Mumbai: After the blockbuster success of Dhurandhar The Revenge, Hindi cinema has slipped back into a slump, with at least seven consecutive box-office failures following the moderate performance of Bhooth Bangla, trade data showed.

Films such as Chand Mera Dil, Ek Din, Daadi Ki Shaadi, Pati Patni Aur Woh Do, Hai Jawani Toh Ishq Hona Hai and Bandar, despite featuring well-known casts and filmmakers, have failed to draw audiences.

Industry experts told ET that Bollywood's continued dependence on outdated storytelling formulas, fading star power, inability to adapt to evolving audience preferences, weak marketing campaigns and the failure to turn films into social media-driven cultural events have all contributed to the poor performance.

Producers and exhibitors said the industry has struggled to organically build audiences around films before their releases, a strategy increasingly crucial for box-office success.

Also, increasingly, makers in the Hindi film industry have a huge disconnect with audiences' tastes, said exhibitors.

"These films are rejected. Audiences want to come to theatres. The successes of Tamil film Karuppu or even the small-budget experimental horror film Obsession prove it. One needs to bring the right product at the right time. This is how the business works. Smart producers adjust to genres and not make what they think audiences will like," explained Vishek Chauhan, CEO of Roopbani Cinema, a single-screen theatre in Bihar.

"Earlier, big directors would constantly communicate with well-penetrated distributors to understand audiences' preferences and tastes. This is how they made films. This is not the case today," he added. 

Apart from animation, horror genre has emerged as a favourite among audiences in India and abroad. Recently, a small-budget franchise Hindi film Haunted – Echoes Of The Past, which was released without marketing, collected Rs. 13.5 crore in the first six days of its release.

Another reason may have been dated stories and style. "These recent films are made in the old mould. You cannot make a Hindi film with the 1990s story and expect it to click with audiences. Today, audiences reward 'unique' writing. It is not about stars or a film's budget. Given the high costs that are involved in a theatre visit, these films made in the old mould do not provide a strong reason for audiences to come to theatres," said producer Rajesh R Nair.

"It is about intent. After the pandemic, I have not seen a major film launched which has matched up to the evolved taste of audiences. The intent is totally missing. If one starts a film then one must sense the audience's tastes 18 months in advance to be relevant," explained Girish Johar, producer and film business expert.

Mumbai: The casting of journalist and internet personality Saurabh Dwivedi as the antagonist in Kartavya has reignited debate over follower-based casting in films, with industry executives saying producers are increasingly factoring in digital popularity, audience data and online engagement while making creative decisions.

Two key questions have been widely debated and discussed by industry professionals and audiences on social media. One is: Why are producers casting people based on their social media following or popularity? And the other: Is this strategy the need of the hour?

ET spoke to casting directors, producers and distributors to understand the rationale behind this trend.

Casting based on social media popularity provides business value to producers as such personalities drive engagement and viewership either in theatres or on streaming platforms, said casting directors.

"It is the need of the hour today. An entire generation of audiences may not connect with old Bollywood tropes. Influencers bring relevance and familiarity, which pique this audience's curiosity," said casting director Nandini Shrikent, who has worked with multiple directors and served as a casting director on films such as Gully Boy and Wake Up Sid.

Even studies support this trend. According to a study by research firm Ormax Media, 57% of Hindi films' box-office revenue comes from audiences below 30, usually digital citizens underlining the importance of catering to the social media universe and its influencers. Also, 40% of audiences share film-related memes on social media after watching films in theatres, the study showed.

Producers shared that casting based on followers reduces film marketing costs.

"Today, data plays a critical role in many creative and non-creative decisions related to films. Producers believe that replacing actors with people who have large followings can help reduce film marketing costs, as these influencers provide instant reach. Also, they believe that brand endorsements by influencers can help mitigate overall film costs," explained producer Rajesh R Nair.

But Nair observed that this trend is unfairly denying opportunities to genuine talent. "There is so much talent in the industry that is not even considered anymore. Actors are being judged first on their follower count instead of abilities. This is damaging not only to films but also to the industry," he added.

"Some filmmakers believe that people who have a strong digital connection with audiences can offer an immediate promotional advantage. These people can organically create conversations around a project from the announcement stage itself," said veteran producer Anand Pandit.

