Amazon MGM Studios will release three to four Indian films theatrically every year starting 2026, with each title later premiering on Prime Video. The move aims to blend theatrical scale with streaming reach.
ET Bureau“While our core business is streaming, we believe in the theatrical window and the magic of theatres,” said Nikhil Madhok, head of originals, Prime Video India and Amazon MGM Studios at an industry event recently. “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.”
Warner Bros. Pictures has signed an exclusive five-film partnership with Bhanushali Studios and JOAT Films to develop Indian adaptations of classic Warner titles. The studio will provide IP and global distribution support, while Indian partners lead creative adaptation and production.
Universal Studios, part of Comcast Corporation, is reportedly planning an indoor theme park in India near Delhi. At the same time, it has held early‐stage discussions with Farhan Akhtar and Ritesh Sidhwani founded Excel Entertainment about a potential stake partnership, though no formal deal has been finalised.“Global studios are renewing their focus on Indian cinema, moving from distribution to local production,” said Nitin Menon, managing partner, NV Capital. “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, the cumulative box office for 2025 releases stands at ₹9,409 crore till September, up 18% from a year ago. India’s OTT universe now includes 601 million users, with 148 million active paid subscriptions through direct payments, telecom bundles and aggregators.
Rebuilding the market
After the pandemic slump, multiplex admissions and box office collections have rebounded across languages. Streaming adoption has accelerated, creating a dual-market dynamic where films earn from both theatrical runs and platform licensing.
For studios, local productions offer a way to build IPs with international potential and unlock new revenue streams from music, merchandising and streaming. Collaborating with Indian producers also helps ease distribution challenges and brings valuable market insight.
“Hollywood’s second wave in India is about reducing risk, not planting flags,” said Adi Tiwary, a Sydney-based producer and consultant. “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.”
Cautious comeback
“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,” said Neeraj Vyas, CEO of Bhanushali Studios, about the Hollywood studios’ second coming.
A decade ago, Hollywood’s presence in India largely revolved around distribution. Studios like Disney UTV and Fox Star acquired completed films such as Race, Kick and Tamasha for high minimum guarantees.
Today, global studios are stepping into the creative process, co-developing stories and co-owning IP with Indian partners, a shift toward building scalable franchises and retaining long-term rights.
“The foreign studio model has matured from buying content to co-owning it,” said Suniel Wadhwa, co-founder and director, Karmic Films. “Streamers like Amazon and Netflix set that template through partnerships such as Amazon–Maddock and Netflix–Balaji. Now global studios are following suit, as seen in Warner Bros. Discovery’s collaboration with Vinod Bhanushali to create original Indian IPs for global audiences. These alliances are no longer about one-off films but about building exportable Indian story worlds.
