Annapurna Studios was founded by legendary Indian actor Akkineni Nageswara Rao (ANR) in the city of Hyderabad in 1975. Over the years, Annapurna had grown to become a modern-day powerhouse in the field of entertainment and filmmaking. In 2019, it was well known for its state-of-the-art production facilities, creative content production, and film and media institute.In 1999, ANRs older son, Venkat, handed over management control of the studio to Nagarjuna, ANRs younger son. Nagarjuna had moved from an executive role in the business in 2016 to a more strategic and mentoring role as the Vice-Chairman of the company. Supriya, his niece was the Executive Director and continued to consult him on various matters. The nine-member board of directors of Annapurna Studios was made up of six members of the Akkineni family, two independent directors and one strategic investor.With the second generation of the family still at the helm of Annapurna Studios, the next generation's involvement was relatively low. Nagarjuna's son, Chaitanya, had started showing some interest in various aspects of the business, but the other members of the third generation were either not yet involved in the studio or were busy with their own acting careers. Filmmaking was a creative business that required passion and commitment. Nagarjuna worried that the next generation might not have the same level of passion for the studio as the previous generations. He wanted to ensure that the studio's legacy sustained into the future, well after his generation had stepped down. He believed that the solution might be to institutionalize the studio such that it became agnostic to his or his family's creative bent and involvement. Nagarjuna wondered about the strategy that the studio should adopt to ensure its long-term survival in the risky and ever-changing film and entertainment business.