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The chair of Rockefeller International highlights the contrasting fortunes of Bollywood and cricket in the Indian economy.
India’s economy is a mix of entrenched rust and entrepreneurial dynamism, and this contrast is clearly evident in its two most iconic entertainment industries: Bollywood and cricket. As they both face increasing competition for fans in the digital era, cricket is excelling while Bollywood is struggling.
The Indian Premier League (IPL) has been instrumental in the growing popularity of cricket. Since its launch in 2008, the IPL’s estimated value has skyrocketed from $1.1 billion to over $15 billion. This year, the two-month season attracted nearly 1 billion viewers through live broadcasts and streaming. In 2020, the IPL sold broadcast rights for $6.5 billion over five years, surpassing the per-game price of many other professional sports leagues, including England’s Premier League.
On the other hand, Bollywood’s box office revenue has been on a downward trend for several years, which was further exacerbated by the impact of Covid-19. Footfall to cinemas dropped from 340 million to 190 million, and revenue for this year is currently at $190 million, nearly half of the same period in 2019.
The IPL understood the changing attention spans of the digital age and adapted accordingly. By shortening match times to under four hours and incorporating lively entertainment elements such as cheerleaders, DJs, dancing mascots, and vibrant uniforms, the IPL created a full-on party experience for fans. Its streaming services also allow viewers to choose their preferred camera angle. Inspired by the IPL’s success, Indian billionaires recently launched professional cricket leagues in the US, targeting American and Indian expat audiences and serving samosas alongside hot dogs in minor league stadiums.
Bollywood, however, has failed to capture Indian audiences even domestically by sticking to outdated scripts and relying on aging stars. The industry attributes its decline to changing viewing habits caused by the pandemic, but it is worth noting that Hollywood was also affected by Covid-19, yet its box office revenue decline was not as severe as Bollywood’s. The era when young Indians eagerly awaited the next big Bollywood release on Fridays is long gone.
While ticket prices for both Bollywood films and cricket matches are increasing, Hindi movie fans are increasingly opting to stay at home. In 2021 and 2022, only 7% of Bollywood films turned a profit, compared to 30% or more in previous years. Although there are quality productions, most of them are released on streaming services and come from newcomers and outsiders.
Bollywood’s limited appeal on the global stage is evident from its rare wins in the best foreign film category at major festivals and its lack of recognition at the Oscars. Hollywood’s output is gaining more prominence in India, outperforming Bollywood releases like Rocky Aur Rani Kii Prem Kahaani with movies such as Oppenheimer.
Unlike Bollywood, cricket has managed to resonate with the entire Indian population. Bollywood primarily targets Hindi-speaking audiences, even though less than half of India’s population speaks Hindi. Regional film industries have gained momentum and surpassed Bollywood in terms of box office success. The highest-grossing Indian film last year was the Kannada language action-thriller K.G.F: Chapter 2, with Bollywood failing to secure a spot in the top five. Furthermore, the IPL offers live match commentary in 12 languages on its streaming platforms.
Bollywood, rooted in tradition since the 1930s when Mumbai was known as Bombay, has an outdated management style that relies on family ties and a star system allowing established actors, often of advanced age, to claim a majority share of the film profits. This leaves little left to invest in better productions or nurture new talent.
In contrast, the IPL has become one of the most remarkable success stories in global sports by adopting a more inclusive approach. It shares TV revenue and imposes salary caps to ensure even small city teams can compete. The league also scouts talent from disadvantaged backgrounds, exemplified by rising star Yashasvi Jaiswal, whose father owns a small shop in the impoverished state of Uttar Pradesh. Jaiswal even lived on cricket grounds during his early training years.
The IPL’s commercial success stands in stark contrast to the continuous struggle of Bollywood. Rather than acknowledging their issues, Bollywood producers often wait for rare hits to declare the industry’s revival. However, films like Pathaan, which heavily features Shah Rukh Khan, a veteran actor who commands a major portion of the film profits after 30 years in the industry, only serve as a sign of decay, not rejuvenation.
It is difficult to envision the Mumbai film industry reinventing itself in a modern form, but the lesson for India is clear: the economy needs more cricket and less Bollywood.
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