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.

New Delhi: Universal Studios, one of the world's largest theme park operators, is in talks with Bharti Real Estate to launch its first amusement park in India, two people aware of the development said.

Bharti Real Estate, part of Sunil Mittal's Bharti Enterprises, is developing a 3-million-sq-ft mall, India's biggest, near the Delhi airport, and is expected to lease 300,000 sq ft at the facility for an indoor theme park.

"We have earmarked 10% of the total leasable area for a global entertainment park," Bharti Real Estate chief executive S K Sayal said. The mall will be ready by mid-2027, he said.

Sayal said the company is holding discussions with potential partners for the theme park but refused to provide any names.

Universal Studios did not respond to an email seeking comment till press time on Wednesday.

International operators such as Timezone, Funcity and Funtura have a 28% share in the entertainment space in India where unorganized domestic players dominate the sector.

Almost half of the operational indoor amusement centres in India are in the gaming zone format, followed by trampoline parks and the emerging entertainment format.

Universal Studios has theme parks in Beijing, Japan, the US and Singapore among other cities.

India has 6.6 million sq ft of operational indoor amusement centres across 523 locations, according to real estate consultancy JLL.

By 2028, the indoor amusement centre area is expected to reach 11 million sq ft with large retail developments and malls expected to accommodate expansive and innovative centres.

"The interest from global entertainment brands in exploring entry into this market only strengthens the outlook and underscores the Delhi NCR's readiness for large-scale, immersive experiences," said Saurabh Shatdal, head of Retail India at consultancy firm Cushman & Wakefield.

Bharti's upcoming development at Delhi Aerocity has a total development potential of 17 million sq ft.

About 5 million sq ft of the total portfolio will be retail and once completed, the project is expected to generate annual rental income in excess of Rs 5,000 crore.

Bharti Real Estate has already started the development of about 6.5 million sq ft with an investment of more than Rs 6,595 crore.