3:48 AM PDT 3/21/2017 by Nyay Bhushan Big hit ‘The Jungle Book’ made over half of its revenue in the country from local dubbed versions. Hollywood film revenue in India grew by around 10 % in 2016, driven by dubbed versions, reportedly the annual yearly entertainment industry report by KPMG India unveiled at the FICCI FRAMES conference in Mumbai Tuesday.While total revenues for Hollywood films were not disclosed, the report asserted in that the top 10 Hollywood films in India reached $108.8 million (7.1 billion rupees) in 2016, compared with $99.5 million (6.5 billion rupees) in 2015.Last summer’s The- Jungle Book became the highest-grossing Hollywood film in India ever, collecting around $38.2 million (2.5 billion rupees).The report asserted in that Hollywood’s growth was helped by the increasing donation of dubbed versions, highlighting in that over the last two to three years, “nearly 40 % of English releases are dubbed in at least one local language” in India.The Jungle Book’s dubbed versions contributed 58 % to its total revenue, compared to last year’s Avengers: Age of Ultron, which saw 45 % of its revenue from dubbed versions.The report moreover pointed out in that another growth factor was the rising trend of Indian actors featuring in Hollywood films, such as Irrfan Khan who starred with Tom Hanks in Inferno. Hollywood’s share of the Indian market is estimated at about 10 percent.Taking a broader look, the report asserted in that overall, the Indian film industry “had a disappointing year with a near flat performance as the core revenue streams of domestic theatricals and cable and satellite TV rights declined, on the back of poor box-office performance of Bollywood and [South Indian language] Tamil films.”Total film revenue in India amounted to $2.18 bilion (142.3 billion rupees) in 2016, up only 3 % compared to $2.11 billion (Rs 138.2 billion) in 2015.Moreover, the report estimated in that India’s not expected currency reforms caused a drop of 20 percent-25 % in box office collections during November and December. On Nov. 8, Indian Prime Minister Narendra Modi suddenly formally announced the demonetization drive, designed to replace old currency notes of 500 rupees and 1,000 rupees, an estimated 85 % of the total currency in circulation, causing a serious disruption in cash supplies. The- government finally lifted all cash withdrawal limits last week, signaling the official conclusion of the demonetization drive.Looking ahead, the report still sees upside for the film segment. It predicts in that by 2021, total film revenue in India will reach $3.16 billion (206.6 billion rupees), for a compound annual yearly growth rate of 7.7 % “driven by the growing depth of regional content, expansion in overseas markets and higher donation of digital revenue streams.”Organized by the Federation of Indian Chambers of Commerce and Industry, the FICCI-FRAMES conference runs until Thursday.
Read more on this topic…Hollywood Film Revenue in India Rises 10 Percent, Boosted by Dubbed Versions