ve been credited with changing the restaurant landscape forever by seeking out brands that offer customized food choices, quality ingredients, freshness, authenticity, transparency, and environmental and social responsibility.
They grew up on more trendy fast-casual brands like Chipotle Mexican Grill, Panera Bread, and the dozens of fast casual 2.0 chains that came after them.
Millennials—those born roughly between 1980 and 2000 and comprising the biggest American generation, according to Pew Research Center—are coming of age as entrepreneurs and business owners. Maligned by some, millennials have been called apathetic, lazy, and narcissistic. But as the generation ages and matures, some of its members are transitioning from their roles as demanding teen customers and misunderstood entry-level employees to innovative managers and business owners.
And franchisors should be ready to capitalize on their potential.
What sets millennials apart
Chicago area native Sal Rehman is a millennial who grew up working in his family’s diner. He graduated from DePaul University in 2010 with a degree in human resources and worked for several years as a recruiter for corporate technology firms. Eventually, he felt the pull of the family business and decided franchising was the best route to operating his own restaurant. He opened his first Wing Zone in suburban Glendale Heights, Illinois, in 2015 at age 27. Two more Chicago-area locations quickly followed, and a fourth is in the works.
Rehman says he took his time and looked at many different franchising opportunities, but Wing Zone attracted him because he liked its business model as a fast-casual restaurant with delivery and a broad menu made up of more than wings.
“The look and feel was right,” he says. “Some franchises are not flexible, but with Wing Zone, it’s more of a partnership. If franchisees have something we think we can improve on, they take that into consideration.”
The prudent approach Rehman took to finding the right franchise opportunity is typical of the millennial generation, says Dan Rowe, founder and CEO of the franchise development company Fransmart. They want to work for the best of the best and will do their research to find authentic brands that fit their lifestyles.
In fact, Rowe says, franchisors don’t always need to recruit millennial franchisees.
“Millennials find you,” he says. “Just authentically do a great job, run a company that other people authentically talk about that wins awards and accolades, and they will come to you. Millennials are looking for brands that are already functioning at a high level.” He adds that, very often, millennials find franchise opportunities the same way they find everything else: through social media.
Paul Tran is senior director of development at Fransmart, and COO of Halal or Nothing, the Southern California franchisee of The Halal Guys, a fast-casual Middle Eastern concept. The 34-year-old says millennial franchisees like him view social media as “second real estate.”
“You need to have actual real estate that’s accessible and convenient,” Tran says. “But sometimes, with social media, people don’t even care where you are. If you pop up on their phone, you’ll be top of mind and they’ll find you wherever you are.” He adds that millennials are always on their phones, which helps as a franchisee because “you might as well be where the customers are.”
Because millennial franchisees are savvy about technology and social media, Rowe says, they are able to generate their own buzz without paying to advertise. In addition, social media can build a sense of community among a brand’s millennial franchisees.
“Franchisees communicate with each other, sharing best practices,” Rowe says. “They are also very savvy about press and public relations, and they’ll get on each other about social media scores. They’ll get alerts on their phones and send them around to other franchisees faster than corporate can. They are driven by things like Yelp ratings, and that matters because that’s what their customers are looking at, too. They are able to generate all their own buzz.”
The new franchise landscape
Technology has also created new ways for millennials to afford the dream of owning a franchise.
Companies like ApplePie Capital, an online lender solely dedicated to the franchise industry, have made it easier for potential franchisees to borrow money for startup costs.
“The target audience of these types of sites is millennials,” Rowe says. “We didn’t have that 10 or 20 years ago. Today, there are endless amounts of money available online, but you have to be tech-savvy and social media–savvy to get it. I’ve heard stories of people with no money at all who raised enough to open three restaurants.”
Still, as with other generations, millennials don’t want to have to do everything themselves. That’s partly why franchising is attractive to them, experts say; millennials are in tune with what they are good at—and what they aren’t.
“Personally, I’m not a chef,” Rehman says. “I have a passion for business and the food industry, not for cooking. I told my family if I open a franchise, there’s branding, funding, and background behind me. I like the model where I don’t have to do back-end work figuring out suppliers and logistics; that is already provided.”
