Even satellite rights can’t be sold freely; this is the system Listin helped create: Sandra Thomas

Sandra claimed that the publication of box office figures has frightened off both independent producers in Kerala and potential foreign investors who were once interested in funding Malayalam films.
Sandra claimed that the publication of box office figures has frightened off both independent producers in Kerala and potential foreign investors who were once interested in funding Malayalam films.
Sandra claimed that the publication of box office figures has frightened off both independent producers in Kerala and potential foreign investors who were once interested in funding Malayalam films.
Producer Sandra Thomas has raised serious concerns about the decision by the producers’ association to publicly release profit and loss figures of Malayalam films, warning that the move could accelerate the industry's downfall. In an exclusive interview with Manorama Online, Sandra criticised the logic behind this initiative, especially if the intent is to pressure actors into reducing their remuneration. “If that’s the goal, then it’s already failed, no one has reduced their fee; some have even increased it,” she said.
Sandra claimed that the publication of box office figures has frightened off both independent producers in Kerala and potential foreign investors who were once interested in funding Malayalam films. “People are backing away, asking why they should invest in an industry that’s constantly projecting losses,” she said. “This is pushing local producers out and clearing the way for loan sharks from outside Kerala to take control.”
She accused fellow producer Listin Stephen of aiding this process, calling his recent public remarks an attempt to project total control over the industry. Sandra questioned why the producers’ association has remained silent despite the uproar caused by Listin's speech at a promotional event. “Only after it appeared that everything was in Listin’s hands did he start speaking in a threatening tone,” she added.
One of Sandra’s key criticisms is the selective use of financial data. “The numbers being shared only show Kerala theatre revenue. They don’t include overseas collections, music rights, dubbing rights, or any income from outside the state. How can you judge a film’s profit or loss with such a narrow lens?” she asked. With a large Malayali diaspora and a growing overseas market, she believes ignoring these streams is misleading and dangerous.
According to Sandra, the result of this selective reporting is already visible. “Film production has fallen by more than 40%. Many actors now have films stuck in limbo because no producers are willing to fund them,” she said. “Independent voices are being silenced, and the threat of total monopoly is real.”
Sandra directly appealed to Listin Stephen, who currently holds influential positions as President of the Distributors’ Association and Treasurer of the Producers’ Association. She warned against helping shadowy financial interests, particularly from Tamil Nadu, who are allegedly looking to exploit the Malayalam industry. “That would be a betrayal. He should be protecting the industry, not compromising it.”
She also claimed that Listin acts as a financier, lending money at high interest to various film projects, including some currently running in theatres. “Many screens across the state are under the control of his company, Magic Frame,” she said. “If outside investors stop funding Malayalam cinema, the industry will be completely taken over by loan sharks from other states.”
Sandra alleged that Listin is now functioning as an agent for these financiers, taking huge sums and investing them at exploitative rates. “This might bring him short-term profit, but it will ultimately destroy the ecosystem he is part of. He could end up being a victim of the same predatory model he’s enabling.”
She expressed concern that the influence of external moneylenders has grown so strong that producers can no longer directly negotiate satellite rights, and that ordinary producers can no longer survive in such a system. “This is a lobby at work. Everyone, cinema bodies, filmmakers, media, needs to recognise this threat,” she said.
Sandra urged Listin to reflect on his actions and work for the betterment of the industry and the state. “I hope no one misunderstands my intention, I’m saying all this out of genuine concern. The silence of those in leadership is heartbreaking. Still, I believe Malayalam cinema, and its producers, technicians, and creative community, can reclaim its former glory.”