ONE OF THE miracle stories in the aftermath of the devastating Covid-19 pandemic has been the Indian box office. It has demonstrated not only remarkable resilience in the face of other technological advancements, such as the rise of streaming services, but post-pandemic, it has come back with a vengeance. According to a report by India’s largest multiplex chain, PVR INOX, the
Indian box office has experienced a notable growth of 12%, reaching $1.5 billion in 2023 from $1.3 billion in 2019. This stands in stark contrast to substantial declines of 17% and 20%, respectively, in markets like China and the US during the same period. No wonder then that Ajay Bijli, the Managing Director of PVR INOX, is in a jubilant mood.
“It is truly heartening to see India emerge as the sole major market worldwide to surpass pre-pandemic peak box office collections in 2023,” he stated in a recent press release.
Additionally, a recent report from market intelligence firm Ormax showed that 2023 marked a historic milestone, with gross box office earnings reaching ₹12,226 crore, making it the first year when the number surpassed the ₹12,000-crore mark in India. But what worked in India’s favour? According to Tushar Dhingra, Cofounder & CEO of Dhishoom Cinemas, the answer lies in the country’s very robust film culture.
This story is from the March 03, 2024 edition of Business Today India.
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This story is from the March 03, 2024 edition of Business Today India.
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