Malayalam cinema shines as Bollywood stagnates in 2024

As the Indian film industry reaches the midpoint of 2024, Malayalam-language cinema from the southern state of Kerala has emerged as the big success story, while traditional powerhouse Bollywood is recalibrating after an uneven start to the year.

“This year has been the year of Malayalam cinema,” says Siddharth Roy Kapur, former head of Disney India and a veteran producer, in his biannual analysis of the Indian entertainment sector for Variety. “With four films crossing INR 100 crores [$12 million] each at the box office, it really took off commercially.

The four films Roy Kapur is referring to are “Manjummel Boys” ($29 million), “The Goat Life” ($19 million), “Aavesham” ($18.6 million) and “Premalu” ($16 million). of dollars) which occupy positions three, six, eight and nine respectively on the 2024 Indian box office chart.

If Malayalam films have long been praised by critics for the richness of their storytelling and the quality of their production, in 2024 they experienced unprecedented commercial success on a national scale. As they are made on relatively lower budgets, the return on investment is greater than their Hindi-language Bollywood counterparts.

The breakthrough continues the pan-Indian cinema trend that has seen South Indian language films find a wider audience across the country in recent years. In 2024, Telugu-language “Hanu-Man” is the highest-grossing film of the year so far with $42 million.

For Bollywood, 2024 has so far failed to match the stellar box office performance of 2023, with the bright sparks being “Fighter”, “Shaitaan”, “Crew” and “Article 370”. However, Kapur sees encouraging signs in the success of several small and medium-budget films that have exceeded expectations.

“Films like 'Munjya', 'Srikanth' and 'Mr. & Mrs. Mahi' have managed to stand out,” notes Kapur. “For the industry, it is a very encouraging story that even medium and small films can succeed if the concept is strong enough.”

The trend marks a shift from 2023, when big-budget spectacles dominated the box office. Kapur believes audiences are signaling a desire for new narrative approaches.

“The public tells us that they are a little fed up with the old clichés,” he observes. “It challenges us to tell stories differently. If we do this, he will come. »

Disappointing results of some highly anticipated big-budget films in early 2024, including 'Bade Miyan Chote Miyan' and 'Maidaan', have reinforced this message. Although it is too early to see concrete changes in commissioning practices, Roy Kapur expects that the success of smaller budget films will encourage younger producers and directors working with smaller budgets.

“It gives courage to many small producers and filmmakers who currently don't have the means to raise the capital needed to make a big film,” he says. “It sends a message that there is more hope than we might think.”

Hollywood’s performance in India has been particularly mixed this year. “No Hollywood film has really broken through this year,” Kapur observes. While “Godzilla x Kong: The New Empire” did a decent $15.9 million, it didn’t reach the blockbuster status of previous years’ American studio releases in India.

This struggle reflects Hollywood's global performance, which has been difficult compared to India's relative resilience over the past 18 months. The situation highlights the growing strength of local content in capturing Indian audiences, Roy Kapur noted.

Looking ahead to the second half of 2024, there are several major pan-India releases on the horizon, including Allu Arjun’s ‘Pushpa: The Rule – Part 2’, Kamal Haasan’s ‘Indian 2’, Rajinikanth’s ‘Vettaiyan’, Suriya’s ‘Kanguva’ and NTR Jr’s ‘Devara: Part 1’. The sci-fi epic ‘Kalki 2898 AD’, starring Prabhas, Amitabh Bachchan, Haasan and Deepika Padukone, recently released to a massive opening. These films will test whether the trend of regionally produced films enjoying national success continues to gain momentum. The most anticipated Bollywood films include ‘Singham Again’ and ‘Bhool Bhulaiyaa 3’.

On the streaming side, 2024 saw a relative slowdown in the fierce competition that has characterized recent years. Kapur attributes this phenomenon to industry consolidation, notably the imminent merger between Disney and Reliance in India.

“I expect the remainder of 2024 to be a period where people will continue to keep a low profile,” predicts Roy Kapur. He expects a further push from major streaming platforms in 2025, once strategies are readjusted.

While no streaming series, barring Netflix’s “Heeramandi,” has so far achieved hit status in 2024, Kapur points to the success of comedy specials like “The Kapil Sharma Show” on Netflix as an interesting innovation. He also notes the continued strength of returning seasons of popular series like “Panchayat” and Prime Video’s “Mirzapur.”

The first half of 2024 also saw significant viewer attention captured by political content on YouTube during India's long election season, as well as coverage of IPL cricket.

As the industry looks to the future, Roy Kapur hopes that India's new Minister of Information and Broadcasting, who oversees both the IT and media portfolios, will foster a more integrated approach to media regulation digital and traditional.

“What I hope is that there is as much latitude and freedom for creative expression,” says Roy Kapur. “Less regulation around content creation would be great.”