"We are already seeing creators like Kusha Kapila, Prajakta Koli, Bhuvan Bam and Dolly Singh becoming part of mainstream films and streaming platform projects because of their relatability and audience engagement," added Pandit.

Casting directors said that only those people who have a large following, but no acting skills, are failing.

"Increasingly, producers have realized that influencers work better for web series or music videos. But for films, only people with real acting ability survive in the long run," explained Kunal M Shah, casting director on web series and films such as Bhaukaal and Phule.

In the past two years, Bollywood production houses are increasingly diversifying into film distribution space. Though not unprecedented, a notable aspect of this shift is that today diversification into film distribution space has become a structural and survival imperative for production houses to deal with rising costs of filmmaking and grab larger share of revenues available across the value chain of filmmaking, producers, exhibitors and film marketing experts said.

Dharma Productions, and most recently Jio Studios, are the two prominent production houses that diversified into film distribution space in noteworthy manner in the last two years.

"Cost of making films has gone up due to the huge talent cost. Then, distributors are doing away with minimum guarantees (upfront cash) to producers. A combined effect of these is production houses venturing into distribution,” explained Suniel Wadhwa, co-founder & director, Karmic Films.

A key rationale behind production houses diversifying into distribution is to retain a larger share of revenues that a film can generate, noted established producers.

A key rationale behind production houses diversifying into distribution is to retain a larger share of revenues that a film can generate, noted established producers.

Functioning as distributors helps production houses reduce their dependence on sub-distributors, explained independent exhibitors.

"Production houses are going full throttle. They have set up offices in Bihar and West Bengal," said independent exhibitor Vishek Chauhan. “They are not dependent on sub-distributors. So, a distributor’s commission is their savings,” he explained.

Independent distributors earn 5-10% of revenues as commission income. “For instance, consider Dhurandhar. The film collected Rs. 1000 crore. And if a sub-distributor’s billing is Rs 450 crore, then 10% of it is Rs 45 crore. This is a huge number,” explained Chauhan.

Unfavourable experiences with studios have also contributed to this trend, noted producers. “There are studios who offer promotion, marketing and distribution to production houses for a fixed fee. These studios take a huge share of revenues earned through a film for the money they invest. This is in the range of 10-50% of box office revenues. This is a reason why production houses have diversified into distribution,” explained producer Rajesh R Nair.

Digitalization is another enabler for production houses to venture into distribution, explained distributors.

“Today, distribution is centralized, thanks to digitalization. One can keep a tab of everything sitting in Mumbai. Due to nuanced data, production houses have been able to negotiate with exhibitors on programming and revenue-sharing,” explained Shaaminder Malik, distributor and film trade analyst.

At present, apart from production houses, players such as AA Films, Pen Marudhar, YRF and PVR Inox distribute films.

In the long run, power dynamics in the distribution ecosystem is likely to shift in favour of multiplexes, said industry veterans.

“Today, multiplexes generate 70-75% of box office revenues. This shows their power in the entire distribution ecosystem. In the long run, the power dynamics will shift in favour of multiplexes,” said Neeraj Joshi, a film marketing and strategy consultant.

Mumbai: The pronounced and indisputable success of Dhurandhar franchise (original film’s worldwide collection: Rs. 1307.3 crore and sequel’s worldwide collection: Rs. 1006.5 crore, eight days) has set a new benchmark in filmmaking in in the Hindi film industry, triggering fresh discussions about revising, reviewing and doing away with old and verbose templates of filmmaking and focusing more on depth and authenticity than stardom, said producers, editors, trade analysts and distributors to ET.

“The Dhurandhar franchise is not a project put together by funding people. It is a triumph of a firm conviction and uncompromising intent of a director in achieving his personal creative vision. It has made mass cinema into event cinema and proved indisputably the importance of a director,” explained producer Rajesh R Nair.

“In recent years, a director’s role has been relegated to mere executor of scenes. This explains the intent of the makers. But the Dhurandhar franchise clearly scores well on intent as it breaks most established conventions of filmmaking,” he added.

