The Indian film industry is firmly reverting to a theatrical-first release model as streaming platforms tighten spending and studios increasingly prioritise box office revenues, according to industry executives.

The shift marks a decisive move away from the post-pandemic phase, when several films premiered directly on OTT platforms. Today, films are typically arriving on streaming services around eight weeks after their theatrical release.

“Movies are reaching OTT platforms much later after their theatrical release. So OTT is no longer a substitute. In fact, it never really was,” said Ajay Bijli, managing director of PVR INOX, adding that box office performance continues to act as a benchmark for how OTT deals are structured.

According to a FICCI-EY report, while the total number of films released on OTT platforms remained steady at 500, direct-to-digital premieres fell 50% from 60 in 2024 to 30 in 2025. In contrast, 470 films released in theatres first before arriving on OTT platforms, compared with 440 in 2024.

Gross box office collections rose 14% from Rs 11,400 crore in 2024 to Rs 13,000 crore in 2025, marking an all-time high for the sector.

“Theatrical performance, word of mouth, and box office collections have a very positive impact on viewership when a film arrives on OTT platforms after eight weeks,” Bijli added.

While theatrical revenues surged, demand for digital licensing weakened amid consolidation and tighter spending by streaming platforms. The merger of Disney+ Hotstar and JioCinema into JioHotstar further reduced movie acquisitions compared with the post-pandemic years. As a result, digital and OTT revenues for films declined 7% to Rs 2,900 crore in 2025, according to FICCI-EY estimates.

For streaming platforms without cricket rights, theatrical films continue to remain a key subscriber acquisition driver, with cricket and Bollywood still the two biggest tentpole content categories.

At the same time, there is growing acknowledgement within the industry about the need to build a sustainable economic model that benefits all stakeholders.

During a recent interaction, Gaurav Gandhi, Vice President, Asia-Pacific and ANZ, Prime Video said consolidation in the streaming market has reduced both content investments and overall output. With fewer buyers acquiring video content, demand has softened, leading to a natural demand-supply correction and rationalisation in pricing and spending.

“There has been some rationalisation of demand. But there is also an acknowledgement across the industry that while we have to grow, some of these costs are not tenable. Therefore, people have made choices. I think those choices have taken multiple forms. You don't necessarily buy what doesn’t work for you, but you can also build your own,” Gandhi said.

He added that Prime Video India has expanded from co-productions after the pandemic to creating original films while continuing to acquire film rights. Reflecting the renewed push towards theatres, Prime Video recently unveiled a five-film theatrical slate under Amazon MGM Studios India.

At his masterclass on acting, The Craft of Cinema – Character Development, at the 53rd edition of the International Film Festival of India (IFFI), Pankaj Tripathi told the audience, “Main khud cinema ka student hoon. Main masterclass kaise le sakta hoon.” He shared his journey from the time of appearing in just a single scene to becoming a household name.

From Madhav Mishra in Criminal Justice, Kaleen Bhaiya in Mirzapur to Khanna Guruji in Sacred Games – Pankaj Tripathi seems to be present on every OTT platform. He said, “Mujhe log bolte hain OTT kholo to tum hi dikhte ho.”

Gaurav Gandhi, Vice President of Prime Video India, who was interviewing Pankaj at the session, said, “You are not just the king of Mirzapur now, you are the king of every streaming service,” and when someone from the audience asked Pankaj about doing international projects, Gandhi pointed out that streaming services are available across the world. He said, “Pankaj Tripathi is not just a superstar in India, but he is an international superstar.”

Sharing about the moment when he realised that he has become famous, Pankaj said, “For the longest time, I had no idea about my popularity. I didn’t know for years that I have become popular.”

Pankaj added, “When I was in Glasgow and people came up to me, I realised that I had become popular. I used to shoot all 30 days and never used to go to public spaces, so, for years, I had no idea I was popular.”

