Panorama Studios

What Panorama Studios does

Panorama Studios International Limited is a publicly listed Indian film production and distribution studio headquartered in Mumbai. Incorporated in 1980 and listed on BSE (BOM:539469) since November 2015, the company began active film production in 2005 with the critically acclaimed 'Omkara' and now operates integrated verticals spanning Production, Distribution, Music Label (Panorama Music), Talent Management, Advertisement, Syndication, Equipment Rental, and Line Production. Its portfolio includes established franchises such as Drishyam (suspense-thriller), Raid (crime), Dhamaal (comedy), Shaitaan (supernatural), and Pyaar Ka Punchnama, with worldwide distribution capabilities across theatrical, digital/OTT, satellite, and (newly acquired) in-flight entertainment channels.

The company monetizes through a combination of co-production revenue sharing, pre-release distribution rights sales, theatrical box office collections, music royalties via Panorama Music, and licensing to OTT platforms. Its go-to-market is partnership-led, anchored by long-standing co-production relationships with T-Series, Devgn Films, Pen Studios, Jio Studios, and Aashirvad Cinemas, alongside multi-film deals with top talent including Ajay Devgn (25+ years), Nivin Pauly (Rs 100 crore multi-film deal, 2026), Fahadh Faasil, Mohanlal, and Kunchacko Boban. Customer segments span Hindi (Bollywood), Malayalam, Marathi, Gujarati, and Punjabi cinema markets, with content distributed domestically and to the global Indian diaspora. Supporting subsidiaries include Brain on Rent (integrated film publicity and marketing) and the recently launched Panorama Studios Inflight LLP for airline content rights.

The business model is project-based rather than subscription-based, with revenue concentrated around film release windows and franchise cycles. Distribution is the company's primary profit lever, leveraging pre-release rights monetization (Drishyam 3 generated Rs 350 crore in pre-release distribution sales) and worldwide theatrical releases. The company is family-controlled — Kumar Mangat Pathak (Managing Director/Chairperson, 40+ years industry experience) and his son Abhishek Pathak (Executive Director, New York Film Academy-trained filmmaker) — with Ajay Devgn holding equity (Rs 2.7 crore preferential investment, March 2024).

Name

Panorama Studios

Legal name

Panorama Studios International Limited

Website

https://panoramastudios.in

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

11–50 employees

Short description

Panorama Studios is a publicly listed Mumbai-based Indian film production and distribution company operating across Bollywood and four regional cinema markets (Malayalam, Marathi, Gujarati, Punjabi), with integrated music, marketing, and talent management verticals serving pan-India theatrical and worldwide digital distribution.

Ownership category

akta.pro rank

Product category

Film Production and Distribution

NAICS

Motion Picture and Video Production (512110), Motion Picture and Video Industries (5121), Postproduction Services and Other Motion Picture and Video Industries (51219)

SIC

Services-Motion Picture & Video Tape Production (7812), Services-Motion Picture & Video Tape Distribution (7822), Services-Allied To Motion Picture Production (7819)

akta.pro primary industry

Production Office Space & Support Facilities (MPADAIAD)

akta.pro secondary industry

Set Operations & Facilities Support (Power, Generators, Site Services) (MPADAFAF)

Keywords

• Film production
• Film distribution
• Music label
• Theatrical exhibition
• Regional cinema

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Supply Chain, Technology or R&D, Infrastructure

Revenue model

1. Film Production and Co-Production: Production of Hindi and regional language films through co-production arrangements with major studios and talent. Revenue generated through theatrical box office collections, pre-release distribution sales, and subsequent rights monetization.
2. Distribution Rights Acquisition and Sales: Acquisition of worldwide theatrical, digital (OTT), and satellite rights for films, then distribution through theatrical releases and licensing deals to streaming platforms. Drishyam 3 generated Rs 350 crore from pre-release distribution sales.
3. Music Label Revenue: Panorama Music label generates revenue through music releases, streaming royalties, and synchronization rights for film soundtracks
4. Talent Management: Management and representation of film talent including actors, directors, and production professionals

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Panorama Studios International is a diversified Indian film studio that produces and distributes Hindi and regional language films across theatrical, digital (OTT), and satellite platforms. The company operates integrated verticals spanning project development, production, post-production, distribution, music (Panorama Music), talent management, marketing/publicity (Brain on Rent), equipment rental, and line production. It manages franchise IPs including Drishyam, Raid, and Dhamaal, and co-produces with major studios such as T-Series, Devgn Films, and Pen Studios.

