Mumbai: The Hindi film industry, also known as Bollywood, is unlike any other turmoil it has ever faced after decades of storytelling that has made us uplifted, enthused, and sometimes sad and thoughtful. It seems to be at an inflection point.
A study by SBI’s Internal Economic Research Group is about to outline the main reasons and launch some proposals for this important industry that gives Indian ideas a lot of ‘soft power’. The average rating for 43 Hindi films since January 2021 is just 5.9, well below his 7.3 for 18 Hindi dubbed films. A simple regression exercise shows that an increase of 1 point in IMDB rating translates to an increase in collection of Rs 17 crore.
Second, single-screen theaters are declining, and movies are now being shown to multiple audiences.In a multiplex, ticket costs are three to four times higher than in single-screen theaters. The high ticket prices are also due to the high box office tax for Hindi films. Interestingly, 62% of his single screen cinema halls are in South India, followed by North India with just 16% share, followed by West with his 10% of total single screen cinema halls. . This is also the reason why South Indian movies (local area) are earning more than Bollywood movies these days.
Third, statewide demographic profiles may influence moviegoers. The online platform has various genres such as action, horror, drama, thriller and comedy. Millennials are using these platforms more to watch their most preferred genres. South Indian states have a higher proportion of older people compared to North Indian states who prefer watching movies on big screens in theaters over OTT platforms.
Fourth, a major disruption in the Indian entertainment industry is the emergence of OTT (over-the-top), which accounts for around 7-9% of the entertainment industry. all languages. According to reports, India has 4.5 billion OTT subscribers and is expected to reach 500 million by the end of 2023. The rise of OTT is expected to eat away at cinema audiences and profits. Because over 50% of people use OTT for more than 5 hours in his month. Also, options like smart TVs and Chromecast have emerged and have had the biggest impact on traditional entertainment modes. These developments have made it possible to have the movie theater experience at home. Seemingly endless options spoil the viewer.
Soymya Kanti Ghosh, Chief Economic Advisor of SBI Group, said: As an example, the fashion industry is seeing bellbottoms rage again! Their retro-inspired aesthetics and flared shapes have taken them from Colaba’s tony by lanes to the hardworking and enterprising Coimbatore’s. The word town resonated with young people after its big theatrical release last year, the first bell bottom after the pandemic in August 2021. model is adopted. It was in vogue almost 30 years ago, and the list could actually be endless.
Let’s fast forward to the movie. In the 80s, videocassette rentals (VCR/VCP) grew exponentially, challenging established modes and models for the first time. Movies of various genres can be rented, artfully tailored to taste, and tailored to the tastes of audience groups, and the ubiquitous neighborhood cornerman makes mass bingeing available for the first time from the comfort of home. I made it Since the early 2000s, the rise of multiplexing in metro/urban areas has virtually wiped out the DVD industry and single screen. But with the onslaught of OTT, it seems like we’re back in the good old days of watching moving at home like in the DVD days, just with more options.
I have a little suggestion! It’s amazing that India didn’t have a movie-centric commodity industry like Hollywood did. There have been a few attempts, such as the 90s dill hai ke manta nahin cap and the main pia kiya friendship badge. We hope blockbuster Friday is just around the corner!