This week Bombay hosts the Bollywood Oscars, for the first time in India in 20 years, with stars from the Hindi film industry.
With almost 1,800 titles released in 2018, the Asian country is the largest producer of films in the world in terms of volume of films made.
The industry grew 12.2% in 2018, including not only films in Hindi but also films in regional languages, such as Tamil or Telugu, according to the report released in March by Ernst & Young and the Federation of Indian Chambers of Commerce and Industry.
The awards of the International Film Academy of India (IIFA), which takes place every year in a different world city, will be held Wednesday in Bombay, for the first time in India for 20 years.
The great Indian diaspora in North America, the United Kingdom and the Gulf region has traditionally been its largest international market.
But Indian films have also been making huge inroads elsewhere — most notably in China.
The black comedy “Andhadhun”, for example, nominated for best picture at the glitzy Indian International Film Academy Awards on Wednesday, was a huge hit with Chinese viewers, grossing almost $50 million.
Aamir Khan, the star of the two top-grossing Indian films in China, has a crazed following there and is known by many as “Nan Shen” (“male god”).
Film distributor Akshaye Rathi told AFP that the industry has also seen “great growth” in many European countries and in Canada, New Zealand and Singapore thanks to the South Asian community.
“Now it is just a matter of time before we focus on the wider populations in these countries,” Rathi added.
And not forgetting 1.3 billion-strong India itself, where there is massive potential for growth.
According to the Ernst & Young analysis, industry revenues are estimated to swell from 174.5 billion rupees ($2.4 billion) in 2018 to 236.1 billion rupees in 2021.
A shot in the arm
As the other nominees for best picture at the IIFA — spy thriller “Raazi”, swashbuckling epic “Padmaavat”, and middle-aged motherhood comedy-drama “Badhaai Ho” — underline, Bollywood has long ago moved on from the cliched all-singing, all-dancing affair.
The industry has also been attracting big, institutional capital and fresh talent, which have helped create greater variety and reaching out to wider, often younger, audiences.
There were fears for the industry when major streaming services arrived in India a few years ago, changing the way many Indians consume films.
But the likes of Netflix and domestic players like Hotstar have instead been a shot in its arm, providing a new medium for releasing films and more money for new productions.
Unlike regular cinematic releases, they are not subject to India’s notoriously stuffy censors.
Revenues from the sale of digital rights ballooned nearly 60 percent in 2018, according to the EY-FICCI report, with Amazon Prime and Netflix among the major buyers.
The major streaming giants have started producing original Indian content, splashing out on big-money titles.
Netflix, for example, recruited Bollywood superstars Nawazuddin Siddiqui and Saif Ali Khan for its acclaimed series “Sacred Games”.
Last week, the streaming giant linked up with Karan Johar, one of the highest-profile producers in Bollywood, to produce films and series exclusively for its platform.
“It’s going to be P.H.A.T — pretty hot and tempting,” said Johar.
Badrinath Banerjee joined Get Bollywood News as managing editor in January of 2018 and is helping to lead the digital media startup’s next phase of expansion. A veteran business journalist with more than 10 years experience economics, Badrinath has published content for Huff Post and Medium.