The decision by most local film production companies to postpone releases to next year is an omen of the intensified competition lying ahead.

Locally, Thai films will have to battle Hollywood blockbusters like the latest Harry Potter instalment and "Spiderman 3", as well as the Thai epic "Naresuan".

Internationally, they will have to feed changing tastes, as Thai films such as the Tony Jaa vehicle "The Protector" have become mainstream.

Five Star's executive director Aphiradee Iamphungphorn said yesterday that this year's industrywide film output decreased from about 50 Thai films last year to 13 films. The national box office has dipped by at least Bt400 million from last year's Bt1.5 billion to Bt2 billion.

Since the financial crisis of 1997, Five Star has experienced a gradual decline. For the country's oldest production house which, during its peak, churned out 10-12 films a month, Five Star has only released three films this year - the critically acclaimed "Invisible Waves", the Thailand-Hong Kong-Japan co-production "Black Night" and the erotic horror film "The Unseeable" - all of them box-office flops.

Aphiradee said the company's net profit this year would reach only Bt90 million, well short of its Bt120-million target. Only Bt2-Bt3 million of the profit was domestic. Next year's revenues would be 60 per cent domestic and 40 per cent international, although the ratio may tip over, as Thai films have evolved into "mass" fare from strictly art house. The goal is Bt120 million in profit.

"We will invest Bt700 million in our movies, which means that we'll need to make at least Bt1 billion to Bt1.2 billion in revenues from the box office and other windows such as DVD sales and cable," said Aphiradee, heir to the family business.

A few of Five Star's coming titles are produced with foreign partners. "Namprix" will be made with Luc Besson's Europa Corp.

Next year, Five Star will release more mainstream films, notably in the horror, action and comedy genres.

Ki Nan Tsui

The Nation