Bollywood Beyond Borders: Hindi Cinema as a Cultural Export A Five-Year Case-Cum-Research Analysis of Overseas Box Office, Leading Films, Major Markets and India’s Audiovisual Services Exports, 2021–2025

 

Bollywood Beyond Borders: Hindi Cinema as a Cultural Export

A Five-Year Case-Cum-Research Analysis of Overseas Box Office, Leading Films, Major Markets and India’s Audiovisual Services Exports, 2021–2025

 

Abstract

Hindi cinema has increasingly functioned as an international cultural and commercial export, with major releases generating substantial theatrical revenues outside India. This case-cum-research study examines the overseas performance of Hindi films during 2021–2025, identifies the leading overseas-performing films, analyses the principal international markets, and examines the relationship between theatrical overseas collections and India's broader audiovisual-services exports.

The study uses publicly reported film-level box-office data from trade databases including Bollywood Hungama and Box Office India, complemented by RBI-based services-export statistics reproduced in the Ministry of Information & Broadcasting's Statistical Handbook on Media & Entertainment Sector 2024–25 and NITI Aayog analysis. RBI-classified “Audiovisual and related services” exports increased from ₹6,551 crore in 2020–21 to ₹13,762 crore in 2023–24, although this category includes more than Hindi theatrical films.

Among the annual leading Hindi films, 83 (2021), Brahmāstra (2022), Pathaan (2023), Stree 2 (2024), and Dhurandhar (2025) provide a useful five-year case series. Their reported overseas grosses total approximately ₹999.6 crore. The 2023 cohort is particularly significant: Pathaan and Jawan alone reported overseas grosses of ₹396.02 crore and ₹386.34 crore respectively.

The study concludes that Hindi cinema's international business is highly concentrated in a relatively small number of event films and is strongest in markets such as the United States/Canada, UAE/Gulf, UK, Australia and New Zealand. However, these theatrical figures should be treated as gross market receipts, not as direct Balance of Payments credits to India.

Keywords: Bollywood, Hindi cinema, film exports, overseas box office, audiovisual services, Balance of Payments, cultural exports, diaspora, foreign exchange, entertainment economy, India, international markets.

 

1. Introduction

Indian cinema has moved from being primarily a domestic entertainment industry to becoming an increasingly international cultural industry.

Hindi films are particularly important because Hindi-language cinema has historically benefited from:

a large Indian diaspora;

established distribution networks;

international recognition of Bollywood stars;

simultaneous global releases;

streaming and digital distribution;

established exhibition networks in the Gulf, North America, Europe and Australasia.

The international performance of a Hindi film, therefore, can no longer be evaluated only through its Indian box office.

A film such as Pathaan illustrates this transformation. Bollywood Hungama reports an overseas gross of ₹396.02 crore, while its country-level data show substantial receipts in the UAE, UK, North America and Australia.

The economic question, however, is more complicated:

Does overseas box-office revenue equal India's film-export earnings in the Balance of Payments?

The answer is no.

Overseas box-office gross represents the value generated at cinemas in foreign territories. India's BoP records transactions between Indian residents and non-residents under internationally defined services categories. Consequently, a film's overseas gross must not be directly inserted into India's BoP as an equivalent export receipt.

This distinction is central to the present research.

---

2. Statement of the Research Problem

The Indian film industry frequently reports international box-office collections in terms of:

“Overseas gross”

whereas economic statistics report:

“Audiovisual and related services.”

These two datasets measure different economic phenomena.

The research problem is therefore:

How significant has Hindi cinema's overseas theatrical market become during 2021–2025, which films generated the largest international revenues, which geographical markets contributed most, and how can these receipts be interpreted in relation to India's audiovisual-services exports?

---

3. Objectives of the Study

The study has eight objectives:

To examine the overseas performance of Hindi films from 2021 to 2025.

To identify the leading overseas-performing Hindi film of each year.

To identify major international markets for Bollywood.

To compare individual film overseas revenues.

To measure concentration of overseas earnings among blockbuster films.

To examine trends in India's audiovisual-services exports.

To distinguish theatrical overseas gross from actual BoP export receipts.

To develop a conceptual model linking Bollywood's global box office with India's cultural-export economy.

---

4. Research Questions

RQ1

How did overseas earnings of leading Hindi films change between 2021 and 2025?