Among the various departments, the film’s editing has set a new benchmark, shared editors. “After a long time, I have seen a film where a film’s editing is so clean. There are no loose ends. Necessary shots are preferred to good shots,” said Vaibhav Desai, a veteran editor.

“Using quick-cut transitions, events unfold rather than characters discussing how those events will unfold. This makes almost every scene engaging and pacy. So, the audience does not feel the film’s length,” he added.

Editors cite the quick-cut transition used in the beginning of Dhurandhar The Revenge. The audience is not shown why Ranveer Singh’s character needs an AK47 assault rifle, they pointed out.

The film’s bold and innovative use of music has also been lauded by distributors. “This may be perhaps the first mainstream Hindi film where a director has been so bold in the use of music including background. So many times, the music used is so contrasting and incongruous to the sentiment and mood of a scene,” noted distributor Shaaminder Malik.

“For instance, the use of the song Hum Pyaar Karne Waaley from the film Dil in the scene where Ranveer Singh’s character is abducted and produced before senior intelligence officers may seem risky. But it is the director’s conviction. Also, the use of original and vintage music has connected multi-generational viewers,” he added.

Even the film’s storytelling structure has been appreciated by producers. “The chapter-based narrative structure in the Dhurandhar franchise enhances its engagement and recall. This aids the film’s pacing. Also, it is in line with global viewing sensibilities of episodic storytelling,” explained Suniel Wadhwa, co-founder & director, Karmic Films.

Producers also acknowledged the depth in the film’s writing and clever use of contemporary history which matches the popular narrative.

“In the Dhurandhar franchise, even fictitious characters look real. There is authenticity in the presentation. There is also brilliant use of contemporary history to build a wonderful narrative of India’s resurgence in the films, which is lapped up by audiences,” shared producer Naveen Chandra.

Lastly, the film has also set a new benchmark in seamlessly blending genres without any special track for any one genre, observed producers.

“There are five genres in the Dhurandhar franchise: romance, patriotism, gangster, suspense and thriller. They blend seamlessly well without any genre overpowering This is an exception especially in Hindi films,” observed producer Ameya Naik.

Mumbai: After a string of underwhelming Bollywood sequels — War 2, Dhadak 2, Mastiii 4, Jolly LLB 3 and De De Pyaar De 2 — the industry is watching whether Dhurandhar 2 can buck the trend. Exhibitors and distributors are citing strong early demand that suggests the film could break the jinx at a time when Bollywood is grappling with box office volatility and old formulas that are no longer working.

According to film trade analysts, the film will release in India on 5,000–5,500 screens and is likely to record Rs 75-80 crore in collections on opening day, March 19.

Audience appetite has been whetted by the blockbuster success of espionage actioner Dhurandhar, directed by Aditya Dhar and starring Ranveer Singh, Akshaye Khanna, Sanjay Dutt and others. Released in 2025, Dhurandhar is one of the biggest films ever, having grossed Rs. 1005.8 crore in India alone and close to Rs. 300 crore in the overseas markets, according to box office data research firm Sacnilk.

In overseas markets, the sequel has generated advance or pre-release ticket sales worth $800,000.

“This is not an ordinary sequel. Audiences have already bought tickets worth more than Rs 5 crore for preview shows (March 18) alone,” said Shaaminder Malik, a film distributor and trade analyst. “They don’t want to know spoilers before their theatre experience. Tickets are being sold in a premium price range of Rs 300 to Rs 2,500 for a four-hour film. This shows the audience’s eagerness.”

Experts said Dhurandhar 2 is a proper tentpole release expected to drive significant box-office momentum.

“It is already reflected in its ticket sales,” said Gautam Dutta, CEO, revenue and operations, PVR Inox. “It will be the biggest release in terms of screens in India. In fact, a comforting factor is that the film has at least two weeks with no major release, which means the scope for record collections is high.”

Optimism about Dhurandhar 2’s performance increased recently with the release of Toxic: A Fairy Tale For Grown-Ups being delayed--it was to have debuted on the same day.

“The postponement of Toxic: A Fairy Tale For Grown-Ups has effectively cleared the competitive landscape for Dhurandhar 2,” said Suniel Wadhwa, co-founder and director, Karmic Films. “When two highly awaited big films don’t clash, exhibitors typically allocate 40–50% more premium screens and show slots to the releasing film, which can materially strengthen its opening-day collection. In theatrical economics, clashes create headlines, but clear release windows create box office records.”

