Indian B.O. market is worth $1.3 billion
MUMBAI — Rentrak has signed an agreement with Asian research firm Majestic Market Research to collect Indian box office grosses.
Rentrak’s International Box Office Essentials service is to use local data sourced by Majestic.
India is a vast and fragmented market with reliable figures outside the computerised box offices of the multiplex chains difficult to come by, especially in the four states comprising southern India that account for 75% of film revenues. Majestic’s task is therefore not an easy one and their efforts in mapping India’s film geography will be pioneering.
India’s theatrical market is worth $1.3 billion, according KPMG and PwC, and Hollywood accounts for around 9% of the market. This percentage is steadily rising as Hollywood majors now routinely dub blockbusters into the major Indian languages of Hindi, Telugu and Tamil, thereby increasing the market base.
Last year in particular was a bumper year for Hollywood in India with “The Avengers” grossing $12.7 million and “The Amazing Spiderman” nabbing $14.5 million, with the India-themed “Life of Pi” overtaking both with $16.7 million.
Rentrak also plans to expand in the rest of Asia and the Pacific Rim. Majestic has a presence in 18 markets in these regions and Rentrak is keen to tap that local knowledge.