Lights, camera, investment: From buying movies to co-owning it – Hollywood pushes into Indian cinema
Foreign studios are stepping up their game in India’s entertainment market as cinema revenues recover and streaming platforms grow. According to industry insiders, this marks Hollywood’s “second wave” in the country, with global players now moving beyond just distributing films to actively producing and co-owning Indian-language projects.Amazon MGM Studios has announced plans to release three to four Indian films in theatres each year from 2026, before they appear on Prime Video. “While our core business is streaming, we believe in the theatrical window and the magic of theatres,” said Nikhil Madhok, head of originals at Prime Video India and Amazon MGM Studios. “Depending on the kind of film that we are producing, we take a joint call with our creators in terms of which project can go to theatres first,” he further told ET.Warner Bros. Pictures is teaming up with Bhanushali Studios and JOAT Films in a five film deal, to develop Indian adaptations of classic Warner titles. Under the agreement, Warner will provide intellectual property and global distribution support, while the Indian studios will lead creative and production decisions.Meanwhile, Universal Studios, part of Comcast, is reportedly planning an indoor theme park near Delhi. The studio has also held early discussions with Excel Entertainment, founded by Farhan Akhtar and Ritesh Sidhwani, about a potential partnership, though nothing has been finalised.“Global studios are renewing their focus on Indian cinema, moving from distribution to local production,” Nitin Menon, managing partner at NV Capital told ET. “Amazon MGM’s Superboys of Malegaon, Nishaanchi and Mirzapur mark a shift toward theatrical storytelling. Warner Bros.’ partnership, coinciding with Paramount’s potential acquisition, could unlock capital for deeper expansion. Universal may follow with co-productions as Hollywood recalibrates its India playbook. Theatres are back in focus, though Netflix remains committed to digital-only releases.”According to Ormax, India’s box office collections for 2025 have reached ₹9,409 crore as of September, up 18% from last year. The country also has 601 million OTT users, including 148 million paying subscribers.After pandemic lows, multiplex attendance and ticket sales are rising across languages. Streaming continues to grow, creating a twofold revenue model for films: theatrical runs plus digital licensing. For studios, local productions also allow them to create intellectual property that can generate music, merchandising, and streaming revenue globally.“Hollywood’s second wave in India is about reducing risk, not planting flags,” said Adi Tiwary, a Sydney-based producer. Tiwary further told ET, “The trend is to build with Indian partners, use library IP to de-risk, and let theatrical and streaming work in tandem. Hollywood has learned that India rewards local muscle and disciplined windowing.”Neeraj Vyas, CEO of Bhanushali Studios, added, “They’re re-entering cautiously, focusing on mid-budget, locally rooted films rather than big productions. With cost rationalisation underway in the US, it’s about testing the waters and understanding audience shifts.”10 years ago, Hollywood studios largely operated in India through distribution deals, buying completed films for high guarantees. However, today global players are co-developing stories and co-owning intellectual property, aiming to build franchises that can be marketed worldwide.“The foreign studio model has matured from buying content to co-owning it,” said Suniel Wadhwa, co-founder of Karmic Films.
