The global financial meltdown may have dampened spirits but it is still Diwali, a time to rejoice. Bollywood has so far little to rejoice this year.

It has been at best an average year with nothing spectacular either in terms of box-office or creativity. This does not worry me much as we are in the midst of major socio-economic change where an occasional year may just float by with nothing substantial to show.

What worries me more is that a majority in the industry are still resisting change. In a denial mode, they are quick to apportion blame on the naïve corporate. What we all have to realize is that the world is more competitive than ever before and the money if available is going to cost more.

Today, the audience has a multiplicity of media options; from live entertainment to online gaming, from digital downloads to big screen extravaganzas, from TV soaps to live cricket. Hence, it is perhaps more important to market your film aggressively than even making it.

Week after week, we have seen stars and singers, directors and producers on countless TV Channels, events and in newspapers, even on web chats, before their movie release.

Therefore, these days you have Shah Rukh Khan or Salman Khan or Akshay Kumar or Abhishek Bachchan popping on your TV screens even as filmmakers extol their films' uniqueness. Media savvy people like Amitabh Bachchan, Mahesh Bhatt, Vinod Chopra, Ram Gopal Varma, Karan Johar and Farhan Akhtar are omnipresent across media especially TV channels plugging away their films.

Similarly, even the otherwise media shy Mani Ratnam, Aamir Khan, Ajay Devgan and Hrithik Roshan go out of their way to promote their new releases. As producers are discovering the shortened release window for theatrical exhibition leaves very little time for word-of-mouth, there is a concerted effort to push audiences into the theaters in the few days.

Pre-release publicity is becoming high decibel and all pervasive. What is fanning the publicity fire is the need of various media-Newspapers and magazines, News and Music Channels, FM Radio, Mobile Phones, Websites to get their own share of eyeballs.

The producer gets its stars to the media, which gets premium content free and the film gets its audience. A nice little virtuous cycle.

We are following Hollywood in its carpet-bombing of film release. With a saturation release, a 360-degree promotion of films is vital. No matter what kind of film, it is important to create enough buzz about it so that the first weekend draws in the crowds.

In keeping up with international trends in-film advertising and product placement is clumsily making its appearance in our films, sometimes too much in the face and cluttered. Many large consumer product companies from colas to cars, telecoms to textiles are discovering the merit of brand association with films and film stars.

In a win-win situation, both the film and products are getting consumer attention. Fortunately, film producers specially the big daddies like BIG, UTV, TV 18, Eros, Yash Raj Films and Ashtavinayak have also understood the importance of marketing.

A major film today generates Rs 5 to Rs 10 crore worth of publicity through barter or promotional tie-ups.

On-line promotions and contests handled by agencies like Hungama, Big, and Mauj are becoming common on websites, blogs and mobile phones.

Multiplexes, malls and other retail chains like Pantaloons, Barista, Cafe Coffee Day and Pizza Huts are also offering ground activation opportunities. In future 40% of a film's revenue will accrue from streams like TV and online rights, product placements, and digital downloads. Video-on-demand, IPTV, DTH are already are beginning to fetch some revenue.

Indeed the coming year (s) offer huge opportunities for Bollywood. A lot of money is waiting to be made. Fortunately, as more multiplexes crop up and digital cinemas appear even niche films will find an audience.

Creativity in a way gives an unfair advantage to the talented, even in a market driven scenario. Filmmakers must learn to keep their target audience in mind while they make their film and the way they promote it.

These are changing times. Those who do not change will be left stranded. Again, those who judge a film's success by old benchmarks of percentile attendance and number of weeks are hopelessly also uncoordinated with the times.

At the end of it all, it is business, which means a healthy balance sheet is what determines success or failure!