Hollywood pins hopes on second half of 2024 to revive industry

Following a hiatus due to last year's strikes by writers and actors, the American film industry is poised to release a barrage of eagerly-anticipated titles such as Joker: Folie a Deux, Lord of the Rings: The War of the Rohirrim, and Deadpool& Wolverine.

However, amid the anticipation, concerns loom over the Marvel brand's struggles, and its impact on the industry's performance, said trade experts.

Bollywood's Loss, Hollywood's Gain 

“The performance of Hollywood is likely to pick up in the next couple of months, thanks to the release of several highly-anticipated films. Two major films that are expected to draw significant box office attention are Deadpool & Wolverine in July, followed by Joker: Folie à Deux in October," Devang Sampat, managing director, Cinepolis India, said.

Read | Will rapid-fire movies from top stars trigger viewer fatigue

In fact, trade experts were of the view that while several other languages will witness the release of major films in the coming months, the absence of high-octane Bollywood entertainment will be striking. This creates a window of opportunity for Hollywood to capitalize on.

Shifting Tides in Film Industry

“Given the absence of major Hindi films, Hollywood can play a crucial role in revitalising the theatrical business in the coming months. Hollywood films are expected to gain additional audience admits," Sampat said.  

“Blockbusters and highly-anticipated movies can draw large crowds, boosting overall sales and maintaining theatre footfall. Hollywood offerings in the coming months will appeal to various audience segments, ensuring busy theatres," he added. 

According to Sanjeev Kumar Bijli, executive director, PVR INOX Ltd, last year's strike had a considerable impact on the movie industry. “This event brought with it several complexities. Disruption of film schedules and production delays impacted the release dates of a large number of films, as well as the overall operational dynamics of the industry." 

However, as things ease, business prospects could look up for the American film industry, Bijli added.

And this | Multiplex chains renegotiate rentals, capex terms as business dives

Denzil Dias, managing director of WB Theatrical, Warner Bros Discovery (WBD) India, said the void left in this year's release schedules for all Hollywood studios are expected to be addressed in 2025.

“Looking ahead, WBD has a strong slate with upcoming releases like Joker: Folie à Deux, Twister, Beetlejuice 2, Lord of the Rings: The War of the Rohirrim, and M. Night Shyamalan's Trap. Universal Pictures also boasts promising titles, including Despicable Me 4, The Wild Robot, and Wicked." 

Warner Bros also distributes Universal films in India.

Tinseltown Trials 

However, a section of industry experts is apprehensive about Hollywood's diminishing influence in the Indian market, considering the recent lacklustre performance following a few post-pandemic successes such as Avatar: The Way of Water, and Spider-Man: No Way Home.

Notably, titles from the Marvel Cinematic Universe have failed to replicate their pre-covid allure to draw audiences, raising concerns about the industry's resilience in the region, they added.

“Hollywood used to be a good source of cash flow for us earlier, but the last film that did really well was Avatar (December 2022). In India, the Hollywood business was driven by the Marvel brand which has seen a decline after being spread too thin with multiple films and web series," Bihar-based exhibitor Vishek Chauhan said. 

Also read | Box-office duds prompt theatres to cut ticket prices

Many single-screen cinemas, which had invested in 2K projectors required for screening Hollywood films, are contemplating removing them due to negligible revenues from recent screenings, he added.