The old Bollywood math — make a film, sell OTT rights for a fat cheque, recover costs before the first ticket is sold — is dead. With streaming platforms slashing acquisition budgets by half and theatrical audiences vanishing for all but a handful of titles, the industry is staring at its most precarious financial moment in decades.

The Players

• Kangana Ranaut: Fourteenth consecutive flop with Bharat Bhhagya Viddhaata, which collected under Rs 1 crore on Day 1...