RQ2

Which films generated the largest overseas box-office revenues?

RQ3

Which countries and regions constitute important Bollywood markets?

RQ4

Is Bollywood's overseas business becoming increasingly concentrated in blockbuster releases?

RQ5

How should film overseas collections be interpreted in relation to India's Balance of Payments?

---

5. Research Methodology

5.1 Research design

The study uses a descriptive, comparative and longitudinal case-study design.

The period is:

2021–2025

Five completed calendar years are examined.

---

5.2 Data sources

The study uses:

Bollywood Hungama overseas box-office data;

Box Office India overseas data;

Box Office Mojo country-level data where available;

RBI-based audiovisual-services data;

Ministry of Information & Broadcasting statistical material;

NITI Aayog analysis of India's services-export sectors.

The Ministry's statistical handbook reports RBI-based data and shows the audiovisual-services series explicitly.

NITI Aayog reports that India's audiovisual and related services exports increased from approximately US$0.29 billion in 2009 to US$1.67 billion in 2023, with a reported CAGR of 13.4% over 2009–2023.

---

6. Conceptual Difference: Box Office vs Film Exports

This is the most important methodological issue.

Overseas box office

A film's overseas gross is:

Total cinema revenue generated in foreign territories.

It can include:

exhibitor revenue;

distributor revenue;

taxes;

local charges;

distributor margins;

producer/studio receipts.

Balance of Payments export

BoP services exports represent:

Receipts from non-residents for services supplied by Indian residents.

Therefore:

Overseas gross ≠ Indian export receipt

and:

Film export revenue ≠ total overseas ticket sales.

A film may generate ₹100 crore in an overseas market, but the amount ultimately received by an Indian producer/distributor can be substantially lower.

7. Five-Year Leading Hindi Film Case Series

Table 1. Leading Overseas Hindi Films, 2021–2025

Year	Leading film	Overseas gross	Approx. USD equivalent*	Position in five-year case
2021	83	₹63.94 cr	~$8.48m	COVID-recovery case
2022	Brahmāstra – Part One: Shiva	₹112.32 cr	~$14.10m	Recovery case
2023	Pathaan	₹396.02 cr	~$47.88m	Breakthrough case
2024	Stree 2	₹134.30 cr	~$16m	Diversification case
2025	Dhurandhar	~₹293.03 cr	~$24–25m reported at different stages	New blockbuster case
Total		~₹999.61 cr

*USD values vary with exchange rates and reporting dates; they should not be treated as audited export receipts.

For 2021, Bollywood Hungama reports 83 at ₹63.94 crore overseas and Sooryavanshi at ₹61.58 crore.

For 2022, Bollywood Hungama reports Brahmāstra at ₹112.32 crore overseas. Box Office India also reported approximately US$14.15 million for the film.

For 2023, Pathaan reached ₹396.02 crore overseas and Jawan ₹386.34 crore.

For 2024, Stree 2 recorded ₹134.30 crore overseas, according to Bollywood Hungama.

For 2025, Bollywood Hungama reported Dhurandhar as the year's largest overseas performer, with US$24.18 million reported on 26 December 2025; its currently listed lifetime overseas figure is approximately ₹293 crore.

 

8. Year-wise Case Analysis

8.1 2021 – 83: The Recovery Phase

The year 2021 represented a transitional period following the COVID-19 disruption.

83 generated approximately:

₹63.94 crore overseas

while Sooryavanshi generated:

₹61.58 crore overseas.

The performance is notable because international theatrical markets were still recovering from pandemic-related restrictions.

Key markets

The film's international business included markets such as:

Australia

UK

North America

New Zealand

Gulf

Box Office India reports approximately A$1.397 million for 83 in Australia.

Case interpretation

The 2021 case indicates that:

international demand survived the pandemic shock, but theatrical supply remained constrained.

 

9. 2022 – Brahmāstra: Recovery Becomes Expansion

Brahmāstra – Part One: Shiva generated:

₹112.32 crore overseas

according to Bollywood Hungama.

Box Office India placed its overseas collection at approximately:

US$14.15 million.

The film's international business was supported by strong markets including:

USA/Canada;

Australia;

UK;

Germany;

UAE;

New Zealand.

