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From Raat and Bhoot, to Stree 2, Munjya and Shaitaan: Decoding the box office and huge ROI for Horror Films at BO
Here's analyzing why the movie industry should focus on making more horror movies.
It was the winter of 1999 that I first heard of ‘The Blair Witch Project’. The $500,000 film went onto gross in excess of $200million globally. More than anything else the ROI on the film was simply awe inspiring. Then Paranormal Activity produced for $200,000 went onto collect around the $200 million mark showing that ‘The Blair Witch Project’ boxoffice glory wasn’t an one off phenomenon. Let me take you back in time to 1973, when ‘The Exorcist’ scared the living day lights out of the box office and the audiences alike. Made on a modest budget of $12million and till date has grossed $441 million and many credit this phenomenal film to have taken out the horror genre from its ‘B’ picture status. So these crazy returns are a reality in the horror business.
Even back home we have multiple examples of horror films outperforming. Stree 2 has recently re written record books by entering the ‘600 crore club’ with a modest budget around the Rs 100 crore mark making it one of the biggest blockbusters in recent memory. This year we had another film from the same Universe ‘Munjya’ doing phenomenal business and entering the Rs 100 crore club with rank new comers. Shaitaan also did terrific business at the ticket counters.
Horror remains a largely untapped genre in India, but yielding terrific results for producers who have produced these films. As a child I distinctly remember ‘Ramsay Brothers’ would produce their low budget scare fests and they would do rather well across Cinemas. ‘Veerana’ and ‘Purana Mandir’ being very profitable productions. They also made a 3D Horror film ‘Saamri 3D’.
The Bhatts took up the cause of horror films with a desi version of ‘What Lies Beneath’ as ‘Raaz’. The Bhatts redefined the genre by adding terrific music, emotional depth and gravitas. Abandoning the ‘Ramsay Brothers’ creature feature style. This genre re invention reaped terrific rewards for the genre. Vikram Bhatt delivered solid chills with Haunted 3D and did really well at the boxoffice. I still remember that Raaz 3 ran to packed houses for 4 days in my cinema a rare feat and went onto gross nearly Rs70crore way back in 2012. Although post Raaz 3 it was steady decline for the Bhatt Style of horror till Amar Kaushik reinvented it with adding comedy to the template. Although other makers tried their hands at the genre but did not get that kind of boxoffice success. Notable among them was Ram Gopal Verma with ‘Raat’ and ‘Bhoot’.
Horror's power as a theatrical genre stems from its unique ability to elicit strong emotional and physiological responses, deeply involving audiences in the experience. From a psychological perspective, horror taps into primal fears and survival instincts—triggering the brain's fight-or-flight response.
This genre also engages our psychological need for catharsis. By confronting terrifying scenarios in a fictional setting, audiences can process fear and anxiety without real-world consequences. Horror films create an emotional rollercoaster, offering tension followed by relief, which can be both thrilling and therapeutic
Furthermore, horror’s ability to unite audiences in a shared experience of fear and anticipation heightens its theatricality. Watching a horror film in a group setting amplifies the emotional intensity as reactions—gasps, screams, or laughter—become contagious, fostering a sense of collective excitement and engagement. This communal aspect makes horror a uniquely immersive and interactive genre.
According to a survey 66% Gen Z respondents in the US watched a horror film in theatres in the last 12 month clearly indicating a solid preference for the genre in the young. Horror’s adrenaline-pumping appeal sets it apart from comedy and drama, which have seen box-office declines as audiences turn to streaming platforms like Netflix and Amazon Prime. While these genres shifted to home viewing, horror has thrived, attracting both producers and moviegoers to theaters. In 2023, horror’s box-office revenue surged 70% compared to 2013 in North American Cinemas.
Horror films are often produced on minimal budgets and typically forgo costly special effects, top-tier actors, elaborate sets, and sprawling locations.. For instance, adventure and animated films typically command budgets that are approximately 5.5 times larger than those allocated to horror productions. As per Kaggle Datasets ‘The Average Production Budget By Film Genre- since 1971; Horror films averaged a meagre $13 million to produce and on the other hand Adventure $73million, Science Fiction $64 million and Action $50 million. The ROI on an average for horror works out to be a huge 173% as per the same source.
Horror films are significant money spinners worldwide, and in the U.S., October is traditionally dominated by the genre as Halloween approaches. Post-pandemic, Bollywood has struggled with urban slice-of-life dramas, once its mainstay, as these genres have largely migrated to OTT platforms, as they push the creative boundaries without box office pressure. Horror has the potential to fill this gap, generating massive profits for stakeholders. Its universal appeal across demographics and regions makes it a powerful tool for supporting the ailing theatrical ecosystem. With 2024 being a strong year for the genre in Bollywood, I hope more producers join the fray and deliver the chills and scares the audience is seeking at a Cinema near you.
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