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Percept Picture Company, another Indian production house, is set to co-finance 'Racing The Monsoon', a sequel to Michael Douglas' 1984 starrer 'Romancing The Stone'. Vidhu Vinod Chopra too is set to direct Hollywood project 'Broken Horses'. On the other hand, Jennifer Lynch is the first Hollywood director to wield the megaphone for a Bollywood project. She is shooting a Hindi film titled "The Hiss" with Mallika Sherawat in the main lead.

Down south, Tamil superstar Kamal Haasan was also roped in to star in two Disney productions – 'Marmayogi' and '19 Steps'. Earlier this year, the production house had bought the Home Video rights of Aamir Khan's directorial debut "Taare Zameen Par" for release in the US. However, the industry did experience tremors, thanks to the global meltdown, the 26/11 Mumbai terror attacks and the losses in huge flops like "Love Story 2050", "Drona" and "Yuvvraaj".

"Entertainment and media segments will not be able to sustain the growth rate that we've projected because of the unprecedented global downturn," said Smita Jha, associate director (Entertainment and Media Practice) at Pricewaterhouse Coopers (PwC). "In terms of filmed entertainment, the attacks are unlikely to have a permanent impact on the market though the after-effects of the meltdown and the attacks will impact consumer spending temporarily."

The Federation of Indian Chambers of Commerce and Industry (FICCI)-PricewaterhouseCoopers (PwC) 2008 report projected the Indian Filmed Entertainment to grow by about 13 percent cumulatively over the next five years and reach around Rs.176 billion by 2012. But Jha also said the collaboration scenario would not be the same in 2009. "So far as Hollywood collaborations are concerned, the overseas partners are bringing a studio model kind of outlook in the country with their strategic partnerships, which was earlier not present here. However, the number of projects and the budget is likely to be lower in 2009 than declared earlier," Jha said.