Rise of India’s entertainment empires

Companies like Red Chillies Entertainment and Yash Raj Films (YRF) have built integrated ecosystems combining film production, VFX, post-production, and global distribution under one roof. Similarly, Dharma Productions and Panorama Studios represent a new generation of studios that oversee the entire filmmaking pipeline, from script development and talent management to international distribution. These studios are designed to maximise efficiency, ensure creative control, and retain ownership of intellectual property (IP). The result is a more consolidated industry where scale, speed, and synergy determine success.

Trade analyst and film critic Taran Adarsh believes this evolution is inevitable. “Over the years, the evolution of film production has clearly shown that consolidation is key. When a production house integrates post-production and VFX under one roof, it not only streamlines execution but also ensures creative control and cost efficiency. This model naturally attracts outside filmmakers as well, turning studios into full-fledged creative hubs,” he says.

Adarsh traces the roots of this model back to the 1950s and 60s, when legendary filmmaker BR Chopra pioneered a similar approach through BR Films. A writer, director, and producer, Chopra helmed a studio system that produced socially relevant, script-driven classics across both cinema and television.

Studios are also building internal talent databases and casting systems, reducing reliance on external agencies. Advanced in-house VFX facilities further help control quality and budgets. Yash Raj Films stands out as one of India’s most vertically integrated studios, managing production, talent, music, distribution, and post-production through its in-house division yFX. This structure powers franchises like the YRF Spy Universe, including blockbuster titles such as Pathaan (2023) and Tiger 3 (2023). Red Chillies Entertainment also operates across the entire spectrum — from creative development and production to marketing, distribution, and top-tier visual effects (Red Chillies VFX), churning out blockbusters like Main Hoon Na, Om Shanti Om and Chennai Express.

Leading studios like Panorama Studios, founded by Kumar Mangat Pathak, further exemplify this integrated approach. “Instead of diversifying into unrelated sectors, we expand across the film value chain, so that every vertical remains interconnected. This allows us to both strengthen our internal capabilities and offer a complete ecosystem to filmmakers,” says Murlidhar Chhatwani, CEO, distribution & syndication, Panorama Studios.

Chhatwani emphasises flexibility over control: “We aim to act as facilitators rather than gatekeepers. First-time producers who come to us are given flexible, 360-degree solutions, but they are never bound to stay with us if better opportunities arise.”

A clear example is Drishyam 2 (2022), which was handled almost entirely in-house — script adaptation, production, marketing, music publishing, and distribution — while outsourcing only satellite and digital rights. The same model extends to regional films and recent projects like Drishyam 3.

Another major player embracing this transformation is T-Series, led by Bhushan Kumar, chairman and managing director of Super Cassettes Industries, which has evolved into a multi-platform content powerhouse spanning films, music, and OTT content. “This integrated approach not only enhances efficiency but also ensures creative control, allowing us to deliver consistent, high-quality content at scale,” he adds.

“Today, storytelling demands scale, consistency, and a strong creative vision backed by execution across every stage of filmmaking. Our role, therefore, extends far beyond financing to actively enabling stories from ideation to distribution, ensuring they realise their full potential,” adds Umesh Kr Bansal, former chief business officer of Zee Studios.

Optimising OTT

In 2023, YRF ventured into streaming with The Railway Men (Netflix), as did Red Chillies Entertainment with The Ba***ds of Bollywood last year. Similarly, Dharma Productions expanded into the medium with its dedicated digital division arm, Dharmatic Entertainment, in 2018. So far, Dharmatic Entertainment has developed and produced a range of series and films for OTT such as Lust Stories, Guilty, Fabulous Lives of Bollywood Wives, and The Fame Game for Netflix, and Call Me Bae and Love Storiyaan for Prime Video.

Experts see this co-existence between film studios and OTT platforms as an extension of the ecosystem. “The most successful studios are those that don’t restrict themselves — they create across mediums,” says Adarsh.

Bansal of Zee Studios echoes a similar idea, “Theatrical and digital experiences serve different audiences and consumption behaviours. What we are witnessing is a healthy coexistence, the interplay between the two fosters innovation and contributes to the industry’s overall growth.”

While video streaming platforms have mostly gone slow on premiering films directly online, the industry is witnessing a shift toward franchise-driven, big-budget films. According to Karan Taurani, executive vice president at Elara Capital, “Approximately 90% of box office revenue now comes from large-budget films. Big-budget, franchise-driven films are considered ideal for theatrical release and will continue to debut in cinemas before transitioning to OTT platforms. Meanwhile, smaller films may either have limited theatrical releases or skip theatres entirely in favour of direct OTT distribution.”

