Jio Studios to Spend Up to ₹5,000 Cr on Content Even as Theatres Struggle

At a time when several traditional studios are becoming cautious amid inconsistent theatrical returns, Jio Studios is choosing a different path.

Reliance Industries’ media venture Jio Studios plans to invest between ₹4,000 crore and ₹5,000 crore across films and non-film content over the next three years. The proposed investment is around 30–40% higher than what the company spent during the previous three-year cycle.

Speaking to The Economic Times, Jio Studios president Jyoti Deshpande emphasised that the company’s business model extends far beyond theatrical releases.

“You can ask me anything. But remember one thing. 98% of our content is being released on ‘other’ platforms,” Deshpande told The Economic Times.

The remark reflects the company’s heavy reliance on streaming partnerships with platforms such as Netflix and Amazon Prime Video, which have become crucial revenue and distribution channels for studios after the pandemic reshaped viewing habits.

Unlike many production houses that have struggled with repeated box-office disappointments, Jio Studios has attempted to balance commercial entertainers with critically acclaimed projects.

The studio has backed several major theatrical successes in recent years, including Stree 2, Chhaava and the Dhurandhar franchise films, each reportedly crossing the ₹500-crore mark globally.

At the same time, the studio has also supported smaller, content-driven films such as Laapataa Ladies, Baramulla and Mrs., helping build a portfolio that combines scale with experimentation.

Jio Studios operates under JioStar, the media and entertainment joint venture of Reliance Industries.

JioStar reported gross revenue of ₹9,784 crore in Q4 FY26, up from ₹8,010 crore in the previous quarter — a growth of roughly 22% quarter-on-quarter (QoQ).

However, Profit After Tax (PAT) declined sharply to ₹419 crore in Q4 FY26 compared to ₹888 crore in Q3 FY26, indicating pressure on profitability despite higher revenues.

Indian Box Office Revival

The broader theatrical market is also undergoing a structural shift.

According to The Ormax Box Office Report 2025, India’s box office touched an all-time high in revenue terms during 2025. However, audience footfalls fell 6% year-on-year to 83.2 crore admissions, suggesting growth was driven more by rising ticket prices than by increasing cinema attendance.

The report also highlighted a changing revenue pattern. While the top 10 films contributed 41% of the total box office in 2024, their share dropped to 33% in 2025.

Meanwhile, films outside the top 10 collectively generated ₹8,975 crore in 2025, up 29% from ₹6,981 crore a year earlier.

The trend indicates growing opportunities for mid-budget and concept-led films, precisely the segment where Jio Studios has been expanding aggressively.

Still, analysts caution that this momentum depends on a continuous supply of fresh and experimental storytelling. If studios become risk-averse again, the market could quickly return to being dominated by a handful of tentpole releases.

Jio Believes in Long-Form Storytelling

Deshpande believes audience preferences have evolved significantly after the streaming boom triggered during the pandemic years.

According to her, viewers are now more comfortable with immersive and layered narratives, something the Dhurandhar franchise successfully capitalised on.

“Audiences have been used to long-form and immersive storytelling thanks to streamers after the pandemic. In this backdrop, I was confident that the Dhurandhar franchise films will work,” she told the newspaper.

She added that the films broke away from conventional storytelling structures through chapter-based narratives, proving that audience engagement matters more than runtime.

Streaming Platforms No Longer Seen as Rivals

Even as global streaming giants increasingly release films directly in theatres, Deshpande does not see them as competition. Instead, she believes industry consolidation could expand the market for Indian content.

“I think consolidation is good. It will expand the market,” she told The Economic Times.

The company is also focusing heavily on regional cinema, with an aim to first widen pan-India reach before targeting global audiences.

Jio Studios plans to release around 10–12 films across languages in 2026. Its upcoming slate includes Peddi, Cocktail 2 and Khashaba.