Its Australia run illustrates the breadth of the international release: Bollywood Hungama records substantial collections from the Australian market and also reports significant business in Germany and Malaysia.

2022 Top Overseas Performers

Film	Overseas gross, approximately
Brahmāstra	US$14.15m
Laal Singh Chaddha	US$7.64m
Gangubai Kathiawadi	US$7.47m
Bhool Bhulaiyaa 2	US$5.88m
The Kashmir Files	US$5.71m

These figures were reported by Box Office India in its 2022 overseas review.

Interpretation

The 2022 market demonstrates a return of:

diaspora + urban international audience + premium theatrical releases.

 

10. 2023 – The Breakthrough Year

2023 is the most important year in the five-year case.

Two films generated extraordinary overseas business:

Pathaan

₹396.02 crore

Jawan

₹386.34 crore

Animal

₹255.49 crore

These figures come from Bollywood Hungama's annual 2023 ranking.

Together:

Pathaan + Jawan + Animal = ₹1,037.85 crore

in overseas gross.

This means that just three Hindi films generated more overseas box-office gross than the combined overseas gross of the five annual leading films in our five-year case series.

That demonstrates extreme concentration around event cinema.

 

10.1 Pathaan: International Market Structure

Pathaan generated approximately:

US$47.88 million / ₹396.02 crore

overseas.

Box Office Mojo records:

Market	Approx. gross
UAE	US$8.19m
UK	US$5.02m
Australia	US$3.16m
Germany	US$0.58m
New Zealand	US$0.85m

Box Office India reports a larger combined North America figure of approximately US$17.49 million, demonstrating the importance of the US/Canada market.

Strategic observation

The Pathaan case shows that Bollywood's international market is not geographically uniform.

Its strongest revenue pools are concentrated in:

North America + Gulf + UK + Australia/New Zealand.

 

11. Jawan: The Second Major International Case

Jawan generated approximately:

₹386.34 crore overseas.

Country-level data show:

UAE: approximately US$9.19m

UK: approximately US$3.40m

Australia: approximately US$3.04m

New Zealand: approximately US$0.57m.

The UAE alone therefore represented a substantial component of the film's international business.

 

12. 2024 – Stree 2: Diversification Beyond Star-Driven Action

The 2024 case is interesting because the highest overseas-performing Hindi film was not a conventional global action blockbuster.

Stree 2 generated approximately:

₹134.30 crore overseas.

The film's country data demonstrate a broad international footprint.

Table 2. Selected Stree 2 International Markets

Market	Reported gross
USA	~$8.52m
UAE	~$2.50m
Australia	~$1.51m
UK	~$0.38m
New Zealand	~$0.40m

Box Office Mojo separately reports international receipts of approximately US$4.82 million for the release configuration it tracks, illustrating why international databases can produce materially different totals depending on reporting scope and territory coverage.

This difference itself is a useful methodological warning:

Film box-office datasets are estimates rather than a single universally audited international database.

 

13. 2025 – Dhurandhar: A New International Benchmark

The 2025 case is represented by Dhurandhar.

Bollywood Hungama reported:

US$24.18 million overseas by 26 December 2025.

Its currently listed lifetime overseas figure is approximately:

₹293.03 crore.

The film's international market included:

UK;

Australia;

New Zealand;

Europe;

other overseas territories.

Box Office Mojo's country-level listing records approximately:

Market	Gross
UK	US$3.94m
Australia	US$3.91m
New Zealand	US$0.48m
Norway	US$0.09m
South Africa/Nigeria	US$0.065m

Important data note

Different trade databases report different overseas totals for Dhurandhar. Therefore, a research paper should identify the source and retrieval date whenever quoting the film's lifetime overseas figure.

 

14. Five-Year Statistical Analysis

Using the annual leading-film figures:

Year	Overseas gross ₹ crore
2021	63.94
2022	112.32
2023	396.02
2024	134.30
2025	293.03

Five-year aggregate

₹999.61 crore

approximately.

 

14.1 Year-on-Year Change

Period	Change
2022 vs 2021	+75.7%
2023 vs 2022	+252.6%
2024 vs 2023	−66.1%
2025 vs 2024	+118.2%

The series therefore does not show smooth growth.

Instead, it demonstrates:

blockbuster-driven volatility.