Dhurandhar 2 will be dubbed in all four southern languages, unlike the original, which was released only in Hindi.

“The sequel is dubbed in multiple southern languages, which broadens its reach in the southern territories, thereby significantly boosting its India collections by at least 25–30%,” said producer Rajesh R Nair. Screen density, especially single-screen halls, and overall screen share (over 50%) in the southern markets is higher than in the rest of India.

Conservative estimates by trade analysts suggest the film could record an opening weekend collection of Rs 250-300 crore.

“In the absence of competition, I think the film’s collections could easily be boosted by at least 25%,” said Girish Johar, film producer and industry expert. “Given the high audience interest, I foresee an opening weekend collection of Rs 300 crore for the film.”

Mumbai: Men with dad bodies, crow feet and grey hair around balding pates are barrelling the cinema box office with gravitas, character and depth. They are also charging hefty premiums while crashing the youngsters' rave in cinema halls and OTT platforms. Films starring mature actors aged 50-70 have recorded impressive box-office collections across Hindi and southern cinema reflecting audiences' growing preference for acting skills and character depth over stardom hype and social media gimmicks, leading producers and distributors told ET. The "second innings" of these actors have turned the match.

In recent years, mature actors such as Sunny Deol (68), Chiranjeevi (70), Nandamuri Balakrishna (65), Venkatesh (65) and Akshaye Khanna (50) have either delivered solo hits or contribute meaningfully to noteworthy hits, giving a run for the money to younger peers.

Notably, these mature actors today are charging fees in the Rs. 15-50 crore range, considerably higher than Rs. 2-10 crore they charged at the prime of their careers, trade analysts said.

Films such as Border 2 (India collection: Rs. 335.7 crore), Dhurandhar (India collection: Rs. 1,004 crore), Mana Shankara Vara Prasad Garu (India collection: Rs. 245 crore), Daaku Maharaaj (India collection: Rs. 108 crore) and Sankranthiki Vasthunam (India collection: Rs. 225 crore) are prominent successes of these mature actors.

"It is impressive that films of mature actors are recording above Rs. 100 crore at the box office almost consistently. After Gadar 2 and Jaat, Sunny Deol delivered another winner in Border 2 at the age of 68 in today's highly unpredictable times," explained Shaaminder Malik, film distributor and trade analyst.

Producers attribute the captivating charisma of these long-established stars as a fundamental reason for their success.

"Across languages, actors in their 50s and above are delivering extraordinary performances. Films today demand larger-than-life, deeply rooted Indian characters. These mature actors who have distinct personalities are showcasing these elements with conviction and gravitas. Audiences are returning to theatres because these actors bring in certain authenticity," said Sunil Bohra, co-founder, Bohra Bros.

These actors have long-established connections with multiple generations of audiences, which works for them.

"These stars attract a wide and multi-generational audience. In a time when younger actors are over-exposed across platforms, the familiarity, trust and legacy of these mature stars work in their favour," shared Suniel Wadhwa, co-founder and director, Karmic Films.

He said that today's audiences are less focused on actors' age. They value depth of talent, presence, nuances, and suitability for roles.

Producers said that the emergence of credible larger-than-life stories such as Dhurandhar have worked in favour of these stars.

"The wave seems to have shifted from south to Hindi film industry. Directors in Hindi film industry are making credible larger-than-life films. These films are working as audiences are responding to them. These mature actors are talented. Today, the difference is they are getting the right roles which exploit their talent," explained producer Rajesh R Nair.

These stars' flexibility in accepting roles which are beyond their 'set image', opportunities from streaming platforms, and almost constant social media buzz around them have worked for these stars, producers said.

Streaming platforms have begun to do away with a fixed base or floor price (a minimum guaranteed payment) for films underperforming in theatres and have reduced base prices by 25–50%, in a move that could bring greater transparency and create a level playing field in the sharing of risks associated with box office outcomes, veteran distributors, independent streaming consultants and producers told ET.

