Indian cinema is witnessing a decline in its business by 3% in 2024; The share of Indian films is declining, and Hollywood films are suffering the worst Bollywood
The year 2024 saw the release of several big-budget films, some of which were huge successes at the box office while others quickly fizzled out. According to a recent report by Ormax Media, only three films have managed to cross the border $500 crore, with Allu Arjun Pushpa 2: The Rule emerging as the highest-grossing film of 2024. Read also: Not Stree 2, Kalki 2898 AD, or Fighter, this blockbuster is the most watched Indian film of 2024, selling 31,000 tickets in one day.
Box office report card
Ormax Media on Monday released its Box Office: 2024 report. It stated that the Indian box office generated revenue $11,833 crore in 2024, becoming the second-best year ever at the Indian box office, trailing only the collections of 2023 ( $12,226 crore).
Despite a marginal decline of 3% compared to the previous year, 2024 remains the second highest grossing year at the Indian box office, coming in at just under $12,000 Crores is a milestone. It also marks the fourth year of Transcendence $10,000 crore, after 2019, 2022 and 2023.
The report also noted that Indian cinema saw a decline in 2024, with collections declining from $5,380 crore in 2023 to $4,679 crore, and its box office share fell by 4 percentage points to 40%.
Allu Arjun and Rashmika Mandanna starrer Pushpa 2: The Rule has emerged as the highest-grossing film of 2024, with box office gross $Rs 1,403 crore. Its Hindi dubbed version has been released $889 crore, setting a new record as the highest-grossing Hindi language film of all time.
When it comes to transit $500 crore mark at the Indian box office, only Pushpa 2: The Rule, Kalki 2898 AD and Stree 2 have managed to achieve that. Jr NTR’s Devara – Part 1, Kartik Aaryan’s Bhool Bhulaiyaa 3 and Vijay’s The Greatest Of All Time were the other three highest grossing films. $300 Crores.
However, Malayalam cinema had a breakout year, doubling its share from 5% in 2023 to 10% in 2024. Gujarati cinema also saw impressive growth, with a 66% increase in overall box office numbers.
Indian conflict movies
Hindi-language cinema had a challenging year, contributing 40% of the total box office, down from a 44% share in 2023. Notably, 31% of Hindi cinema’s collections came from dubbed versions of South Indian films. Although Pushpa 2: The Rule (Hindi) and Stree 2 became the highest-grossing films of all time at the Indian box office, Hindi cinema’s total collections in 2024 fell by 13%, falling below 2019 level. Pushpa 2: The Rule (Hindi) ) and Stree 2 contributed $1,587 crore to the total collections of Indian cinema.
If we consider only original Hindi films, the decline in box office was a steep 37%. However, the performance of dubbed titles, especially Pushpa 2: The Rule and Kalki 2898 AD, helped limit the overall decline. When it comes to turnout, it will fall by 16% in 2024.
Only six original Hindi films have managed to gross more than $100 crore this year, compared to 16 crore in 2023.
Hollywood is in decline
While most other languages saw a decline, Hollywood saw the largest decline this year, shrinking by 17%. Its share decreased to 8% from 9% in 2023, and its revenues declined by 17% to reach $941 crore with franchise films like Mufasa: The Lion King ( $178 Crore), Deadpool Wolverine ( $160 crore) and Godzilla x Kong: The New Empire ( $133 crore) tops the list.
For the second year in a row, no Hollywood film was able to pass the barrier $200 crore in India, with only three films crossing the Rs $100 Crores.
Other films that performed well include: Venom: The Last Dance, Kung Fu Panda 4, Despicable Me 4, Kingdom Of The Planet Of The Apes, Moana 2, Dune: Part Two, and Inside Out 2. All films are part of franchises. This confirms Hollywood’s reliance on established brands to achieve success in the Indian market.
With a footfall of just Rs 3.8 lakh crore, 2024 marked one of the weakest years for Hollywood in India in the last decade.