 

14.2 Five-Year CAGR

Using 2021 and 2025:

CAGR = [(293.03 ÷ 63.94)^(1/4) − 1] × 100

≈ 46.3%

This is a very high growth rate, but it should not be interpreted as a sustainable industry-wide CAGR because the calculation uses only the leading film in each year.

It measures the growth of the annual leading-film case, not the entire Hindi film industry.

 

15. Concentration Analysis

The five-year total of the selected annual leaders is approximately:

₹999.61 crore

The 2023 Pathaan alone contributed:

₹396.02 crore

Therefore:

396.02 ÷ 999.61 × 100

= 39.62%

Thus, approximately 39.6% of the five-film case-series overseas gross came from one film:

Pathaan

This provides evidence of a highly concentrated international market.

 

16. Top Hindi Overseas Films During the Study Period

Table 3. Major International Performers

Film	Year	Overseas gross ₹ crore
Pathaan	2023	396.02
Jawan	2023	386.34
Animal	2023	255.49
Stree 2	2024	134.30
Brahmāstra	2022	112.32
Fighter	2024	99.76
Bhool Bhulaiyaa 3	2024	89.18
Gadar 2	2023	65.54
83	2021	63.94
Drishyam 2	2022	58.69

Sources: Bollywood Hungama annual and film-level box-office databases.

 

17. Major Overseas Regions

The evidence indicates that five geographical clusters are particularly important.

17.1 North America

United States + Canada

North America is one of Bollywood's most valuable markets because of:

large Indian-origin population;

high cinema ticket prices;

concentrated metropolitan audiences;

strong multiplex infrastructure;

English-speaking audiences;

premium-format exhibition.

Pathaan generated approximately US$17.49 million in the US/Canada according to Box Office India.

 

17.2 Gulf / Middle East

The Gulf is particularly important because of:

large Indian expatriate population;

geographical proximity to India;

strong multiplex penetration;

multilingual audiences;

frequent theatrical releases.

The UAE alone generated approximately:

US$8.19 million for Pathaan

and:

US$9.19 million for Jawan

according to Box Office Mojo.

 

17.3 United Kingdom

The UK remains a traditional Bollywood market.

The reasons include:

large South Asian population;

long history of Hindi-film distribution;

high cinema penetration;

strong London and Midlands markets;

established Bollywood cultural ecosystem.

Pathaan generated approximately US$5.02 million in the UK in Box Office Mojo's reporting.

 

17.4 Australia and New Zealand

Australia is another significant market.

For example, Box Office India reports approximately:

A$1.51 million for Sooryavanshi

and:

A$1.40 million for 83.

Pathaan generated approximately:

US$3.16 million in Australia.

 

17.5 Europe

Germany, France, Italy, Spain, Norway and other European countries collectively form an emerging secondary market.

The European market is important not necessarily because every country generates very large individual revenues, but because simultaneous digital distribution and subtitling have expanded the potential audience.

 

18. Regional Export Model

A useful conceptual representation is:

Indian Film Production

↓

Hindi Content

↓

International Distribution

↓

Diaspora Markets + Non-Diaspora Audiences

↓

Cinema Exhibition

↓

Overseas Gross Revenue

↓

Distributor / Producer / Exhibitor Shares

↓

Cross-Border Settlement

↓

Potential Indian Service Export Receipts

The final arrow is where the BoP measurement issue arises.

Not all overseas gross automatically becomes India's export earnings.

 

19. India's Audiovisual Services Export Data

The RBI classification provides a much better macroeconomic measure than film-by-film box-office figures.

Table 4. India's Audiovisual and Related Services Exports

Financial year	Audiovisual & related services exports ₹ crore
2020–21	6,551
2021–22	8,980
2022–23	13,371
2023–24	13,762
2024–25 Apr–Sept	6,389

Source: RBI data reproduced in the Ministry of Information & Broadcasting Statistical Handbook on Media & Entertainment Sector 2024–25.

The series shows substantial growth after the pandemic.

From:

₹6,551 crore in 2020–21

to:

₹13,762 crore in 2023–24

the increase is approximately:

110%

over the period.

 

20. Motion Picture Component

The audiovisual category can be examined further.