According to distributors and trade analysts, after Sikandar (Hindi) and Thug Life (Tamil), the latest film to see a reduction in its base price is Akhanda 2: Thaandavam (Telugu).

They said that Netflix revised the film’s base price downward by 25% to Rs 67.5 crore from Rs 90 crore after its underperformance in theatres.

“Today, streamers immediately revise a film’s base price if it underperforms in theatres,” explained Suniel Wadhwa, co-founder & director, Karmic Films. “Platforms now read theatrical performance as a sign of audience rejection or acceptance. Box office success is not a validation today but rather a risk filter,” added Wadhwa.

This move by streamers reflects their sharp focus on profitability after having paid irrational prices for films to expand their libraries, materially impacting their profitability.

Today, digital rights are the fundamental trigger for producers to start a film, as these rights provide 40–80% of total film income. Given this noteworthy contribution, streamers came up with slab-wise revenue payments, which meant that beyond a fixed base price (arrived at after considering the average performance of past films of actors and producers), a film gets an additional upside (bonus) of 10–15% for every box office collection milestone set by the platform and the producer.

“It is a fair deal. If makers get an upside, then they must be prepared for a downward revision of the base price if a film flops in theatres,” said veteran filmmaker Vipul Amritlal Shah.

Distributors said that this move by streamers has emerged from poor responses to underperforming films on their platforms.

“In a way, the downward revision of the base price from a fixed base price will keep in check tactics such as block booking of tickets or releasing films on streamers before the eight-week window to recover cash, as practiced by producers,” said film distributor and trade analyst Shaaminder Malik. “Also, flop films do not provide incremental subscribers to streamers,” added Malik.

Another reason for the downward revision in a film’s base price is the fall in streamers’ appetite for content after recent consolidation. Consequently, power has shifted from producers to streamers.

“After the recent consolidation, the appetite for content among streamers is not as high as it was three years ago. Today, they have more realistic criteria for buying films,” said Shrirang Nargund, an independent streaming consultant.

There is a section of producers that believes that if a streamer revises a film’s base price downward, it should not release the film on its platform before the eight-week window.

“If a streamer reduces a film’s base price, then it must not insist on releasing it on its platform before the eight-week window. They must allow a film to stay in theatres. It may contain losses. The idea is to buy the right film at the right price,” said producer Rajesh R. Nair.

At a time when box office performance has become increasingly hard to predict, the battle over pre-theatrical releases in the Hindi film industry has intensified, as major distributors use unfair tactics to limit smaller rivals from securing enough shows in single-screen theatres and multiplexes, trade analysts, producers and independent distributors told ET.

In recent months, reports of tussles over screen and show allocations have surfaced among distributors of major releases such as Coolie and War 2; Kantara: A Legend Chapter – 1 and Sunny Sanskari Ki Tulsi Kumari; and Thamma and Ek Deewane Ki Deewaniyat.

“Sharing of screens and shows on the release day between distributors of competing films has been a long-standing issue. However, of late, it has become too aggressive and ruthless. Today, big and established distributors make almost every possible effort to deprive relatively smaller distributors of competing films from getting a fair number of shows and screens,” said Rajesh R Nair, producer of Hindi films such as Kaminey and Adipurush.

One of the unfair tactics major distributors have reportedly used is threatening single-screen owners and key multiplexes to withhold their films, both current and upcoming, if they allocate shows to competing titles backed by smaller distributors.

“In recent months, industry insiders have shared that big distributors have been threatening single-screen theatre owners and multiplexes that they would not supply them current and future inventory of films if they allocate shows to distributors of competing films,” said film distributor and trade analyst Shaaminder Malik.

Big distributors, with their strong reputations and deep pockets, have the advantage of backing a steady pipeline of theatre-worthy films. These strengths give them an edge over mid- and small-sized distributors when negotiating the number of screens and shows with single-screen owners and multiplexes.

Industry estimates show India has more than 9,900 screens, 55-57% of which are single screens.

“Big distributors have been even stipulating the number of shows their films must get on the release date to theatre owners. All this is at the expense of competing films of relatively smaller distributors,” said Malik.

Industry observers said such tactics by major distributors reflect growing nervousness about how their films will be received.

