Theatrical polarization, streaming reset in 2024
Indian film and television veteran Siddharth Roy Kapur points to increasingly polarized theatrical output and a period of strategic recalibration of streaming as key trends shaping Indian entertainment in 2024. He characterizes it as a ‘pause year’ dominated by business-to-business developments rather than consumer-oriented initiatives.
“People are becoming more precise about which films they will see in a cinema,” says Roy Kapur, founder of Roy Kapur Films and former head of Disney India in his annual analysis of the Indian entertainment industry for Variety. “The habits that have been reinforced by COVID have only accelerated in terms of people deciding to come out to very specific films in theaters within a year.”
Roy Kapur notes that while successful theatrical releases are outperforming pre-pandemic levels, films that don’t generate strong word-of-mouth are underperforming compared to previous years. This polarization was amplified by fewer theatrical releases in 2024, which he attributes in part to production delays due to COVID-19 and increased selectivity over theatrical projects.
The year saw particular success for franchise films, with “Pushpa 2: The Rise” demonstrating the potential for exponential growth between installments. The Hindi version of the first “Pushpa” film earned $45 million during its initial Omicron-influenced release, while the sequel has already grossed more than $200 million worldwide.
Roy Kapur attributes the strong performance of South Indian films in the Hindi-language markets to their approach to heroism. “Hindi cinema in recent years has probably not given the general public the kind of heroism they expect from their theatrical experiences,” he says, comparing characters in films like ‘Pushpa’, ‘KGF’, ‘RRR’ and ‘ Baahubali” to “Amitabh Bachchan from ‘Deewar’ on steroids.”
In the streaming sector, 2024 was marked by corporate restructuring, including Disney’s merger with Reliance’s Viacom18/Jio and the collapsed Sony-Zee deal. “That usually leads to a general cooling of the market,” Roy Kapur explains, noting that even uninvolved players like Netflix and Prime Video took a more measured approach during this period.
Streaming platforms’ focus on subscriber growth is expected to influence content strategies in the future. “Once you reach the subscriber level, who are in a socio-economic position to afford these services, you now need to expand your reach,” says Roy Kapur. “You will see more and more mass and commercial films and series appear on these platforms.”
Cricket remains a key driver for both television and streaming platforms, but Roy Kapur emphasizes the importance of maintaining audience engagement between major sporting events. “You always need longer-running series where you have characters that you want to live with for a longer period of time,” he says, noting that subscriber churn between tournaments should be avoided.
The industry veteran sees the relative calm of 2024 as a transition period. “It’s been a year where everyone has been waiting and watching because of all the business-to-business stuff going on, rather than so much B2C activity,” he explains. “It was much more of a B2B environment where there was so much activity on the consolidation side, on the merger side, happening and not happening.”
Looking ahead to 2025, Roy Kapur expects an increase in theatrical activity, with major stars returning to screens after limited releases in 2024. His own production company has ‘Deva’, starring Shahid Kapoor, slated for a theatrical release on January 31, and ‘Matka King’. will premiere on Prime Video later this year. He also notes that successful streaming shows are generating second and third seasons, indicating a maturing market.
“Next year you’ll see a lot more consumer focus from each of the players, as their businesses stabilize in whatever new form they’re in, and they become much more outward-facing again,” says Roy Kapur. Despite the challenges of 2024, he maintains his characteristic optimism: “I’m an eternal optimist, as you may have guessed in the years you’ve talked to me, so I think there will definitely be a little bit of an upturn next year. ”
Hollywood’s performance in India was noticeably muted in 2024, with Roy Kapur noting that successful Western releases often did not match the preferences of Indian audiences. “Those who work in the West, or have worked in the West, I think this year, are generally not the kind who work in India,” he notes, adding that there could also be “a certain level of superhero fatigue . among the audience.