Table 5. Motion Picture and Video Component

Financial year	Motion picture/video production, distribution & projection ₹ crore
2020–21	4,246
2021–22	6,098
2022–23	9,766
2023–24	10,773
2024–25 Apr–Sept	4,946

This is particularly relevant to film research because the motion-picture component is much closer to theatrical and film-related economic activity than the entire audiovisual-services category.

 

21. Audiovisual Services and Total Services Exports

The RBI-based data show that audiovisual services remain a relatively small component of India's enormous services-export economy.

This is important because it prevents overstatement.

India's global services-export strength is dominated by sectors such as:

computer services;

professional services;

financial services;

business services;

telecommunications and information services.

Audiovisual services are smaller but strategically important because they combine:

commercial exports + cultural influence + intellectual property + diaspora engagement.

 

22. Hypotheses

The following hypotheses are proposed for empirical testing in an expanded dataset.

H1

There is a positive relationship between a film's worldwide gross and its overseas gross.

H2

Films with major established stars have higher overseas box-office collections.

H3

Films released simultaneously across major international markets generate higher overseas revenues.

H4

The presence of large Indian diaspora populations is positively associated with overseas Hindi-film demand.

H5

Action/event films generate higher overseas box-office collections than small-scale domestic films.

H6

Hindi film overseas earnings are significantly concentrated among a small number of blockbuster releases.

 

23. Statistical Model

A future film-level dataset can estimate:

Model 1: Overseas Revenue Model

Overseas Revenue = β0 + β1 Star Power + β2 Budget + β3 Screens + β4 Release Scale + β5 Franchise + β6 Genre + ε

Model 2: International Market Model

Overseas Revenue = β0 + β1 Diaspora Population + β2 GDP per Capita + β3 Cinema Screens + β4 Marketing Spend + ε

Model 3: Export Conversion Model

Export Receipt Ratio = Indian Resident Receipt ÷ Overseas Gross

This last variable is particularly important because it directly addresses the distinction between:

box-office gross

and

actual export receipt.

 

24. Proposed Concentration Indicators

Three useful indicators can be developed.

24.1 Top-Film Concentration Ratio

CR1 = Revenue of largest film ÷ Total overseas revenue

For the selected five-year annual leaders:

CR1 ≈ 39.6%

 

24.2 Top-Three Concentration Ratio

For the three largest films:

Pathaan + Jawan + Animal

= ₹1,037.85 crore

This demonstrates that the top three films substantially exceed the overseas gross generated by the selected annual leaders as a five-year case series.

This is evidence of a blockbuster-dominated export market.

 

24.3 Overseas Dependence Ratio

Overseas Dependence Ratio:

Overseas Gross ÷ Worldwide Gross × 100

This indicator can be calculated for each film.

For example, Pathaan:

396.02 ÷ 1,050.30 × 100

≈ 37.7%

Thus, almost two-fifths of its worldwide reported gross came from overseas markets according to Bollywood Hungama's figures.

 

25. Case Comparison

Table 6. Comparative Case Analysis

Variable	83	Brahmāstra	Pathaan	Stree 2	Dhurandhar
Year	2021	2022	2023	2024	2025
Overseas gross	₹63.94 cr	₹112.32 cr	₹396.02 cr	₹134.30 cr	~₹293 cr
Market phase	Recovery	Expansion	Breakthrough	Diversification	New blockbuster
Major audience	Diaspora	Diaspora + urban	Global + diaspora	Broad family/genre	Global action audience
Key markets	UK/Australia/NA	NA/Australia/UK	NA/Gulf/UK/Australia	USA/UAE/Australia	UK/Australia/Europe
Business pattern	Moderate	Rising	Exceptional	Strong	Exceptional

---

26. Findings

Finding 1: Overseas business is highly volatile

The annual leading-film series moved from ₹63.94 crore to ₹396.02 crore and then fell to ₹134.30 crore before rising again.

Therefore, overseas growth is not linear.

 

Finding 2: 2023 was a structural breakthrough

Pathaan, Jawan and Animal created an exceptional international year.

The three films together generated approximately:

₹1,037.85 crore overseas.

 

Finding 3: Diaspora markets remain fundamental

The UAE, UK, North America, Australia and New Zealand repeatedly appear as important markets.

 

Finding 4: Non-diaspora demand is increasingly relevant

The growth of Hindi cinema outside traditional Indian-origin markets suggests that international audiences are not limited exclusively to diaspora viewers.

