The value of the film industry in India in financial year 2020 was about 183 billion Indian rupees. This was expected to more than half the following year due to the coronavirus (COVID-19) pandemic. Estimates for fiscal year 2022, however, showed a growth of 196 percent. Indian film industry may see 70% drop in revenue in 2021 as lockdown extends in many states till around August 2021.
The Covid Effect
The Indian Film industry literally collapsed for most of the current financial year owing to the covid lockdown. The revenues from the film industry shrunk by about 24 % to 18.9$ billion in 2020. This is a figure of the year 2017. In 2020, only 441 films were released whe compared to about 1833 films released in year 2019 Hence the value of the Indian film sector fell 62% from $2.63 billion to $997 million. And it has been said that around 1000 to 1500 cinema halls across the Indian country have been shut don permanently due to falling revenue. Unsurprisingly, the biggest growth was in digital subscriptions. Some 28 million Indians, up from 10.5 million in 2019, paid for 53 million streaming subscriptions in 2020, leading to a 49% growth in digital subscription revenues. According to Industry report, the film industry faced a decline of 29.1 per cent to Rs 1062.4 crore in the first quarter of 2020, which stood at Rs 1499.4 crore for the same period last year.