Not theatrics, meaningful content to drive fortunes of film industry
India's exhibition industry.
According to the latest Ficci-EY media and entertainment report, footfalls in theatres (single screens and multiplexes) have fallen by 9% to 900 million in 2023 from 994 million in 2022. But, gross box-office collections (before tax) of single screens and multiplexes expanded 15.3% and 13.7%, respectively.
To be sure, the base effect plays a role in the quantum of increase.
Still, growth in gross box-office collections of single screens has been higher than for multiplexes. These divergences help explain how audiences are watching content in theatres after the pandemic.
More than two years since the re-opening of theatres after the pandemic, footfalls have not touched pre-pandemic levels. In 2019, they were 1.46 billion, sliding to 900 million last year. The cost of going to a movie (not just ticket price) outweighs the cost of buying relatively economical entertainment: streaming and social media platforms. Also, audiences are willing to wait for films to release on streamers (high viewership of Hindi film Animal on Netflix is a case in point) after the theatrical release.
This fall in footfalls is compensated by high-ticket prices, which audiences are willing to pay if rewarded either with well-made, big-budget massy films or mid-budget films. Today, with the exception of Hollywood tent-pole movies, the content that works in multiplexes (12th Fail, for instance) is not materially different from what works in single screens.
Indeed, a Hindi filmgoer has become more accepting of