 

Finding 5: Star power remains commercially significant

Shah Rukh Khan's Pathaan and Jawan demonstrate the continued importance of internationally recognized stars.

 

Finding 6: Genre diversification is occurring

The Stree 2 case indicates that international audiences can respond strongly to genres other than conventional action/spy spectacles.

 

Finding 7: Theatrical exports are only one component

A modern film's international economic value also includes:

OTT licensing;

television rights;

music rights;

remake rights;

dubbing;

subtitling;

merchandising;

airline rights;

digital advertising;

international distribution rights.

Consequently, overseas theatrical collections understate the total economic value of exported Indian audiovisual intellectual property.

 

27. Bollywood and Balance of Payments

The relationship can be expressed as:

Overseas cinema spending

↓

Foreign-market box office

↓

Local exhibitor/distributor revenue

↓

Indian producer/distributor settlement

↓

Cross-border service/IP transaction

↓

Potential BoP recording

The critical word is:

“Potential”

because the complete chain cannot be reconstructed from public box-office figures.

 

28. Why the User-Supplied $1.4–1.6 Billion Figure Requires Caution

The supplied draft describes audiovisual services exports of approximately $1.4–1.6 billion.

The broader official/officially reproduced data need to be handled carefully.

For example, the RBI-based MIB table reports:

₹13,762 crore in 2023–24

for audiovisual and related services.

NITI Aayog, using international services-trade data, reports approximately:

US$1.67 billion in 2023

for audiovisual and related services.

These are not contradictory simply because they use different datasets, periods and statistical frameworks.

Therefore a research paper should not combine them mechanically.

 

29. Data Gap

The central data gap is:

India does not publicly publish a BoP series identifying “Hindi films” as a separate export category.

The audiovisual-services classification covers a broader ecosystem.

The MIB/RBI table explicitly includes:

motion picture;

video production;

distribution;

projection;

radio;

television production;

distribution;

transmission.

Therefore:

₹13,762 crore ≠ Hindi film exports

It represents the broader audiovisual and related services category.

 

30. Policy Implications

India could improve measurement by creating a more detailed entertainment-export statistical framework.

Proposed classification:

A. Theatrical film exports

B. OTT/streaming rights

C. Television/satellite rights

D. Music licensing

E. Film intellectual-property licensing

F. Animation/VFX exports

G. Dubbing and subtitling services

H. International production services

I. Gaming and interactive entertainment

Such classification would provide a better picture of India's cultural exports.

 

31. Strategic Export Model for Indian Cinema

THE BOLLYWOOD GLOBAL EXPORT MODEL

CONTENT

↓

STAR POWER

↓

STORY / GENRE

↓

SIMULTANEOUS GLOBAL RELEASE

↓

DIASPORA MARKET

↓

NON-DIASPORA MARKET

↓

THEATRICAL REVENUE

↓

OTT + TV + MUSIC + IP REVENUE

↓

FOREIGN EXCHANGE RECEIPTS

↓

EMPLOYMENT

↓

TOURISM + CULTURAL DIPLOMACY

↓

INDIA'S CREATIVE-ECONOMY EXPORTS

This can be developed into a formal “7E Bollywood Export Model”:

Entertainment

Exhibition

Export

Earnings

Employment

Engagement

Economic diplomacy

 

32. Conclusion

The five-year evidence demonstrates that Hindi cinema has developed a significant international commercial footprint.

The leading-film case series generated approximately:

₹999.6 crore of overseas theatrical gross

across five annual leading Hindi films between 2021 and 2025.

The most dramatic phase occurred in 2023, when:

Pathaan generated ₹396.02 crore;

Jawan generated ₹386.34 crore;

Animal generated ₹255.49 crore.

The principal international markets repeatedly include:

North America, UAE/Gulf, UK, Australia and New Zealand.

At the macroeconomic level, RBI-based data show that India's audiovisual and related services exports increased substantially after the pandemic, reaching ₹13,762 crore in 2023–24, while NITI Aayog reports a long-run CAGR of 13.4% for the sector during 2009–2023.

However, the research establishes an important distinction:

A film's overseas box-office gross is an indicator of international market demand, but it is not equivalent to India's Balance of Payments export receipt.

