The landscape of Bollywood is undergoing a seismic shift, with a few deep-pocketed streaming giants Netflix, Amazon Prime Video, and JioHotStar tightening their grip on the industry. This concentration of power has turned Bollywood into a buyers’ market, curbing variety and slowing down content production as streamers negotiate harder and cut costs.
A Duopoly in the Making
A recent report by media and entertainment research firm Ormax Media reveals a stark statistic: Netflix and Amazon Prime Video now control a combined 76% share of acquiring theatrical releases across languages in 2024, a jump from 60% in 2022. The shrinking pool of platforms, coupled with a string of box-office flops, has left only a few streamers standing—deepening their control over what gets made and at what price.
The shift mirrors the era when satellite rights ruled Bollywood’s revenue streams, shaping films to cater to family audiences. Now, the streamers dictating terms, and the impact is evident. The number of Hindi films released directly on streaming platforms plummeted from 53 in 2021 to just 18 in 2024, according to Ormax Media.
Creativity on a Leash
This tightening of the purse strings is not without consequence. With fewer platforms commissioning content, the variety and creativity that defined Bollywood are at risk. Smaller production houses are feeling the squeeze, as streamers increasingly prefer to play it safe by acquiring content from established players—even if that means picking up less compelling stories.
A Call for Theatrical Revival
Amidst this turmoil, some industry veterans are advocating a return to traditional models. Ameya Naik, producer and founder of Fantasy Films, argues for a renewed focus on theatrical releases before rights sales. “Producers need to move away from the short-sighted approach of securing profits before a film even hits theatres. The focus should be on the creative journey of making films for a theatrical audience first,” he asserts.
Naik believes that a strong box-office performance could enhance bargaining power with streamers and TV channels, creating a more balanced ecosystem. “A box office hit benefits everyone—producers can negotiate better deals with streamers and TV channels, while platforms gain access to content that has already proven its appeal to audiences,” he adds.
Scope for co-existence
In complete contrast to Naik, well-known filmmaker and actor Rahul Mittra expresses his views that both OTT and traditional platforms such as theatres can coexist together.
He explains his stand succinctly, “Though OTT platforms are at a vantage point right now with their engagement with the creative process & production budgets at an all time high, I feel that they will not only co-exist but co-thrive with theatres. While there is no formula to decide what goes where (theatre or OTT) but there’s clarity that OTT can no longer be considered the dumping ground for sub-standard content”.
Mittra’s words can be taken with a certain degree of gravitas as he was incidentally one of the first veteran film producers to get onto the OTT bandwagon with his films, Richa Chadha starrer Cabaret on Zee5 in 2019 & close friend Sanjay Dutt starrer Torbaaz in 2020 on Netflix. He also credits the advent of OTT for some path-breaking changes in the business of films.
“The surge in OTT viewership during Covid can be best understood from the growing viewership of South Indian films or the K-drama wave. Post-Covid, entertainment industry has had a churning of sorts leading to major changes like decimation of the star system followed by change of viewership palate being the most significant and evolution being the norm of the world, eventually pushing out those with a parochial approach”, he explains.
He further adds that from content point of view, this is good news as content is king, finally and context the kingmaker.
The Road Ahead
Despite all the confidence that some filmmakers have in the OTT platforms, the situation today can be a wake-up call for Bollywood to re-evaluate its strategies. With streamers solidifying their grip, the threat of a content monoculture hangs over the industry. The industry needs to find a balance between profitability and creativity—something that brings a variety of stories to the audience.
For the time being, though, Bollywood appears to be stuck in a bind, with a couple of influential platforms at the helm. Whether or not the industry can take its story back from the hands of these streaming giants is something that only time will tell.