When asked if formal training helps one land a role, he said, “It won’t help you bag a role, but it helps with your performance. It helps in enhancing your performance. I was watching an old video of mine, and I realised how bad I was. I kept working on my craft even after National School of Drama (NSD). I keep thinking about how to improve my work and keep observing people around me. When I see an interesting trait in a person, I make a mental note to include that trait in a character at some point.”

As the conversation moved to Mirzapur, he said that he had no idea how the iconic Mirzapur nod and ‘prabandh karte hain’ became a meme. “I believe in the economy of gestures. And in NSD, we were trained to deliver the most through whatever little we had. Mujhe bhi nahi pata tha ki woh meme bann jayega. Aaj ki audience bahut aware hoti hai, log creative hote hain,” the actor elaborated.

Throughout the conversation, Pankaj underplayed the intense hard work that went behind the making of the actor that he is, but towards the end, he said, “Aaj jo main yahan masterclass mein baith ke pravachan de raha hoon aur aap sab sune ja rahe hain, bahut tapa hoon main.”

Taking about his first break, he said, “Someone needed an actor for a comedy role, and he was told about me. Main hostel mein so raha tha aur utha kar casting ho gayi. Uske baad jaga raha aath (eight) saal tak aur casting hi na ho. Pehla break sote hue mila aur aath saal ka break ho gaya.”

The actor shared, “Main toh OTT pe bhi series kar raha hoon aur filmon mein bhi (Fukrey 3 and Stree 2). Mera bahut two-three chal raha hai jeevan mein. Jis actor ki aath saal casting nahi hui, uske pas chaarpaanch franchise hain. Yeh jeevan hai. Yeh maine apni tareef mein nahi bola, ummeed mein bola ki kisi ke saath bhi ho sakta hai.”

With popularity, the actor said he feels he needs to be more careful in the selection of scripts. “I now look for roles that have some social message or subtext. I feel it is my responsibility to do so. Black and white ko perform karna asaan hai, grey ko perform karne pe actor ka pata chalta,” he said.

Did you miss Tom Cruise’s Top Gun: Maverick or Brad Pitt’s Bullet Train in cinemas and now want to watch the film at home? Try TVOD – Transactional Video On Demand – also known as pay-per-view, as these recent releases are available on rent across multiple platforms. When cinemas were shut in the beginning of the pandemic, viewers shifted to video-on-demand services in increasing numbers, but as people return to cinemas, TVOD is still clicking with a section of viewers, who purchase both old and new films.

During Amazon Prime’s TVOD launch, Gaurav Gandhi from the platform said, “The TVOD movie rental service gives customers more choice in how they want to access and watch content. It enables them to pay per movie, instead of a flat monthly fee.”

Zee also experimented with models of pay-per-view releases with their hybridized release of Salman Khan-starrer Radhe on ZeePlex. Commenting on it, a Zee official had said then, “The pay-per-view format is meant to enable the audiences to make the choice as to where and when they want to consume the content that is available to them.”

The TVOD platform BookMyShow Stream was launched last year and Ashish Saksena, COO – Cinemas, BookMyShow, says, “TVOD has been amongst the most exciting spaces to be for content makers and studios alike, as the culture of ‘Pay for what you want to watch’ is fast gaining traction, rather than having multiple subscriptions. We have witnessed high interest and engagement across varied cross-sections of the audience for both rent and buy options.”

However, he adds, “The TVOD model is currently not being utilized fully by Indian-home-grown studios and content owners. As an emerging business model nationally, there is a strong case for the massive potential that the TVOD model holds.”

Other platforms offering pay-per-view are YouTube, ShemarooMe Box Office and Apple TV Plus.

Sharing what works for the TVOD model, Girish Johar, producer and business analyst, says, “It’s a combination of a lot of things. An entire family can watch a movie for the price of one ticket, which is indeed quite reasonable, and plus they can watch it from the comfort of their home and when they want to. It also is somewhat like the VCR era when families would gather and watch a film together. Currently, it is urban-centric but has scope of growth.”

