Is Dhurandhar 2 Proof That OTT Is Now The Real Battleground For Big-Budget Hindi Films?

On the very day the first teaser of Aditya Dhar’s Dhurandhar 2: The Revenge dropped online, a parallel narrative started unfurling alongside it. This has little to do with explosive plot twists, or even Ranveer Singh’s screen presence. Instead, eagle-eyed fans (including yours truly) noticed a significant shift in the film’s OTT partner. Within hours, the conversation around the sequel had stopped revolving around its cinematic ambitions and had flowed into the territory of economics of streaming. The news has now been confirmed and the numbers are staggering. The digital rights of Dhurandhar 2: The Revenge have been sold for a massive Rs 150 crore, positioning it among one of the biggest OTT deals in recent Hindi cinema history. What makes

this figure even more striking is the context it arrives in. In an era where streaming platforms have largely tightened their acquisition budgets and become far more cautious about big-ticket films (and rightly so), Dhurandhar 2 has managed to find a loophole in the trend, raising a bigger question in the process- Is OTT now the real battleground for big-budget Hindi films?

Theatrical gamble to digital gold

To really understand the significance of this deal, one must go back a little in time to the release of Aditya Dhar’s Dhurandhar. Positioned as a high-octane action extravaganza, the film exceeded expectations at the box office, quickly evolving into a commercial juggernaut. Debuting at Rs 28 crore in the domestic box office, the film quickly went on to earn Rs 207 crore at the end of week one, and has since then seen a Rs 836.95 crore net collection in India alone. The theatrical success of Dhurandhar not only validated the film’s creative liberties, but transformed its sequel into a far more valuable asset overnight.Industry chatter has it that before the first film released, the scenario was quite different. Netflix had expressed interest in acquiring the digital rights of both Dhurandhar films together for a combined Rs 175 crore deal. One can see that, at the time of Dhurandhar’s release this was not only a reasonable, but a generous offer, but turns out Jio Studios decided to hold back, betting heavily on the theatrical run of the first instalment in the Aditya Dhar film. It seems that the gamble has paid off in spectacular fashion.

While the digital rights of Dhurandhar got eventually sold for Rs 85 crore, the sequel, has now fetched Rs 150 crore on its own. This is nearly double the first film’s OTT valuation. One can argue that in purely financial terms, Dhurandhar 2 stands as a textbook example of how box office success can dramatically rewire a film’s digital destiny.

Shifting power dynamic between theatres and OTT

What the deal, so effectively, has also done, is reignite the debate on whether OTT has diminished the importance of theatrical experience, and while this writer vehemently opposes the notion (some movies are pure cinematic experiences, and not for drawing room viewing), the Dhurandhar franchise has complicated the narrative – muddied the water, so to speak. Rather than replacing theatres, OTT has become an amplifier - one that rewards films that already prove their worth on the big screen.

In a sense, the Rs 150 crore deal for Dhurandhar 2 highlights a paradigm shift in audience consumption. Digital or online platforms are no longer just buying films – they are buying momentum, recall, and cultural footprint. Suddenly, theatrical success is no longer the final destination, maybe, it is a launchpad for even bigger monetisation on streaming.The argument thus would be that in this ecosystem, big-budget Hindi films now fight two battles. The first is still at the box office - within the darkened halls of the proscenium, where opening weekends, word-of-mouth, and star power establish credibility. The second, and perhaps more lucrative one, unfolds behind the quiet confines of drawing rooms, and reduced screens of mobile phones, where OTT platforms assess long-term value - rewatchability, sequel potential, franchise scalability, and audience loyalty. And perhaps Dhurandhar 2 arrives at the perfect intersection.

Why streaming platforms paid up despite caution

I believe what makes this reported Rs 150 crore deal figure especially noteworthy is its arrival at a time when streaming platforms are showing apparent fatigue for expensive acquisitions. The OTT boom during the COVID-19 period (predominantly the first and second waves) when theatre-viewing had become a distant reality, saw platforms engage in aggressive spending. However, with normalisation and the return of traditional viewing, most OTT players have shifted focus to profitability, cutting back on inflated deals and experimental big-budget films.

Why did Dhurandhar 2 break through this restraint?

I believe the answer lies in predictability. In a market flooded with content, sequels to proven theatrical hits offer a rare sense of security. Dhurandhar not only performed well, but built a recognisable universe, and introduced a morally ambiguous hero in Hamza Ali Mazari. It also ended with narrative threads that practically demanded continuation. The death of Rehman Dakait, played by Akshaye Khanna, left the door wide open for escalation, power shifts, and revenge-driven storytelling.

Within the OTT ecosystem, this translates into guaranteed initial viewership, strong completion rates, and repeat engagement All of these are metrics that matter far more than social media buzz alone. In that sense alone, Dhurandhar 2 is more than just a film; in an algorithm riddled system, it is a data-friendly product.

OTT: The new finish line

There as a time, not too long ago, when a film’s theatrical run define success. The OTT release was treated as an afterthought. It seems the hierarchy has flipped. Today, a film’s digital landing is where it reaches its widest and most diverse audience. You did not get to watch Dhurandhar in theatres, now it is for you to view, within the confines of your home, at your own pace. In the larger context, for big-budget films, this means that an OTT premiere is no longer a consolation prize, but rather a second lease of life where it can eventually cement legacy, continue discourse and sometimes, even introduce the film to international audiences, keeping it culturally relevant long after it fades from theatres.

And with Dhurandhar 2, the stakes are even higher. The massive digital valuation places huge expectations on the film’s post-theatrical performance. The film’s completion rates, repeat viewing, meme culture and traction will all be monitored, not just by the audience, but by studios planning their next big bet as well.

Franchise-first thinking

One of the biggest takeaways from Dhurandhar 2, however, is the growing dominance of franchise-first thinking in cinema. It has become much harder to sell original standalones, at premium rates for OTT platforms. Familiar IPs on the other hand, demand trust. And in many ways, OTT platforms are now functioning like long-term investors rather than one-time buyers. They are betting on the possibility of spin-offs, sequels, and extended universes. A Rs 150 crore deal hints at a confidence that Dhurandhar is perhaps a sustainable property.

And in the long run, this has immense implications for filmmakers as well. This deal will perhaps encourage world-building, narrative continuity, and character arcs designed for longevity rather than instant payoff. If Dhurandhar 2 becomes a success on OTT, it could very well influence how future big-budget Hindi films are conceived in the initial stages itself.

OTT the real battleground?

The answer, increasingly, is yes. But it is not in isolation. Dhurandhar 2 hints that OTT has become the arena where the biggest financial validations now occur. It is perhaps where box office success gets converted into long-term valuation through sustained engagement. However, it also reinforces that theatrical success remains the entry ticket to this battleground. Without the box office tsunami created by Dhurandhar, the Rs 150 crore OTT deal would not have been possible.The future of big-budget Hindi cinema doesn’t belong exclusively to theatres or streaming platforms - it is not consciously evolving into something hybrid, where films can dominate both. Aditya Dhar’s Dhurandhar 2: The Revenge starring Ranveer Singh, Sanjay Dutt, R Madhavan, Arjun Rampal and a host of other stars isn’t just a sequel riding high on hype – it is a rare case study on how power and profit are increasingly navigating their way into a profitable space within the OTT ecosystem.