Foreign studios are stepping up their India push as box office collections rebound and streaming reach expands. In what industry executives call Hollywood’s “second wave” in India, global players that once focused on acquiring and distributing Hollywood films are now moving to owning/co-owning local film IPs, shifting from a low-risk distribution model to investing in Indian-language productions that offer deeper presence and long-term value.

Amazon MGM Studios will release three to four Indian films theatrically every year starting 2026, with each title later premiering on Prime Video. The move aims to blend theatrical scale with streaming reach.

“While our core business is streaming, we believe in the theatrical window and the magic of theatres,” said Nikhil Madhok, head of originals, Prime Video India and Amazon MGM Studios at an industry event recently. “Depending on the kind of film that we are producing, we take a joint call with our creators in terms of which project can go to theatres first.”

Warner Bros. Pictures has signed an exclusive five-film partnership with Bhanushali Studios and JOAT Films to develop Indian adaptations of classic Warner titles. The studio will provide IP and global distribution support, while Indian partners lead creative adaptation and production.

Universal Studios, part of Comcast Corporation, is reportedly planning an indoor theme park in India near Delhi. At the same time, it has held early‐stage discussions with Farhan Akhtar and Ritesh Sidhwani founded Excel Entertainment about a potential stake partnership, though no formal deal has been finalized.

“Global studios are renewing their focus on Indian cinema, moving from distribution to local production,” said Nitin Menon, managing partner, NV Capital.

“Amazon MGM’s Superboys Of Malegaon, Nishaanchi and Mirzapur mark a shift toward theatrical storytelling. Warner Bros.’ partnership, coinciding with Paramount’s potential acquisition, could unlock capital for deeper expansion. Universal may follow with co-productions as Hollywood recalibrates its India playbook. Theatres are back in focus, though Netflix remains committed to digital-only releases.”

According to Ormax, the cumulative box office for 2025 releases stands at Rs. 9,409 crore till September, up 18% from a year ago. India’s OTT universe now includes 601 million users, with 148 million active paid subscriptions through direct payments, telecom bundles and aggregators.

After the pandemic slump, multiplex admissions and box office collections have rebounded across languages. Streaming adoption has accelerated, creating a dual-market dynamic where films earn from both theatrical runs and platform licensing.

For studios, local productions offer a way to build IPs with international potential and unlock new revenue streams from music, merchandising and streaming. Collaborating with Indian producers also helps ease distribution challenges and brings valuable market insight.

“Hollywood’s second wave in India is about reducing risk, not planting flags,” said Adi Tiwary, a Sydney-based producer and consultant. “The trend is to build with Indian partners, use library IP to de-risk, and let theatrical and streaming work in tandem. Hollywood has learned that India rewards local muscle and disciplined windowing.”

“They’re re-entering cautiously, focusing on mid-budget, locally rooted films rather than big productions. With cost rationalization underway in the US, it’s about testing the waters and understanding audience shifts,” said Neeraj Vyas, CEO of Bhanushali Studios, about the Hollywood studios’ second coming.

A decade ago, Hollywood’s presence in India largely revolved around distribution. Studios like Disney UTV and Fox Star acquired completed films such as Race, Kick and Tamasha for high minimum guarantees.

Today, global studios are stepping into the creative process, co-developing stories and co-owning IP with Indian partners, a shift toward building scalable franchises and retaining long-term rights.

“The foreign studio model has matured from buying content to co-owning it,” said Suniel Wadhwa, co-founder and director, Karmic Films. “Streamers like Amazon and Netflix set that template through partnerships such as Amazon–Maddock and Netflix–Balaji. Now global studios are following suit, as seen in Warner Bros. Discovery’s collaboration with Vinod Bhanushali to create original Indian IPs for global audiences. These alliances are no longer about one-off films but about building exportable Indian story worlds.

Mumbai: The once-lucrative market for satellite TV rights of Hindi films has seen a dramatic decline, with values plunging over 50% post pandemic due to streaming platforms replacing television channels as the second release window for films and mounting monetization challenges.

Films that once sold satellite TV rights for Rs 20 crore are now fetching closer to Rs 10 crore amid the shift towards digital platforms, industry insiders said.

Also, with changing audience preferences, the market has become so selective that only box-office successes and star-studded films are attracting buyers, leaving most Hindi films unsold on both streaming and TV, experts said.