However, he adds, “In the US and European market, TVOD is very mature, but in India it is at a nascent stage. Radhe was TVOD release, but didn’t do well in terms of audience because the market is not that mature and also because Salman’s audience is not your TVOD audience. Our entertainment is still very different and TVOD doesn’t have to be a replacement but it can be one of the avenues. You see more mature content from Hollywood on TVOD because their market is more mature than in India. Over the years it may reach at that stage, but at present it is for a niche audience.”

Talking about the challenges, media and internet research analyst Karan Taurani was recently quoted as saying, “The TVOD market in India is very premature and the Indian audience would pay for a bouquet of services and variety of content, but refrain to pay on a transaction basis. Scalability of TVOD remains a big challenge as there is only a very niche audience. ”

Saurabh, a 27-year-old government employee, says, “There are many films which are not released in India or have limited shows so you miss those. For instance, I had seen French Dispatch on pay-per-view because it was not released in India. There are some films which have shows during the weekday, when officegoers can’t go, but with TVOD you can just purchase or rent the film online.”

Rashmi Ahuja, 31, who works in an ed-tech company, says, “Pay-per-view definitely gives you more options. Sometimes someone recommends a classic film, but it is not available anywhere. However, with TVOD, you can get access to these by paying just 100-200.”

In pay-per-view (or Transactional Video On Demand), viewers have the choice to pay for only the content they want to watch. Instead of paying a flat fee for an OTT platform, people can only pay for the film or show they wish to watch. In SVOD (Subscription Video On Demand), the viewer gets access to the complete library of the OTT platform and there is no time limit to watch the content

available, while in TVOD, the audience has access to the film/show for a limited period of time.

Since its release last week on Netflix, Badhaai Do was trending in the No 1 spot in India till March 20, and was in the Top Ten list globally in the non-English films category. In fact, Badhaai Do is the sixth Indian film this year to make it to the global top 10 rankings of the platform, as Indian content increasingly finds a vast audience overseas.

In the last two-and-a-half months alone, six Indian language films and two series made it to the Netflix Top 10 list, which is published weekly. These include Minnal Murali (Malayalam), Sooryavanshi (Hindi) and Badhaai Do (Hindi) among other films; and Yeh Kaali Kaali Ankhein: Season 1 and Fame Game: Season 1 in the TV series category.

Similarly, Gaurav Gandhi, Prime Video Director & Country Manager, Amazon India stated last year, “Our Indian Amazon Originals enjoy incredible popularity both in the country and outside India. In fact, one out of every five viewers for these shows is from outside the country.”

As per the CII Big Picture Summit 2020 report by the BCG (Boston Consulting Group) and CII (Confederation of Indian Industry), the increasing acceptance of Indian content among global audiences includes, but is not limited to, the Indian diaspora of over 32 million spread across multiple countries. Countries with significant Indian language speaking population — such as Bangladesh (Bengali), Mauritius (Bhojpuri), Nepal (Maithli and Bhojpuri), Singapore (Tamil), etc — also consume Indian content, states the report.

Karan Bedi, co-chair, CII sub committee on OTT and Digital content and CEO MX Player, says, “MX Player’s shows are popular in countries such as Bangladesh, US, UK, UAE, Canada, and Australia. We focus on the Indian diaspora in these countries and the content is also curated for a global audience.”

With platforms like Amazon boasting of viewership in 240+ countries and territories worldwide, Girish Johar, producer and cinema business analyst, says that streaming platforms have helped Indian content reach not just the conventional top markets, but even countries which were out of bounds for traditional distributors.

He explains, “Traditionally, the top markets were the US, UK, New Zealand, and Australia. Some films did release in selected Southeast Asian countries, but now we are able to tap European countries, West Indies, Brazil, and so on. ”

He adds, “Through users on social media, too, we get this picture that Indian content is being consumed and liked in foreign countries. Be it south films such as Minnal Murali or Hindi films such as Gulabo Sitabo, Indian cinema has received a lot of praise from global audiences.”

Agrees Karan Bedi, “Some global OTT platforms are present in 150+ countries. For Indian content — films and shows, releasing the same day across these countries, now you have got (viewers in) countries in Eastern Europe and Latin America.”