Product overview

Panorama Studios is a diversified Indian film studio operating across six major verticals: Production, Distribution, Music Label, Talent Management, Advertisement, and Equipment Rental/Line Production. The company produces and distributes Hindi films (Bollywood) as well as regional language content including Malayalam, Marathi, Gujarati, and Punjabi. Core film franchises include Drishyam (thriller), Raid (crime), and Dhamaal (comedy), with the company also maintaining Panorama Music (music label) and Brain on Rent (marketing/publicity) as supporting services. Distribution operations cover worldwide theatrical, digital, and airline rights.

Differentiator

Problem solved

Functional benefit

Products and services

• Drishyam Franchise India's successful suspense-thriller franchise with multiple regional adaptations including Malayalam (Mohanlal) and Hindi (Ajay Devgn) versions, written and directed by Jeethu Joseph. Drishyam 2 earned approximately Rs 342 crore worldwide and Drishyam 3 generated Rs 350 crore in pre-release distribution sales.
• Raid Franchise Crime thriller franchise centered on Income Tax Department investigations featuring Ajay Devgn as IRS Officer Amay Patnaik. The first film was a 2018 blockbuster with Raid 2 currently in production.
• Dhamaal Franchise Bollywood comedy franchise featuring ensemble cast including Ajay Devgn, Arshad Warsi, and Riteish Deshmukh. Total Dhamaal earned Rs 228.27 crore worldwide, with Dhamaal 4 scheduled for release.
• Shaitaan Supernatural thriller featuring Ajay Devgn, Jyotika, and R. Madhavan, rooted in black magic. The film achieved a milestone for the supernatural genre in India at the box office.
• Unmadham Psychological thriller produced by T-Series and Panorama Studios starring Kunchacko Boban and Lijomol Jose, following a police constable investigating a cold case with supernatural undertones.
• Panorama Music Music label representing diverse Indian music genres including folk, spiritual, Sufi, ghazal, and contemporary pop, featuring both legendary and emerging talent. Operates as a wholly-owned subsidiary generating revenue through music releases, streaming royalties, and synchronization rights for film soundtracks.
• Brain on Rent Pioneer in film publicity and strategic marketing solutions. Integrated marketing company providing research, marketing, and creative services for Panorama Studios' film releases.
• Film Distribution Services State-of-the-art distribution services with audit-ready systems covering theatrical, digital/OTT, satellite, and ancillary rights worldwide. Offers in-cinema activation, digital push, P&A guidance, syndication of digital and satellite rights, and marketing expertise.
• Panorama Studios Inflight LLP Wholly-owned subsidiary specializing in airborne/in-flight entertainment content rights. Secures exclusive worldwide airline distribution rights for films such as 'Bayakegalu Berooridaga' and 'Yaarigu Helbedi (2025)'.

