'Box Office Momentum Back With Munjya, Kalki 2898 AD, Bad Newz, Deadpool & Wolverine'

The success of diverse movies like "Kalki 2898 AD", "Bad Newz", "Raayan" and "Deadpool & Wolverine" signals that the audiences are back in the cinemas, says Kamal Gianchandani, the CEO of PVR INOX Pictures Limited. The first quarter (Q1) of 2024 was "a little slow" for the business, he said, adding that a lot of big films which were scheduled to release in the first three months were moved up due to the Lok Sabha elections, the IPL or the final of the T20 World Cup.

"The momentum is back at the box office. People are back in cinemas in big numbers. And we continue to get bigger films in Q3 and Q4, the trajectory will be very different from Q1. It is a good mix of Hollywood, regional, and Hindi films that people are looking forward to which will carry on the momentum," Gianchandani told PTI in an interview.

In the first three months (Q1) of 2023-24, the total revenue of PVR INOX was Rs 1,330 crore, whereas the figure in the next three months (Q2) stood at Rs 2,024 crore. For the first quarter (Q1) for 2024-25, the multiplex chain's total revenue was Rs 1,219 crore. The figures of the Q2 for 2024-25 are awaited.

In June, horror comedy "Munjya" had already set the ball rolling after it crossed the Rs 100 crore mark at the box office which only gave more heft to the next big release, star-studded sci-fi spectacle "Kalki 2898 AD", whose global earnings are anywhere north of Rs 1,000 crore.

Gianchandani, who is also the president of Multiplex Association of India (MAI) , said the whole momentum changed dramatically towards the end of the first quarter. "Before 'Kalki', we had 'Munjya' and a couple of other films which did really well at the box office. But as an aggregate, it was still a soft quarter. 'Kalki' has done exceedingly well, 'Bad Newz' is carrying on the momentum and 'Kill' turned out to be a sleeper hit," he said. "Bad Newz" has made over Rs 70 crore in two weeks of its July 19 release, while action-thriller "Kill", which released on July 5, has made over Rs 20 crore so far.

Gianchandani singled out Hollywood release "Deadpool & Wolverine" as a high earner. The film is the highest grossing A-rated movie on day one as well as on the weekend in the history of the Indian box office, he added.

Superhero action comedy "Deadpool & Wolverine", which hit the Indian screens last Friday, has become the fourth highest Hollywood movie in India in the post COVID era by earning around Rs 22 crore in the first weekend. It has made over Rs 76 crore overall, according to trade website Sacnilk. The film, starring Ryan Reynolds and Hugh Jackman, is behind "Avatar 2" (Rs 127 crore), "Spider-Man: No Way Home" (Rs 108 crore) and "Doctor Strange in the Multiverse of Madness" (Rs 80 crore).

"It is one of those few Hollywood films which managed to exceed Rs 20 crore nett box office. So, 'Deadpool' is somewhere between Rs 21-22 crore, which is a massive number by any standards," he added. Tamil film "Raayan", starring and directed by Dhanush, has emerged as a bona fide hit with around Rs 44 crore box office in the south in its first weekend. It released last Friday.

"'Raayan' also has done exceedingly well. The business in Karnataka, Andhra Pradesh, and Telangana is in addition, but just in Tamil Nadu is done Rs 43 crore (net), a massive number," Gianchandani said.

The cinema halls have now pinned their hopes on the three releases in the long Independence Day weekend which will have action movie "Vedaa", comedy thriller "Khel Khel Mein", both Hindi, and Telugu sci-fi action film "Double iSmart". "Each film has its own merit, it is a long weekend from August 15 to August 19. So we expect this week to be a robust one. The 'GOAT', which is coming out on September 5, with Thalapathy Vijay in Tamil. There are rumours that this could be his last film before he steps full time into politics. We'll see what happens in future but there's a lot of curiosity around this film," Gianchandani said.

September also has period political drama "Emergency", starring and directed by Kangana Ranaut, her first release after she was elected the BJP MP from Mandi. "She's a fantastic actress, it's an interesting subject. This could spring a big surprise at the box office." Telugu action drama film "Devara: Part 1" with Jr NTR, the star's first after the record-breaking success of "RRR", is scheduled to be released in multiple languages in October.

This should be a big pan India hit, predicted Gianchandani. The year will also see two big Hollywood releases "Wolfs", an action comedy with Brad Pitt and George Clooney, and "Joker: Folie à Deux", the much anticipated sequel to the superhit "Joker", starring Joaquin Phoenix and Lady Gaga. "We've got some really interesting films," he added.

According to media consulting Ormax Media's latest report, the cumulative box office for January-June 2024 releases stands at Rs 5,015 crore, which is 3 per cent higher than the same period in 2023. Asked how this fares for the business, Gianchandani said the industry is in a "good" space.

"(This year) The big actors in Hindi, Shah Rukh Khan, Aamir Khan would have a film but Salman Khan doesn't have a film, and Ranbir Kapoor doesn't have a film. Ranveer Singh doesn't have a film. So, a year which is devoid of films from these big actors, and there is a growth of 3 per cent, it's a positive sign. "Imagine what will happen next year when all of these guys have big films coming out. I think we are in a good place. COVID is behind us solidly and people are, each time we offer a compelling proposition people will come back in big numbers."