Bela Bajaria, Netflix head of global TV, had said at a conference last year that the shows that have been the most successful globally have been “the most authentic and the most specific”.

Monika Shergill, VP-Content, Netflix India, adds, “Last year, Netflix’s 28 Indian original titles were across 7 languages, 8 formats and 11 genres across films, series, comedy, reality and documentaries. From blockbuster hits like Dhamaka, Yeh Kaali Kaali Ankhein to differentiated stories like Cinema Bandi, The Disciple and Axone, our aim is to have authentic stories and it is this authenticity that audiences love. Malayalam cinema’s first superhero film, Minnal Murali which trended in the Top 10 in 30 countries from Argentina to Nigeria, or Red Notice, which India enjoyed with dubs in Hindi, Tamil, Telugu — are examples of how great stories are universal.”

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The 52nd edition of the International Film Festival of India (IFFI), one of India’s most prestigious film festivals, is slated to start on November 20 in Goa. And for the first time, video streaming services have been invited to be a part of the festival. Amazon Prime Video, which is closing in on half a decade of entertaining India, is participating to bring an exciting line-up for festival goers.

“Over the last five years, we have actively worked towards taking local stories, from different corners of India to viewers across the country and the world,” said Gaurav Gandhi, Country Head, Amazon Prime Video, India, adding, “Besides bringing cultures and people together through the power of entertainment, this has also allowed us to discover new, prolific storytellers and talent, and contribute meaningfully to India’s vibrant creative economy. We are honoured to be a part of IFFI, an event that celebrates the diversity and rich cinematic heritage of India, and brings the entertainment community, content creators and talent together.”

The premiere of Chhorii at IFFI will be attended by Nushrratt Bharuccha, director Vishal Furia and producers Vikram Malhotra (Abundantia Entertainment), Jack Davis (Crypt TV) and Manish Menghani, Head Content Licensing, Prime Video India. The Family Man Masterclass will be conducted by its creators and cast, including Raj & D.K. (Raj Nidimoru, Krishna DK), Aparna Purohit, Head India Originals at Amazon Prime Video, Samantha Ruth Prabhu and Manoj Bajpayee (joining virtually), while Shoojit Sircar and Ronnie Lahiri will conduct the master class on Sardar Udham.

The collaboration is a testament to IFFI and Prime Video’s common goal of promoting excellence in cinematic art. With world premieres in 240 countries and territories, the streaming service has exported local stories from the best Indian talent to the global stage.

The new and exciting video-on-demand platform VOOT, which is now live, offers a wide range of fresh and original programming under 'VOOT Originals'. This is a part of Viacom18 Digital Ventures, the digital arm of Viacom18. Launching two original shows Sinskari and Chinese Bhasad this week, VOOT has kicked off a national marketing campaign titled Wanting Wanting that will run across digital media, print, television, radio and out-of-home.

Commenting on the launch of the two new shows, Gaurav Gandhi, COO, Viacom18 Digital Ventures, said, “With over 17,000 hours of programming across languages and genres, VOOT aims to be the one-stop destination for quality entertainment. Our focus is to create the ultimate entertainment experience, both from a content and product standpoint. I am confident that our new and original shows will offer this to viewers and keep them coming back for more.“

Titled Sinskari, the quintessential Babuji of Bollywood, Alok Nath will be seen in a brand new avatar as a 'reluctant' host of a 'sinful' chat show where he gets his guests to open up and share their sexual escapades and fantasies. The show has interesting sections like Quickie With Babuji (a rapid-fire round) and Baabuji Ki Booti where he doles out sex advice.

Chinese Bhasad is a delightful web series of epic chaos and desi drama. It is a romantic story about an Indian boy out to marry a Chinese girl while his grandfather wages a lifelong battle against all things Chinese.

That's not it, there's also India's first mockumentary film BadMan, starring Gulshan Grover and Soadies, featuring Baba Sehgal, is a tribute to the reality show Roadies. Both the series will launch on May 26. This video-ond-emand platform is available for free on iOS, Android and web.