“Each story is different and appeals to a different audience, so in a sense it’s not a competition. Unjust tactics by big distributors to thwart relatively smaller distributors of competing films from getting sufficient screens and shows on the release day reflects their lack of confidence in the films they are backing,” said Bibhabari Rath Assudani, founder, Motion Mind Ventures, a company that helps filmmakers in critical stages of film-making such as financing and distribution.

Experts, however, pointed out that such tactics offer no long-term advantage, as exhibitors typically adjust show schedules after the opening weekend in favour of films that draw stronger audience interest.

“Ultimately, these tactics of big distributors are short-term strategies. After the opening weekend, only the film which has received high audience preference wins irrespective of the fact whether it is backed by a big or small distributor. Exhibitors promptly change the programming of shows in favour of films preferred by audiences given the capital-intensive nature of the business,” explained producer Rajesh R Nair.

Agreeing with Nair, Suniel Wadhwa, co-founder & Director, Karmic Films shared, “Multiplexes are far more data-driven now. By Sunday of an opening weekend of releases, show allocations automatically tilt toward the film that holds occupancy and momentum. In that sense, market correction plays a critical role in which film will get more shows after the opening weekend of releases.”

Hindi film producers are increasingly seeking insurance protection against piracy-related losses, particularly for big-budget films, amid reports of significant piracy losses. However, insurers are hesitant to underwrite the risk, industry insiders said.

The issue of piracy has come into focus following reports that producer Sajid Nadiadwala suffered estimated losses of Rs 91 crore due to a leak of Salman Khan-starrer Sikandar, which was released in March.

The film is insured for standard production and liability risks with New India Assurance, people aware of the matter said. However, losses due to unauthorised copying and distribution are not standard inclusions, they noted.

“Studios working on high-budget releases have approached us for piracy cover, particularly during the final edit and digital transfer stages,” said Sumant Salian, business head of media and entertainment at Alliance Insurance Brokers. “The fear of content leaks before release is growing.”

According to a recent Media Partners Asia report, if piracy remains unchecked, revenue losses of the digital video industry in India are likely to double to $2.4 billion, or about Rs 20,565.5 crore, by 2029 from $1.2 billion in 2024.

“Piracy continues to impact revenues. It is crucial that producers put in an explicit clause covering anti-piracy losses and enforcement costs while opting for film distribution insurance,” said Suniel Wadhwa, a veteran film distributor.

“There are discussions going on between producers and insurance companies to obtain cover for film piracy,” he said.

However, while the demand for piracy cover is both legitimate and increasingly urgent, insurers face significant hurdles in addressing it. For one, it is difficult to quantify losses due to piracy, they said.

“There is demand for piracy cover, especially after the piracy of Hindi films such as Udta Punjab (2016). But insurers are reluctant to underwrite first-party piracy risk, as it is difficult to quantify and prove losses,” a senior executive at an insurance broker said, requesting anonymity. “Unless a policy is explicitly structured to protect a producer from film piracy and associated losses, an insurance company would not respond,” the executive added.

Some producers believe that they should combat piracy through systemic changes rather than relying on piracy insurance coverage.

“I think we need to fight piracy by bringing in stringent laws instead of recovering losses from piracy cover. Piracy is deeply entrenched... I think a piracy cover will make producers complacent,” producer Rajesh R Nair said. “Also, a piracy cover is an additional cost to producers at a time when there are funding challenges. Granting the industry ‘industry’ status can eradicate these problems,” he added.

Globally, too, most film producers primarily rely on anti-piracy enforcement rather than specialized insurance products to address piracy risks. “Pirates typically target big films,” Nair said.

While there is no dedicated standalone anti-piracy insurance, in the US, insurers offer optional anti-piracy riders with their customizable error & omission and cyber Insurance policies for films, a film distributor said, requesting anonymity.

In India, the film industry typically relies on two main types of insurance – for production and distribution.

Film production insurance typically covers delays, cast or crew illness, equipment damage, and liability under errors and omissions (E&O) policies. Film distribution insurance, on the other hand, protects against damage or loss of film prints or digital masters, delays in theatrical releases, business interruptions, and losses arising from leaks or piracy before release or during the early stages of digital roll-out.

Producers estimate that 10-15% of Hindi films opt for film insurance each year.

