Symptom and prognosis

Yes, nostalgia is a powerful weapon to use as a business strategy. And maybe PVR INOX could have stumbled upon a winning strategy here. But there’s a corollary to this: nostalgia is not only universal, but also timeless. Why is it then that multiplexes have stumbled upon the re-release strategy just now? If it existed in the past, why was it not used then? Why bring back older movies now, especially when they are all available on OTT platforms, and, perhaps, for free elsewhere? In other words, if we scratch the surface, can we glean something more, perhaps a greater mechanism?

The answer leads us straight into the very heart of Bollywood and its current state. And it is while chasing this question that I stumble upon a recent podcast — one that brought a far more personal, textured voice into the frame. Actor Kalki Koechlin wasn’t dissecting a box office graph or quoting audience retention metrics. She simply used one word to describe the present state of the Hindi film industry: ‘recession’.

One morning in late May, I catch up with her. And although the conversation starts with the phenomenon of re-releases, it turns out that this is only a symptom, which requires a deeper prognosis: the Hindi film industry is going through a “struggling period,” Koechlin points out, marked by uncertainty, creative confusion, and a general lull in employment across the board — from actors to crew members.

“Nobody really knows what’s working, and nobody seems to be able to predict what’s going to work,” she says. “People are not going to the cinema as much as they used to, because everything is accessible on a phone or a laptop. So, there’s just less footfall.”

Echoing Koechlin, Mumbai-based film trade analyst Taran Adarsh points out that while the practice of re-releasing a film existed in the past, there is a surge in such activity now because multiplexes are witnessing dwindling footfall. “There’s no denying that footfalls have declined, and theatres are looking for ways to bring audiences back. But I also think this is part of a larger correction happening within the industry,” he says.

Spelling out the broader contours of this “correction” in the Hindi film industry, Adarsh explains that a new trend has percolated into the industry where the producer is concerned more about recovering a film’s budget than focussing on making a great film.

“The industry had been making what I call ‘proposals’ instead of solid films. Projects were being greenlit based on how much could be recovered from satellite, OTT, overseas, and music rights — even before the first scene was shot,” he says.

While she does acknowledge that she isn’t privy to the financials of producers, Koechlin offers a glimpse into the day-to-day anxiety within the film community. “A lot of my friends — actors who aren’t A-listers, but who aren’t unknown either — are messaging each other, saying: ‘Are you unemployed, too?’” she says. “I’ve had several actors talk about this. Some of them have gone to work in Telugu cinema or other South industries for the first time, because they don’t have work here.” It’s not just actors who are feeling the crunch. “So many spot boys have contacted me, so many crew members have told me they’re out of work,” she says.

Koechlin herself has turned increasingly to theatre, not just as a fallback, but to stay creatively engaged. She’s also found ways to monetise that engagement. “I’ve gotten smarter at selling that work. I do a lot of corporate gigs, live shows, on womanhood, motherhood, LGBTQ rights, gender equality. It sustains me in these times.”

Koechlin’s lived experience is borne out by data. According to the 2024 Ficci-EY report on the media and entertainment industry in India, last year saw a fall of 5% in filmed entertainment. While in 2022, the industry earned ₹17,200 crore in revenue (across all verticals), it rose to ₹19,700 crore in 2023 but dropped to ₹18,700 crore in 2024. These are the overall box office figures, including non-Hindi language films.

But the reason behind the fall? The report’s assessment is crystal clear.

“Poor performance of large budget Hindi films, as well as some South films, led to a drop in overall box office collections; a fewer number of hits drove a larger proportion of revenues, with some estimates showing that more than 70% of total box office earnings were delivered by just the Top 10 films. The trend is clear: either a film is hugely successful at the theatre, or it tends to completely underperform,” it reads.

For Koechlin, the crux of the matter seems to be the fact that in Bollywood, there isn’t a workable business model and a new one needs to be invented. As she explains, the boom of OTT platforms in India initially offered hope, but that has almost died down.

The lack of a clear model, whether for content creation or audience engagement, is what she believes is creating fear and hesitation within the industry. “That lack of prediction is what’s making everyone nervous to even put money into projects, because they’re not sure what’s working anymore,” Koechlin says.

With so much of uncertainty brimming under the surface, the phenomenon of re-releases reflects both the enduring magic of cinema, and also the shifting sands beneath the Hindi film industry.

Yes, for audiences, it offers a return to the comfort of stories that feel known and safe. And for multiplexes, it has become a viable strategy to keep the screens running during a period of uncertainty. But for those within the industry, it quietly signals a deeper churn — an admission that the present isn’t quite delivering, and that the future remains unclear.

Only the past exists.

A complex picture

‘Andaz Apna Apna’ again? Is Bollywood dying or is it just out of ideas?