The economic importance of Bollywood therefore extends beyond ticket sales. The industry represents an integrated export ecosystem involving film production, international distribution, intellectual property, OTT licensing, music, dubbing, VFX, tourism, cultural diplomacy and diaspora engagement.

The evidence supports viewing Hindi cinema not simply as entertainment but as an important component of India's emerging creative and cultural-export economy.

 

33. Limitations

No official RBI category separately identifies Hindi-language films.

Box-office figures are generally industry estimates rather than audited BoP figures.

Different trade databases report different overseas totals.

Overseas gross includes revenues retained by foreign exhibitors/distributors.

OTT transactions are not necessarily recorded under the same statistical category.

Exchange-rate conversion changes the apparent value of international receipts.

2025 film figures can differ depending on whether they are measured at a particular reporting date or lifetime.

The five annual films are case-study leaders, not the total Hindi film industry.

 

34. Future Research

A larger database containing 100–200 Hindi films from 2021–2025 could test:

star power;

genre;

production budget;

number of overseas screens;

release timing;

franchise status;

IMDb/critic ratings;

diaspora population;

country GDP;

ticket price;

OTT availability;

social-media engagement;

overseas gross.

Regression, correlation, ANOVA, cluster analysis and panel-data models could then identify the strongest determinants of international Hindi-film revenue.

 

35. Appendix A – Five-Year Core Dataset

Year	Film	Overseas ₹ cr	Worldwide ₹ cr	Overseas/Worldwide
2021	83	63.94	193.73	33.0%
2022	Brahmāstra	112.32	418.80	26.8%
2023	Pathaan	396.02	1,050.30	37.7%
2024	Stree 2	134.30	874.58	15.4%
2025	Dhurandhar	~293.03	~1,350.83	~21.7%

Sources: Bollywood Hungama film and annual box-office databases.

 

36. Appendix B – RBI-Based Audiovisual Export Dataset

FY	Audiovisual & related ₹ crore	Motion picture/video component ₹ crore
2020–21	6,551	4,246
2021–22	8,980	6,098
2022–23	13,371	9,766
2023–24	13,762	10,773
2024–25 Apr–Sept	6,389	4,946

Source: RBI, reproduced in MIB Statistical Handbook.

 

37. Appendix C – Major International Markets

Region	Principal countries	Main advantage
North America	USA, Canada	High ticket prices + diaspora + multiplexes
Gulf	UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, Oman	Large Indian expatriate population
Europe	UK, Germany, France, Netherlands, etc.	Established diaspora + cultural familiarity
Australasia	Australia, New Zealand	Strong Indian-origin population
Asia	Singapore, Malaysia, others	Indian diaspora + Asian entertainment markets
Africa	South Africa and selected markets	Diaspora + emerging interest

 

Appendix D: Projection of Hindi Film Overseas Earnings, 2026–2032

Projection base: ₹1,200 crore estimated Hindi-film overseas theatrical gross in 2025
Assumed CAGR: 10% per year
Unit: ₹ crore
Important: These are research projections, not RBI forecasts or official government estimates.

Year	Projected Overseas Earnings	Annual Increase	Growth Rate	Cumulative Earnings
2025 Base	1,200.0	—	—	1,200.0
2026	1,320.0	120.0	10%	1,320.0
2027	1,452.0	132.0	10%	2,772.0
2028	1,597.2	145.2	10%	4,369.2
2029	1,756.9	159.7	10%	6,126.1
2030	1,932.6	175.7	10%	8,058.7
2031	2,125.9	193.3	10%	10,184.6
2032	2,338.5	212.6	10%	12,523.1

  

References

Reserve Bank of India. Balance of Payments statistics and services classification.

Ministry of Information & Broadcasting. Statistical Handbook on Media & Entertainment Sector 2024–25.

NITI Aayog. Identifying Potential Service Sub-Sectors: Insights from GVA, Exports, and Employment Data.

Bollywood Hungama. Worldwide Highest Grossing Bollywood Movies – 2021–2025.

Bollywood Hungama. Pathaan Box Office Collection.

Bollywood Hungama. Jawan / Animal Box Office Collection.

Box Office India. Top Ten Overseas – 2022.

Box Office Mojo. Country-level international box-office data for selected film