TechSci Research, a consulting and market research firm, estimates that the total Indian entertainment insurance market will grow to $373.8 billion, or about Rs 32.03 lakh crore, by 2030, from $181.6 billion, or about Rs 15.14 lakh crore, in 2024.

Film producers and distributors are not enthused with the 27% year-on-year growth in all-India box office collection in the first five months of 2025, saying the growth does not capture the "existential" challenges that have engulfed the industry.

These challenges have, consequently, created an acute sense of "nervousness" among all key stakeholders in the film industry, they said.

The all-India box office collection rose to Rs. 4,812 crore between January and May this year from Rs. 3,791 crore in the year-ago period, according to the May box office report by media and entertainment research firm Ormax Media.

"Are we looking at numbers or real growth? Last year was an election year. So, it seems there is growth in collection. There is a huge difference between film business in multiplexes and the B-class and C-class centres," said Yusuf Shaikh, CEO and founder, Janta Cinema, an exhibitor that showcases films at affordable prices.

Shaikh said there are two critical challenges in the Hindi film industry. "We have lost 20-25% of the elite audience in theatres in the past few years. Even cheap ticket prices have not brought this audience to theatres," he said.

Another major concern, said Shaikh, is the glaring absence of well-made mass entertainers. "It is an irony. Elite audiences are absent in theatres. The masses who come to theatres do not have credible mass entertainers to watch," he said.

Most industry veterans believe that, incrementally, a sense of apathy is growing among audiences about watching Hindi films in theatres.

"Today, the audience for whom watching films in theatres was a ritual is missing. This has impacted the average opening and collection of Hindi films," said a film distributor, who requested anonymity. "Consequently, today, the mass audience is watching regional or non-Hindi films in theatres."

According to Ormax Media, the contribution of non-Hindi films-including English and other language films-to the all-India box office collection in the first five months of 2025 was a huge 63%, indicating an increasing acceptance of non-Hindi content by audiences in the Hindi belt. In the same period last year, the contribution of non-Hindi content to the all-India collection was 67%. This is because the share of collection of Hindi films to all-India collection grew to 37% in January-May 2025 from 33% in January-May 2024.

Chhaava and Raid 2 were two noteworthy hits that contributed to this growth.

"One or two hits do not promise change in the business situation. The Hindi film industry is disproportionately dependent on big-budget films. Today, the industry needs more successful mid-budget films," said Prashen Kyawal, a creative, post-producer and media-tech consultant.

Producer Rajesh R Nair concurs. "Instead of a big-budget film, we need a few mid-budget films, which have fresh stories and talent. The Hindi film industry must reinvent. Time has come to back fresh stories and new talent," he said.

Mumbai: The military conflict between India and Pakistan seems to have had an unproportionate impact on the Hindi film industry, with many filmmakers delaying promotional and marketing activities, and postponing, or even shelving, film and trailer launches.

The industry is staring at an estimated or potential loss of Rs, 150-200 crore in the form of cost of capital and deferred revenues due to this, according to producers and trade analysts.

"In these times of geopolitical unrest, cinema pauses not from the lack of creativity but from caution," said Suniel Wadhwa, a veteran film distributor and co-founder and director at Karmic Films.

"There are losses in the form of delayed cash, sunk costs, interest on idle capital, broken contracts, and missed momentum. These will have a ripple impact on producers, promotional and advertising agencies, theatres, financiers, and even streamers," he said.

"I think more than Rs. 700-800-crore worth of Hindi films stand vulnerable at this stage," Wadhwa said.

To be sure, there has already been a sense of uncertainty around theatre attendance in the industry, fuelled by a series of box-office flops and an overall decline in collections in recent months, largely due to shifting audience preferences.

The launch of Operation Sindoor, targeting terrorist infrastructure in Pakistan and Pakistan-occupied Kashmir in the early hours of May 7, and the subsequent military conflict further dampened the mood among producers of several Hindi films slated for release in May and June.

Makers of Kesari Veer and Housefull 5 stalled promotional activities, while those behind Sitaare Zameen Par and Thug Life postponed the releases of their trailer and audio soundtrack, respectively. Producers of mid-budget film Bhul Chuk Maaf opted to forego theatre release entirely and instead debut the film on a streaming platform.

