India is where the party is at, and everybody wants to be on the guestlist, said the CEO of Bollywood studio Yash Raj Films CEO Akshaye Widhani, a remark that comes after the film industry saw a turnaround in fortune with the release of blockbuster movies like ‘Jawan’ and ‘Pathaan’.
In an interview with Variety published on Wednesday, Widhani said India is one of the “fastest growing economies” in the world, and 2023 has been “one of the best years” in the industry’s 50-year history.
His statements come after a faltering Bollywood film industry saw a bit of resurgence with Shah Rukh Khan’s ‘Pathaan’ signalling a turning point after the pandemic slump.
This was then surpassed by ‘Jawan’ – also starring Shah Rukh and distributed internationally by YRF.
Shah Rukh Khan’s ‘Jawan’ surpasses ‘Pathaan’ to become top Indian film of the year
“India is one of the fastest growing economies in the world,” Widhani was quoted as saying by Variety.
“In fact, India is where the party is at and everybody wants to be on the guest list.”
‘Tiger 3’, released in November 2023, is the seventh biggest Indian box office hit of the year, and also a part of YRF’s spy universe. The five films so far in the universe have together grossed some $360 million globally, with the next one due being ‘War 2’, the Variety report said.
“It’s been one of the best years in our 50-year history. And it’s happened because we put content to the fore of our business and strategic decisions,” Widhani was further quoted as saying.
Bollywood’s Shah Rukh Khan to make history with two $100mn films in single year
“Shah Rukh Khan really kickstarted the year for the industry. And YRF and Shah Rukh Khan has been a partnership of great magnitude. And I’m glad that together we were able to start to turn the tide.”
On the streaming front, the studio’s streaming arm collaborated with Netflix on documentary series ‘The Romantics’ and a scripted show titled, ‘The Railway Men’ – both of which were global successes.
“It just validates the fact that the hard work we put into choosing content, which pushes the envelope and creates disruption, has worked,” he further added.
Addressing the return to cinemas by the masses, he said, “The content this year has been wider and much more appealing to audiences. We’ve seen that big films of big scale have brought a lot of hype.”
Widhani added that part of the boom in theatrical business is explained by the addition of theatrical capacity with 250 multiplex screens added in 2023 and 250 more expected in 2024.
Outside of the spy universe, YRF is developing a variety of films across different genres. On the streaming front, the partnership with Netflix will also also include films ‘Maharaj’, ‘Vijay 69’ and the series ‘The Mandala Murders.’
Next up for the studio is ‘Dunki’ starring Shah Rukh Khan due to be out on December 21.
“We’re very confident that we’ll be able to deliver for Shah Rukh as distribution partners,” Widhani added.