Can star-studded Diwali show bring the sparkle back to cinema halls?

Business Standard Can star-studded Diwali show bring the sparkle back to cinema halls?

Akshay Kumar and Ranveer Singh’s Sooryavanshi has become the first bigbudget Bollywood film to be released on the big screen since the coronavirus outbreak.

Directed by Rohit Shetty, this action-drama was originally scheduled to arrive in cinema halls in March 2020. But it finally released on November 5th, a day after Diwali, after a delay of 19 months.The long wait, however, paid off for the makers of Sooryavanshi, as the movie released to a resounding response. It grossed Rs 50 crore in the two days of the Diwali weekend and is projected to garner Rs 125 crore in the first seven days. That will be enough for the producers to break even. The movie has also become the biggest opening

for Akshay Kumar.The film has already recovered part of the cost by selling digital rights to Netflix and broadcasting rights to Zee Entertainment, apart from its music rights. According to industry estimates, these three rights have been sold for roughly Rs 200 crore.Meanwhile, Tamil superstar Rajinikanth’s Diwali release Annaathe is also breaking records.The film opened to negative reviews from critics but that has not stopped audiences from flocking to theatres to watch the superstar back in action. The film, which features a huge star cast, has collected Rs 50 crore in the first two days and is estimated to have already crossed Rs 100 crore in total earnings.The release of Hollywood film Eternals, the latest instalment in the Marvel Cinematic Universe, is adding variety to India’s big releases after Diwali.

The film experienced a strong weekend collection of about Rs 18 crore in India.But can this festival momentum sustain? Theatres are optimistic about more big releases, hoping they would put an end to their troubles. But some producers are still opting for direct OTT releases, leaving theatre owners displeased. In one such example, all five upcoming releases of Malayalam superstar Mohanlal are releasing on streaming platforms.

Read Complete Article