The year 2024 began with high expectations for Malayalam cinema. This optimism stemmed from an increase in OTT revenues and a growing appreciation for Malayalam films across the globe. However, things took a turn. As the year closes, the industry finds itself battling with challenges that could, if unaddressed, deepen its struggles.
This year saw the release of 220 Malayalam films, with production costs collectively crossing around Rs 1,000 crore. According to data from the Kerala Film Producers' Association, only 26 out of 204 films released this year-comprising 199 new titles and five remastered versions-turned a profit.
The report also suggest that there was a 15-20% rise in budgets compared to the previous year, largely driven by increasing star remunerations. Industry insiders reveal that even actors with no recent hits secured higher fees, sometimes outstripping the earnings potential of their films. For instance, OTT platforms, once a reliable revenue stream, have shown a marked decline in purchasing rights, leaving many projects facing difficulty to recover costs.
The numbers paint a weeping picture: fewer than 30 films managed to turn a profit, while the total revenue generated is reported at around Rs 300 crore—a massive shortfall against the total investment. The Kerala Film Producers’ Association has stressed this issue, pointing to unsustainable production costs as a primary concern.
Interestingly, 2024 marked a shift in audience behaviour. Films without major stars, such as Manjummel Boys and Premalu, emerged as surprise hits. Critics suggest that strong content played a pivotal role in their success, which gives the idea that viewers increasingly prioritise storytelling over star power these days.
Meanwhile, films featuring iconic actors like Mammootty, Mohanlal, Dileep, and Nivin Pauly struggled to make an impact. While Mammootty’s films managed average collections, Mohanlal faced a particularly challenging year, with his directorial venture, Barroz, failing to meet expectations. However, re-releases of classics like Manichitrathazhu and Devadoothan offered some respite, drawing nostalgic audiences back to cinemas.
Despite the hurdles, 2024 wasn’t entirely bleak. A handful of films achieved remarkable commercial success. Manjummel Boys, Aavesham, Premalu, Aadujeevitham, and ARM entered the Rs 100 crore club, with Manjummel Boys alone grossing an impressive Rs 242 crore. Other notable successes, such as Kishkinda Kaandam, Guruvayur Ambalanadayil, and Varshangalkku Sesham, joined the Rs 50 crore club.
As the curtain falls on 2024, the industry finds itself at a crossroads. Whether Malayalam cinema can rise to the occasion and turn its fortunes around in 2025 remains to be seen.