Although satellite rights began declining with the rise of streaming platforms like Netflix, Amazon Prime Video and Disney+ Hotstar, the drop accelerated during the pandemic when filmmakers released films directly on streaming platforms to cut losses due to cinema closures.

“Producers, recognizing the immense financial opportunities and investments made by streaming giants, have increasingly turned their attention to these platforms as their primary avenue for selling film rights,” said Shariq Patel, former CEO of Zee Studios.

The shift of advertising revenue from TV to digital has also prompted broadcasters to reassess the return on investment (ROI) for acquiring movies.

According to industry estimates, broadcasters that previously allocated Rs 400–800 crore for satellite rights now face significant cuts, with many reducing their budgets substantially.

Veteran media executive Neeraj Vyas, formerly with Sony Pictures Networks India, observed that with major films appearing on OTT platforms within weeks of theatrical releases, audiences increasingly prefer streaming over traditional TV, impacting viewership and ratings.

The gap between theatrical and OTT releases is typically 8–10 weeks.

Vyas said films on TV previously attracted strong ratings over multiple airings, but now, even after just two or three broadcasts, viewership declines sharply.

The reallocation of ad budgets from TV to digital platforms has further impacted TV monetization for the film genre. “TV broadcasting is feeling the financial impact of this shift, as digital platforms and e-commerce continue to capture a growing share of ad revenues that once predominantly supported TV,” Vyas said.

Hindi film producers are also finding it harder to secure on-demand streaming deals amid increasing selection and competition from across the country and the world.

As streaming services have matured, they have become more selective in their acquisitions, focusing on financially sustainable content aligned with their brand, Patel said.

“This selective approach has further intensified competition among producers, who now face the dual challenge of navigating lower satellite revenues and stricter streaming deals,” he said.

While satellite rights now account for only 20% of a film’s value, streaming contributes the remaining 80%.

To remain competitive, broadcasters are now looking to acquire both TV and digital rights of films to support their movie channels and streaming platforms.

Streaming platforms seek only digital rights.

Despite these challenges, Hindi movie channels still capture 25% of TV viewership, with 70% of movie consumption on TV coming from iconic catalogue titles, according to Ruchir Tiwari, chief cluster officer – Hindi movie channels at Zee Entertainment.

Growth in the free-to-air (FTA) space has expanded viewership, especially for older films, which continue to perform well on television despite also being available on YouTube, he noted.

While OTT offers a niche, premium experience, TV remains an accessible and affordable platform, ensuring sustained viewership for Hindi films and potential growth in revenues with realigned cost structures, Tiwari said.

Industry stakeholders, including filmmakers and platforms, are adjusting cost structures to foster a healthier ecosystem for Hindi cinema, he said.

“This dynamism makes me very optimistic about the growth of the Hindi film industry, which will provide an impetus for movie channels to increase their revenues with sustainable, realigned cost structures to reach healthy financial stability,” Tiwari said.

While agreeing with him that the movie genre remains a fundamentally strong content proposition, Vyas said the answer to the immediate situation could well be joint or co-licensing of certain large marquee titles, where broadcasters could enter into an agreement to mutually split the cost and divide the screenings of a title throughout the year.

“This approach would ensure that films continue to attract satellite buyers, and broadcasters can alleviate the pressure while monetizing the product effectively,” Vyas said.

Experts said TV has seen a shift in audience profile, now catering more to the 30-plus age group, as younger audiences increasingly move towards other platforms. This shift is accompanied by growing viewership in second- and third-tier towns, highlighting the continued reach and buoyancy of television across these areas.

“In terms of content, it’s not streaming that directly impacts viewership but rather the type of movies that resonate with these audiences. Evergreen films continue to perform well on television, indicating a strong connection with viewers,” said L V Krishnan, chief executive of TAM Media, leaders in television audience measurement in India.

“From a return on investment (ROI) perspective, rerunning classic or older films offers better value compared to acquiring new releases, as these reruns reach the right demographic at a lower cost, delivering stronger ROI for broadcasters,” Krishnan said.

He added that the broader ecosystem reflects this trend, with even cinemas re-releasing blockbuster films from past years to attract audiences back to theatres, similar to how television capitalizes on classics to draw viewership.

A case in point is PVR Inox holding the Kareena Kapoor Film Festival, celebrating the 25-year illustrious journey of the Bollywood star, re-releasing her popular films like Tumbbad, Laila Majnu, Rehnaa Hai Terre Dil Mein, and Veer Zaara. The festival contributed approximately 6% of overall PVR Inox admissions in the second quarter ended September.