2023, a blockbuster year for film industry
Indian film industry, in general and for Bollywood in particular, with four Hindi films crossing ₹500 crore each in box-office earnings and the gross box-office collections projected to touch a new high of ₹12,000 crore.
Bollywood's resurgence has been driven by diverse content offerings, innovative marketing, and pent-up demand among audiences for experiencing movies on the big screen notwithstanding the rise of streaming platforms, industry executives and experts said.
While star-studded films like Gadar 2, Pathaan and Animal did send the cash registers ringing, mid-budget films such as 12th Fail and Sam Bahadur have performed reasonably well.
After a challenging 2022, Bollywood delivered four films — Gadar 2, Pathaan, Jawan, and Animal — with box-office earnings of over ₹500 crore. In 2022, the gross box-office collection of ₹10,637 crore was driven largely by South Indian films KGF: Chapter 2, RRR and Kantara, according to a report of consultancy firm GroupM-Ormax Media.
The report said that the box collections of Bollywood films had declined 27% from 2019 to ₹3,513 crore in 2022.
In 2023, industry executives project the box office collections of Bollywood films to touch ₹5,000 crore. PVR Inox executive director Sanjeev Kumar Bijli said Bollywood's growth in 2023 was driven by both blockbusters and mid-scale movies.
«Despite featuring renowned stars with massive fan followings, the success of these movies can be attributed to the resonating content that particularly struck a chord with the young audience,» he added.
