Malayalam film industry suffers Rs 650 crore loss in 2024

Thiruvananthapuram: The Malayalam film industry suffered significant financial losses in 2024, with only 26 out of 204 films turning profitable, according to figures released by the Kerala Film Producers Association (KFPA).

KFPA Secretary A. Rakesh stated that the industry spent approximately Rs 1,000 crore on 199 new films and five remastered versions released in theatres. However, these films collectively earned just Rs 300–350 crore in profits, leaving the industry with a loss of Rs 650–700 crore.

Rakesh emphasized the need for strict financial discipline among all stakeholders, including actors, to sustain the Malayalam cinema industry. He highlighted that only 26 films released this year achieved super hit or average hit status, while the majority failed to make an impact in theatres.

The trend mirrored the previous year when over 200 films also struggled to find success. The industry’s challenges were compounded by limited revenue from Over-The-Top (OTT) platforms, as most films were acquired based on their theatrical performance.

The association derived these figures based on producer estimates, which closely reflect the actual costs involved in filmmaking. Producers pointed to the rising remuneration of actors as a significant issue, urging them to cooperate in controlling expenses.

“The increasing production costs and actor remuneration are major concerns. Actors must collaborate with producers to ensure the industry’s sustainability,” Rakesh said.

The KFPA also noted a shift in audience preferences, with viewers increasingly favoring films that prioritize content and quality over quantity.

Actor-director K. Madhupal echoed these concerns, stressing the importance of preserving cinema as a medium. "All stakeholders must be prepared to make compromises for a better future for the industry," he said. Madhupal, who serves as chairman of the Kerala Cultural Activists Welfare Fund Board, urged everyone in the field to work with the conviction that they have a role in sustaining the industry.

Madhupal further acknowledged the widespread recognition Malayalam films receive for their content, with filmmakers from other languages eagerly anticipating their releases.

On the suggestion of reducing actors’ pay, Madhupal stated that the decision ultimately lies with producers and individual actors.

The KFPA urged collective efforts to improve financial management and foster cooperation among stakeholders to elevate Malayalam cinema and ensure greater achievements in the coming year.

With PTI inputs