Despite lackluster innings due to a major Hindi release, the national box office in the first eight months of 2022 is expected to reach Rs 917 million and Rs 717 million in 2021 and 2020 respectively. Already over Rs 229.9 billion compared to Rs.
Bollywood has shown some recovery from the pandemic year, but is still a long way from catching up to 2019’s 5,200 kroner collection. This is according to data provided by the State Bank of India in his Ecowrap for August on Friday.
Main reason for decline
The report also said the reasons Bollywood has repeatedly lost out to southern films in terms of box office returns are poor content, fewer single-screen theaters, an entertainment tax on Hindi-language films, demographic differences, and digital streaming. It is pointed out that it extends to the rise of platform.
SBI tracks the evolution of cinema in the Covid years, noting that the world is witnessing changes in consumer behavior among moviegoers who have spent the past two years in lockdown. also said: This change in human behavior is a reminder that human civilization embraces the past, yet holds power for the future. “
poor quality content
Statistics clearly show that the quality of content in recently released Bollywood movies is declining. According to a report by SBI, 43 Bollywood movies released since January 2021 have an average IMDB rating of just 5.9, well below the 7.3 rating of 18 Hindi dubbed movies.
While content quality does not directly correlate with a movie’s popularity, “a simple regression analysis shows that a one-point increase in IMDB rating leads to an increase in collections of INR 1.7 billion,” the report notes. doing.
Another reason behind the meager collection is that Bollywood is releasing fewer films after 2021 for fear of a lackluster collection. 5,500 kroner,” the SBI noted.
“However, since January 2021, a total of 61 films have been released in Hindi (original + Southern/Hindi dubbed) by 11 August 2022,” the SBI report explains. A collection of 61 films is only Rs 3.2 crore.
The rise of multiplex
According to the report, the rise of multiplexes over single-screen cinema halls has also significantly increased ticket prices, discouraging moviegoers. Interestingly, the concentration of single screens is much higher in the South. The report indicates that this may be a factor contributing to Southern films being significantly better than Hindi films.
The SBI report also said the high entertainment tax on Hindi-language films is driving up ticket prices. The report also shows that demographics favor the South, which has a higher concentration of older moviegoers, while the millennial population is higher in the North. Millennials are more likely to watch movies on his OTT platform, while older moviegoers still prefer to watch movies on the big screen.
Impact of OTT platforms
With OTT platforms for streaming growing exponentially, the trend was fueled by the pandemic, and the report notes that developing content for OTT should be a natural shift for creators. .
“According to various industry estimates, almost 40-45% of the lifetime box office receipts of hit Bollywood films came from non-multiplexed zones in India. With South Indian films gaining more share through dubbing, Bollywood filmmakers must rethink their content and distribution strategies, but one blockbuster returns to box office success. “No one knows what could happen,” the report notes.
August 26, 2022