The last week has been the worst week ever for the film industry with two huge disasters BADE MIYAN CHOTE MIYAN and MAIDAAN hitting cinemas on Eid. The lowest point ever before that was Independence Day week of 2022 when LAAL SINGH CHADDHA and RAKSHA BANDHAN came together. Still those were dark days with heavy post Covid hangover which served as some sort of excuse.

Gradually, the box office started recovering but now Eid 2024 sees the lowest of lows. Not much was really expected from either film but the hope was BADE MIYAN CHOTE MIYAN can get some sort of opening and MAIDAAN would pick up due to the zone it is in. Neither happened. BADE MIYAN CHOTE MIYAN was dead on arrival with no interest while MAIDAAN was never going to open but it also refused to pick up.

The losses are huge for both films as MAIDAAN is a 240 crore film and recovery from all revenue will be around 160 crore. BADE MIYAN CHOTE MIYAN will recover around 185 crore on a 365 crore budget. There is a caveat on BADE MIYAN CHOTE MIYAN as there will be rebate from United Kingdom which brings the budget down. The number filed for a UK rebate will actually bring the budget down heavily if this rebate comes but we will go by fair value which makes it comes down to 290 crore. In other words, its a 200 crore fair value loss this Eid between the two films. 

Internally, it gets worse for the industry with films being shelved across the board. The scenario is such today that by the time news of a film happening breaks into the public domain, it is probably actually shelved. The announcements are many but many of these will not get made. This is not the doing of Eid releases as was there before but the results of the Eid films just shakes up the industry more.

The first quarter has done okay and only SHAITAAN has done well all over. It is that real HIT film in the first quarter. More than that, the first quarter had almost every other film giving incentives and there was smatterings of feeding as well. So irrespective of where the numbers land, when these things are happening, it signals things are NOT right. A positive picture may well be painted with perception through the media for films but within the industry, everyone knows its in shambles at present and no one really knows when it will get better.

The second quarter will be worse than the first quarter due to lack of films and all hope is pinned on the second half of the year which should bring some relief though only if the films have merits. There are original Hindi films like SINGHAM AGAIN, BHOOL BHULAIYAA 3 and STREE 2, which on paper look like those desi entertainers, and can maybe unlock the business in the Hindi speaking states. This is the key going forward as once the films start scoring in these belts, it will lift the gloomy clouds as these limited footfalls in the big states in the first quarter just cannot take the industry anywhere.