Tran says he believes millennials have a lot of energy and a strong work ethic, two skills necessary in a franchise environment.
“We’re also willing to take advice from mentors and business people who have come before us,” he says. “We don’t know it all; we’re very moldable and adaptable to change. We’re also aware we can’t do it ourselves. We can’t do it without a good, strong team.”
Tran says members of his generation dine out more than any previous generation because they are starved for time. Because they eat out so frequently—and because higher-quality limited-service options have been available to them since they were young—they’ve become foodies who pay close attention to the quality of their meals. That ability to be discerning about the food they eat, he says, has led to being discerning when selecting a brand to franchise.
“[Millennial franchisees] are doing this because we’re fanatical about a brand, not just to get a paycheck,” Tran says. “We want to do something meaningful and share it.”
Why millennials choose franchising
Sharing is something millennials do a lot of, usually through social media. Andrew Gruel, chef and founder of the rapidly growing seafood fast casual Slapfish, acknowledges that he’s sometimes frustrated by millennials who care more about how his food will look on Instagram than how it tastes. But he appreciates the usefulness of social media for attracting franchisees to his brand.
“We get so many more leads off Instagram and Facebook than traditional lead generation,” he says.
The 36-year-old Gruel says another reason some of his peers, especially in tech-dominated California, are interested in becoming franchisees is that they made money at a young age in startups and are looking for new ways to invest their money.
“Restaurants are traditionally viewed as risky, but not to them,” he says. “They’ve gone through risky with tech. They see franchise agreements as a built-in insurance policy. They’ve got proven data, unit economics, operations manuals, legal protections … and that’s built-in safety.”
Gruel says there are some negatives when it comes to millennial franchisees.
“The human variable is not a widget or a digit,” he says. “If someone is coming from the tech space, technology is binary and there’s not as much of a human element. In a restaurant, if three people who were scheduled to work call in sick and you can’t find fill-ins, your service goes down the drain and you might get a bad Yelp review and it’s a slippery slope. A lot of millennials don’t understand and appreciate that human aspect.”
While some millennials are interested in franchising because they made money in the last decade or so and need a relatively safe place to invest it, others are interested because they lived through the Great Recession between 2007 and 2009 and are looking for opportunity.
This especially applies to fast-casual franchises, Gruel says. He points out that many millennials came of age during the recession, a time when fast casuals started to take off as casual-dining customers traded down. Private equity investments in fast casuals started to explode, he says, and many concepts started to go viral through Instagram and Facebook.
Tran says the recession set three things into motion. First, it taught millennials that nothing is guaranteed and the best way to control one’s destiny is to be your own boss. Second, he says, the recession “ruined” real estate markets, which made it more affordable for young franchisees to open restaurants.
Finally, Tran says, many people were laid off, giving them the push they needed to start a business. “The recession helped fuel franchise growth with new brands, and less expensive brands, and more unique brands,” he says.
Another characteristic attributed to the millennials is that they are the boomerang generation, moving back home with their parents, at least for a while, after college graduation. A 2016 study from Fidelity Investments found that 21 percent of millennials were living with their parents, up from 14 percent in 2014, and two-thirds of the survey respondents said it’s acceptable for children to live with their parents.
This shows that millennials likely have a tighter bond with their parents as adults than previous generations did, something that has led to more franchising partnerships between parents and children.
The lifestyle factor
While attention has shifted in recent years to fast-casual brands that have pledged not to franchise—thereby creating the impression franchising is more a thing of the past—it seems owning a franchise is just as attractive to millennials as it was to past generations.
“Being your own boss has great appeal,” Rehman says. “Being able to grow a business from the bottom and make it prosper takes a lot of work, and it’s exciting when you have it all set up and don’t have to be there 100 hours a week anymore.”
Tran says millennials are concerned about their quality of life, and franchising gives them the flexibility to either stop at one or two units or grow to 50 or more.
“It’s a personal decision; it’s a lifestyle choice,” he says. “We want to have quality of life. Some millennials want to work aggressively and have massive growth. There’s a prevailing philosophy that you work hard now so you can focus on family and have quality of life later. Personally, I think you have to have quality of life now or you’ll never slow down.”
