Bollywood, after releasing a series of flop and underwhelming films, is going through a tough phase business wise. The film business has always displayed an enthusiastic upword trend during the festival season, which is why the industry is hopefully staring at this Diwali season. Two big films, Akshay Kumar’s Ram Setu and Ajay Devgan’s Thank God, are slated for release and industry experts are hoping for both to end box-office’s lull phase. Country’s top multiplex owners, INOX and PVR, have already expressed their worry and reiterated how the last quarter has to perform well for the survival of many players in the industry.
Karan Taurani, renowned analyst from Elara Capital said, “Q3 is crucial (for the companies).”
Speaking to the media, top multiplex owners have time and again highlighted below average content from the industry to be the biggest reason for lackluster film business.
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It is to be noted that a lot of the films recently releasing got delayed due to the pandemic and are basically pre-pandemic production. With audience viewing patterns shown drastic changes, the pre-pandemic content is now hardly being able to compel audience to flock to the theater.
The direct relation of audience flocking to the theater and industry witnessing upward trends in profits is widely known. Some of the year’s biggest movies schedule their release on these festivals, whether it is Diwali, EID or Christmas. However, looking at the reluctance that the audiences have shown in the past year, blame it on the pandemic or below average content, nothing can be speculated with surety about the film business anymore. It is thus that industry is looking hopeful for better business but still being careful.
Expressing industry concerns while speaking to the media, film producer and trade analyst Girish Johar said, “Even the Q3 releases, which happen to take place during the festive season, are somewhat muted and underwhelming in the response they are getting.”
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Another reason that is often quotes for the lackluster theater performance of most films releasing post pandemic is the growing network of streaming service nationwide. Platforms such as Netflix and Amazon Prime have disrupted the content viewing patterns of the audience. For two years, people had to be locked inside their homes and these streaming platforms turned up as their saviour. Now, the trend shows only extra-ordinary content such as an RRR or a Brahmastra be able to compel audience to purchase theater tickets. Younger generation getting alienated from Indian cinema is also one of the reasons often cited for the lack of positive response at the theater ticket window. With film lovers getting easy access to International content, the appreciated for Indian films have somehow dimmed.
In any case, hope is high from both Ram Setu and Thank God. Both Akshay Kumar and Ajay Devgan, the leads of the films respectively, already had dull box office experience this year but still the stars are known for pulling major numbers. Moreover, leveraging on the religious angle in both Ram Setu and Thank God, many people naturally expect these films to do well after the tremendous success The Kashmir Files shown in the first quarter.
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