Another aspect has been the change in economics of studios as revenue is no longer driven solely by box office performance but by ownership and monetisation of IP across multiple platforms — streaming, satellite, music, licensing, and brand partnerships.

According to Abishek S Vyas, founder & CEO of AVS, an entertainment platform focused on long-term IP, film production, audio storytelling, and licensing, “A single IP today is no longer limited to box office returns. It extends into streaming rights, international syndication, brand partnerships, and even merchandise.”

A broader global trend is where studios operate as IP-driven entertainment conglomerates rather than project-by-project backers. This is evident in large-scale consolidations like the Reliance–Disney integration (JioStar merging Viacom18 and Star India), which combines content creation, OTT platforms, and sports rights into a unified ecosystem. The consolidation includes massive content libraries, exceeding 300,000 hours of content, reinforcing the importance of ownership at scale.

In April, JioHotstar and Warner Bros Discovery expanded their partnership with the exclusive launch of HBO Max in India with HBO’s biggest shows of 2026, including Euphoria S3, House of the Dragon S3 and the upcoming Harry Potter and the Philosopher’s Stone, Friends and The Big Bang Theory to JioHotstar subscribers for the first time.

Kevin Vaz, CEO, entertainment, JioStar, says, “By bringing HBO Max to JioHotstar, we are creating a unified destination for premium international content. We are combining scale, curation, quality and ease of access. This unlocks a more immersive entertainment experience for audiences nationwide.”

At the media and entertainment company Eros Media World, the rationale is straightforward: tighter control over the creative pipeline improves quality assurance, enhances operational efficiency, preserves ownership of valuable intellectual property, and unlocks monetisation across theatrical, streaming, merchandising, gaming, and derivative content. “In an increasingly competitive and fragmented entertainment landscape, integrated studio ecosystems are no longer optional — they are becoming the defining architecture of modern media businesses. We clearly plan on leveraging our vast library of film IP assets to do so,” says Pradeep Dwivedi, Group CEO, Eros Media World.

Corporatisation peak

Studios are now entering into corporate investments for better financing, market reach and ownership rights, which also means moving away from family-run banners toward corporate structures backed by significant capital.

In October 2024, Adar Poonawalla-led Serene Productions, a newly established entity, entered a binding agreement to acquire 50% stake in Karan Johar’s Dharma Productions and Dharmatic Entertainment for Rs 1,000 crore.

Similarly, earlier this year, Universal Music India (UMI), a division of Universal Music Group (UMG), announced that it has entered into a definitive agreement with Excel Entertainment, a leading Indian film and digital content studio. Under the agreement, which values Excel at Rs 2,400 crore, UMI will become a significant minority shareholder in Excel with a 30% equity stake. The deal will provide the foundation for a new strategic partnership between UMI and Excel to accelerate Excel’s growth and further enhance UMI’s position in the important Indian market.

Devraj Sanyal, chairman and CEO of Universal Music India & South Asia and SVP of Strategy, Africa, Middle East and Asia, will serve on Excel Entertainment’s Board of Directors as part of the agreement. Excel founders Ritesh Sidhwani and Farhan Akhtar will continue to shape creative direction and content decisions.

Sidhwani and Akhtar said in a statement, “India’s entertainment landscape continues to grow from strength to strength, and this is the perfect moment to build meaningful global collaborations.”

Beginning with the groundbreaking film Dil Chahta Hai in 2001, Excel has consistently driven the boundaries of cinematic storytelling with classics such as Lakshya, Talaash, Don, Honeymoon Travels Pvt Ltd, Zindagi Na Milegi Dobara, Fukrey, Dil Dhadakne Do and GullyBoy. The company has also embraced a digital-first strategy, producing India’s first original series for Prime Video. The series, Inside Edge, was nominated for an International Emmy for Best Drama. Following its success, they produced Mirzapur, Made in Heaven, Dahaad and, most recently Dabba Cartel for Netflix.

In 2022, Nepean Capital, a Mumbai-based fund management firm that invests in private and public markets, had acquired 50% stake in Dinesh Vijan-led Maddock Films known for standout hits like Stree, Hindi Medium, Roohi, Mimi, and others.

Saregama India announced strategic partnership with, and investment in, Sanjay Leela Bhansali’s Bhansali Productions and invested Rs 325 crore.

Similarly, new entrants like Birla Studios by entrepreneur Ananya Birla plan to produce multilingual content for diverse audiences, reflecting the growing ambition and scale of Indian cinema.