Gallup reported in August 2016 that 21 percent of millennial workers changed jobs within the preceding year, and six in 10 were open to different job opportunities. Meanwhile, only half of millennials planned to be with their company a year in the future.
This propensity toward job-hopping is sometimes viewed as a desire in millennials to get rich quick. But it could also be a sign that many millennials are just looking for a perfect fit—a fit that franchising might be able to provide.
“Franchising is not a way to get rich quick, but it is a way to be your own boss quickly,” Gruel says. “At the end of the day, potential franchisees have to ask themselves if that is satisfying enough to endure the long hours and hard work of the restaurant industry.”
Toonz Retail looks to double its store count to 200 by 2020 and achieve a turnover of Rs 100 crore by 2018-19 financial year.
“Given our aggressive growth plan, we are looking at opening 100 stores in the next 3 years. We want to be a one stop solution for a child’s needs … We are targeting Rs 100 crore turnover by fiscal 2018-19,” Managing Director and CEO, Toonz Retail, Sharad Venkta told PTI.
According to a PTI report: At present, Toonz Retail has over 100 outlets. The company opened 20 stores last year and is looking to open 24 outlets this year.
Venkta said the company is also diversifying its product portfolio with its two in-house brands.
“In our apparel sub-brand Superyoung, we will expand our product reach through various other channels apart from our own stores, while in Wow Mom we are looking at introducing whole range of baby care range and then create an independent strategy for these brands,” he was quoted by PTI as saying.
Elaborating on expansion, Venkta was further quoted by PTI as saying: “We are seeing good numbers from smaller towns along with encouraging year-on-year growth. Smaller towns have lower cost of operations also, thus we are targeting expansion in such towns which are high on potential and aspirations. From mix point of view 70 per cent stores will be in non-metros and balance 30 per cent in metros.”
When asked if the company is looking at raising funds to support expansion plans, he told PTI: “We are shaping our business well for profitability and sustainability. We are creating a model which gives sustained growth and optimises the funds, we shall look out for an opportunity to partner with a VC (venture capitalist) which brings in funds and adds value to our entire ecosystem”.
Currently, Toonz Retail is backed by Crystal group.
Toonz Retail operates stores in Delhi-NCR, Karnataka, Jharkhand, Odisha, Tamil Nadu, Kerala, Uttar Pradesh, Telangana, Haryana, Punjab, Maharashtra, Madhya Pradesh, Rajasthan and Arunachal Pradesh.
Franchise Dhoom Reloaded. As there’s already buzz about Abhishek Bachchan and Uday Chopra being replaced in the Dhoom franchise, this piece of news will surely bring a smile on your face. It is learnt that ‘Dhoom Reloaded’ will feature Ranveer Singh and Salman Khan being pitted opposite each other. While Ranveer Singh’s heroic characteristics will woe the audience, Salman’s villainous streak will takes us by storm. If sources are to be believed the production house is adding in a fresh twist to the cast of their popular franchise, which is also known to be a desi version of ‘Fast and Furious’.
It is said that Ranveer will be playing the protagonist while Salman will be the one with grey shades. Considering the ‘Dhoom’ franchise had a line-up of interesting villains in the past like John Abraham, Hrithik Roshan and Aamir Khan, Salman’s inclusion will definitely give that must-needed adrenaline rush to this film. As per reports, ‘Dhoom Reloaded’ will start shooting in the year 2017, and will be directed by Vijay Krishna Acharya, who helmed the third and the recent part of the franchise.
Franchise. Media major Discovery Communications acquired a majority stake in celebrity chef Sanjeev Kapoor’s company Turmeric Vision on Thursday, adding a food channel to its portfolio of travel, lifestyle, infotainment and kids entertainment. In a conversation with Viveat Susan Pinto,Arthur Bastings, president and managing director, Discovery Networks Asia-Pacific, highlights his firm’s priorities in the Indian market and how it is not averse to making investments in general entertainment and sports. Edited Excerpts:
What was the rationale for the acquisition of a majority stake in Turmeric Vision? Are you open to more acquisitions in India.