Quantifiable outcome

• Drishyam 2 earned approximately Rs 342 crore worldwide
• +3 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Funstreams Movies and Entertainment LLPminorStrategic or Co-development Partner · 17 June 2026Panorama Studios International partnered with Funstreams Movies and Entertainment LLP to co-produce two Malayalam films starring Fahadh Faasil, expanding Panorama's presence in Malayalam cinema.
• Pen StudioscoreStrategic or Co-development Partner · 6 December 2025Panorama Studios in partnership with Pen Studios acquired worldwide theatrical and digital rights to Drishyam 3, one of the biggest pan-India film acquisition deals. Pen Studios invested Rs 100 crore in the production. The partnership combines Panorama's distribution strength with Pen Studios' platform for global reach.
• Prabh Studios, NavbajwafilmsminorStrategic or Co-development Partner · 1 July 2025Panorama Studios acquired worldwide distribution rights for Punjabi film Madhaniyan produced by Prabh Studios and Navbajwafilms, directed by Nav Bajwa.
• Monkey God Entertainment, Summit Studios & Eka EntertainmentminorStrategic or Co-development Partner · 1 April 2025Panorama Studios collaborated with Monkey God Entertainment, Summit Studios, and Eka Entertainment to produce Maharani, a Gujarati social comedy film.
• Jio StudioscoreStrategic or Co-development Partner · 1 June 2024Jio Studios co-produced Shaitaan with Devgn Films and Panorama Studios, marking the start of a multi-film collaboration. Jio Studios noted the partnership continues its seven-film winning streak.
• T-SeriescoreStrategic or Co-development PartnerT-Series is a major co-production partner for multiple Panorama Studios films including Dhamaal 4, Raid 2, and Unmadham. T-Series provides music rights and production backing for pan-India theatrical releases.
• Devgn FilmscoreStrategic or Co-development PartnerDevgn Films, led by Ajay Devgn, is a long-standing co-production partner with Panorama Studios for films including Drishyam 2, Drishyam 3, Shaitaan, and Dhamaal 4. The partnership spans over 25 years of collaboration.
• Navigns StudiominorStrategic or Co-development PartnerNavigns Studio partnered with Panorama Studios for Gharat Ganpati Marathi film, with Panorama handling worldwide distribution and music through Panorama Music.
• Star StudioscoreStrategic or Co-development PartnerStar Studios is the presenter for Drishyam 3 Hindi version, partnering with Panorama Studios for the theatrical release starring Ajay Devgn.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Others

• PVR INOX: India's largest cinema exhibition chain. Not a direct competitor but the primary downstream exhibitor channel for Panorama's theatrical releases, making box office economics and exhibitor relationships highly relevant to Panorama's distribution-led model.

Broad incumbents

• Zee Studios (Zee Entertainment Enterprises): Film production and distribution arm of ZEEL, a publicly listed Indian media major. Operates in the same pan-India production and OTT distribution value chain as Panorama, though as a much larger and more diversified incumbent.
• Jio Studios (Viacom18): Vertically integrated OTT-and-film studio of the Reliance-Viacom18 group; co-produced Shaitaan with Panorama. Comparable as a broad incumbent combining platform, production, and distribution, though with substantially larger scale.
• Reliance Entertainment: Large Indian entertainment conglomerate with film production, distribution, and exhibition exposure. Comparable as a broader incumbent in the same pan-India Hindi and regional cinema value chain as Panorama.

Direct peers

• T-Series: India's largest music label with a substantial film production business and a core co-production partner of Panorama (Dhamaal 4, Raid 2, Unmadham). Directly comparable on the integrated music-plus-film studio model and pan-India distribution reach.
• Dharma Productions: Leading Indian film production house behind major Bollywood franchises (e.g., Karan Johar-led). Closely comparable to Panorama as a Hindi-cinema-anchored production and distribution peer with star-driven projects.
• Eros International (Eros STX Global Corporation): Publicly listed Indian film production and distribution company with a deep content library and worldwide rights business. Closely comparable to Panorama on the integrated production-distribution-rights model targeting diaspora and domestic audiences.
• Yash Raj Films: India's largest privately held film production and distribution company, with a similar end-to-end studio model spanning production, distribution, and music. Comparable as a multi-decade Indian studio with major franchise and theatrical pedigree.
• Star Studios: Indian film distribution and production arm of Disney-Star; presenter of the Drishyam 3 Hindi release. Directly comparable as a theatrical and digital rights partner operating in the same pan-India Hindi distribution space as Panorama.
• Pen Studios: Indian film production and distribution company that is Panorama's strategic co-investor on Drishyam 3 (Rs 100 crore investment). Operates a similar integrated acquisition-and-distribution model across pan-India theatrical and digital rights.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/PanoramaMovies
• Facebookfacebook.com/PanoramaStudiosOfficial
• LinkedInlinkedin.com/company/panorama-studios-pvt--ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Panorama Studios