Yash and Geetu Mohandas’ Toxic is heading towards its August 26 theatrical release with an unusual piece of business still unresolved. The film has reportedly not yet closed its OTT and satellite rights deals, with current trade reports pointing towards a valuation gap between the makers and prospective buyers.
The development is noteworthy because Toxic is not a film struggling to find theatrical buyers. Its reported ₹120 crore Andhra Pradesh and Telangana deal and ₹105 crore overseas deal indicate strong confidence in its theatrical potential. The film has also generated considerable attention following the release of its trailer and the opening of overseas advance bookings.
The issue, therefore, appears less about demand for Toxic and more about how much platforms are prepared to commit for its non theatrical rights before its box office performance is known.
There has been earlier chatter linking the film with major OTT and television players, including reports of a Zee deal, but no definitive official announcement has emerged. Those reports should consequently not be treated as confirmation that the rights have been sold.
The timing makes the situation more significant. Toxic is now only a little over two weeks from release, meaning the makers have a relatively short window to either secure the valuation they are seeking or adjust their expectations based on the theatrical response.
For the producers, waiting has an obvious upside. A strong opening could strengthen their negotiating position and potentially push the OTT value higher. But there is an equally obvious risk. If the theatrical response falls below expectations, buyers could have considerably more leverage in negotiations.
The Toxic situation consequently offers an interesting snapshot of the changing economics of big star driven films. A strong theatrical pre release business does not automatically translate into an equally aggressive OTT valuation anymore.
For now, the trade takeaway is simple. Toxic has found substantial theatrical backing, but its OTT and satellite business remains unresolved. Whether that ultimately proves to be a smart wait for a better price or an indication that the makers’ valuation is ahead of the market will become clearer once Yash’s film reaches the box office.