We are taking a flexible view of where we want our overall portfolio to be. This partnership with Sanjeev is a natural extension of what we do. I don’t look at networks from the point of view of genres, but from the point of view of communities and audience franchises. Sanjeev’s audience franchise revolves around Hindi-speaking women who are passionate about food and life. Sanjeev speaks about India’s three passions, which includes Bollywood, cricket and food. And the audience tuning into his channel taps into all these passions. Now that we are on board we will continue to invest in the content that Sanjeev creates and tap into those passions. At a broader level, we will also invest in sales, marketing and distribution of the channel, since it is now part of the Discovery network. To answer the second part of your question, yes, we want to grow organically as well as inorganically. And we will look at more acquisitions in India.
When do you propose to rebrand Food Food (Sanjeev Kapoor’s food channel) now that it is part of the Discovery network?
There are some voices that say that we should make the channel a part of TLC (Discovery’s travel and lifestyle channel). But my view is that this channel is very different from TLC, which does have food, but the audience franchise is different. We are not one of those companies that has a uniform branding strategy across the world. We have international as well as local brands in various markets and we try and retain the heritage of the local brands we have. In short, there is no immediate plan to rebrand Food Food.
Discovery has made big investment beyond the infotainment domain that it is traditionally known for. For instance, you are big in sports in Europe and kids entertainment in Latin America. What is the plan for India?
India is a top-priority market for us. It is an investment destination. I see enormous potential in terms of growth in the existing products we have. The other bit is digital, given that India is a young market with a high millennial population. We want to engage in the digital opportunity here in a big way. As far as inorganic is concerned, we are open to where opportunities are. But they need to be the right ones and ones that we can execute well. Infotainment, however, is not something we will be exclusively focusing our attention on in India. We will broaden our horizons and look at areas such as general entertainment, sports, regional entertainment etc. I expect to be doing more things in India from an inorganic point of view, going forward.
When will a new India head come on board for Discovery? You haven’t had one since Rahul Johri stepped down a few months ago.
Since India is an important market for us, the search is taking that much longer. And I am ready to wait for a good candidate. There is a good team in place here. I have just put a new corporate development team to turbo-charge operations here and I am always there to monitor and oversee operations. So I am in no haste to appoint an India head just yet.
Your sense of the domestic media landscape. How will it evolve in the future?
I see a multi-platform audience franchise emerging that will watch TV, video-on-demand, apps and social media. The nature and matrix of engagement is going to change dramatically. The way we are positioned currently, I am not quite sure whether we are there in terms of tapping into this multi-platform audience franchise. There is still work to be done to get there.
“Need for Speed” released in 2014 was loosely based on the Electronic Arts video game franchise of same name. Despite the fact that it was heavily panned by critics, the movie was a financial success internationally and was loved by fans across the world.
According to Cinema Blend, although the movie, which starred Aaron Paul of “Breaking Bad” fame, didn’t do very well, it seems that there are studios that are interested in the franchise and are looking forward to develop a sequel.
Deadline has stated that three Chinese studios — Jiaflix, China Movie Channel, and 1905 Pictures — are planning to collectively make a sequel to the 2014 movie. According to the website, the studios might be inspired by “The Fast and the Furious” franchise and hence they may decide to move ahead with the project.
The latest movie in the “Fast” franchise, “Furious 7,” made $392 million in the opening weekend when it was released last year. Though “Need for Speed” reached nowhere near that degree of success, the studios are undoubtedly positive about the response the sequel may get. The movie had made only $43.5 million in the domestic market, although it did significantly well in foreign countries, making $159 million more, $66 million of which came from China.
The Chinese trio of companies had previously helped revive the Transformers franchise by financially backing “Transformers: Age of Extinction.” They seem certainly positive about reviving “Need for Speed” as well, especially when the “Fast” franchise continues to be in trend.
No official confirmation has been made available yet. However, Cinema Blend has stated that DreamWorks studio is looking forward to pass the torch to the Chinese companies soon.
There’s been rumblings of an EVE Online television show for a couple of years now, but at the recent EVE Fanfest 2016, Hilmar Veigar Pétursson, CCP Games’ CEO confirmed that they’re actively working on an adaptation.