Some veteran trade analysts attributed a part of such actions to low confidence among producers. "Even though one cannot rule out the impact of Indo-Pak conflict on cinema, one also has to consider that a big reason behind delaying releases is low confidence of producers to release films in theatres due to increasing unpredictability in theatrical performance of films," said Shaaminder Malik, a film distributor and trade analyst.

"Consequently, there are makers of upcoming big-budget films who are planning to release their films directly on streamers after their teasers and trailers received unfavourable response," he added.

Meanwhile, production of the sequel of the film Sanam Teri Kasam, which performed well on its re-release recently, may get delayed because the main actor has declined to work with the main actress because she is from Pakistan.

Some industry insiders believe the impact would be minimal as the border tensions have eased and life has returned to normal in most of the country since India and Pakistan agreed to stop military action on Saturday.

"I think films scheduled to release in May will be impacted. But releases in June will not be impacted that much," producer Rajesh R Nair said. "But I think Hollywood releases in May will be a saving grace as these franchise films have a huge following in India and their makers are not postponing their release."

Mumbai: Bollywood's struggle to consistently attract masses to theatres continues, with recent big-ticket releases - Sky Force, The Diplomat, Sikandar, Jaat, and the latest, Kesari Chapter 2: The Untold Story Of Jallianwala Bagh - falling short of industry expectations in their opening box-office collections.

Industry experts attribute the growing reluctance among audiences to catch the first-day-first-show to deeper structural issues, including lacklustre pre-release buzz, weak promotions, the rise of over-the-top streaming platforms as a more affordable alternative, and shifting in audience behaviour, where a film's trailer often seals its theatrical fate.

Tepid openings, they say, have become the new normal - a far cry from the past when a film's Day 1 collection was seen as a benchmark of its star power and box office potential. For example, Kesari Chapter 2 earned just Rs. 7.5 crore on its opening day this Friday - half of the Rs. 15 crore projected by trade analysts.

"Earlier a film would have a reasonably good opening day collection, and then its collection would grow or fall depending on how well it connected. But, today, a film's opening day collection starts with a low number," said Suniel Wadhwa, cofounder and director at Karmic Films.

Also, many movie lovers are waiting for peer reviews and word of mouth rather than watching films on the first day itself even as there is an increasing distrust of opening weekend numbers.

"Audiences trust each other more than marketing campaigns," Wadhwa explained. "Unless a film emotionally resonates and feels authentic, audiences will not show up on a Friday. Artificial inflation of collection numbers will change things. We need to earn the audience's attention and not buy it. Opening day should reflect trust and not tricks."

Lack of adequate promotion is another major hurdle. Bollywood producers are increasingly leaning on social media to promote films, banking largely on trailers released on YouTube to drive footfalls. While effective in urban centres, experts argue this approach may not connect with audiences outside the metros, who continue to rely more on traditional media for film updates.

"There is not enough awareness among people outside metros about films which are up for release," said Shaaminder Malik, a film distributor and trade analyst. "Producers spend big sums on making films. But in recent years, they don't invest adequately in film publicity across newspapers, electronic media, television, and trade magazines."

There are producers who believe that the traditions of watching films on a Friday and making decisions based on weekend collections are gradually declining as audiences want to ensure that a film is worth their investment.

"Friday numbers purely boost actors' egos. It is important to look at what a film collects in the long run," said Rajesh R Nair, who produced films such as Kaminey and Adipurush. "Today, audiences are no longer interested in watching a film's first-day show. They want a real deal. And that real deal is 'good scripts'."

According to Nair, a film made on a good script will have a longer run in theatres, and no amount of marketing gimmicks and fake data can prolong the presence of a film made on a bad script in theatres.

He cited the example of Chhaava - the only major Bollywood hit so far in 2025 - which continues to run in theatres even after almost two months of its release.

Copious and engaging content at a relatively lower cost on streaming platforms has also killed early enthusiasm for watching films on a Friday, experts said.

"Today, streamers are the cheapest form of entertainment if one takes into account the cost, time and hassles involved in reaching and watching a film in theatres," said the MD of a multinational media and entertainment company.