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In a chat with us, Siddharth P. Malhotra and Sapna Malhotra share about how the trends of the Indian entertainment industry are shifting, why honest storytelling matters more than ever, and their focus in this new phase of content and creativity.
Historically, Indian cinema thrived on those big theatrical masala films, the three-hour epics packed with songs, drama, and interval breaks that brought families to theatres. They really defined the movie-going experience for generations. But with the popularity of streaming platforms, things have shifted dramatically as filmmakers now find themselves speaking to different audiences at once. Although the love for old-school Bollywood magic is alive, the younger crowd craves quicker, sharper, and more globally styled storytelling. With this change, there has been a clear diversification in audience interests, and naturally, filmmakers are adapting to reflect that in their work.
Siddharth P. Malhotra, who you might know as the director of Hichki or the creator behind hit shows like Sanjivani and Dil Mil Gayye has been in the entertainment industry for almost three decades. He started Alchemy Films along with Sapna Malhotra. After spending years building their individual careers in two very different industries, Siddharth, with his strong foundation in television and Sapna, with her background in fashion, decided to channel their creative energies into a shared vision. This vision with the production house focuses on telling stories that feel real, emotionally resonant, and rooted in truth. In a conversation with them, we spoke about the projects they have worked on so far, the ideas and thoughts that go into choosing the stories they tell, the kind of narratives they are drawn to, and more.
After working in various capacities in the film industry, what led you to start your own production house, Alchemy Films? How has the experience been so far? What is the core vision behind Alchemy Films?
Siddharth: Well, I was working with my father’s company Cinevistaas for a while, doing everything from creative direction to writing and directing shows. Sapna was a fashion designer back then, with her own store. She used to style costumes for some of the shows I directed. At some point, we decided it was time to branch out—to build something that felt like ours. My dad was very supportive. I still remember going to Sapna and saying, “Now you have to become a producer,” and she just said okay without blinking.
Sapna: Honestly, I had no clue what producing really meant at that time. It was terrifying in the beginning. But over time, it started to feel like this is where I belong. I brought in people I had worked with in design, and we just figured it out as we went. It was a beautiful kind of chaos
Siddharth: At that point in time, the Naagins of the world were ruling the TRP charts. I remember thinking—why can’t we have a happy snake? I went to Anuj Kapoor at Sony SAB to pitch this idea and he loved it. He supported us and helped us create a pilot, which SAB TV loved. And the show was Ichhapyaari Naagin.That marked the beginning. In the same year, we went on to create shows like Woh Apna Sa, and Haasil on Sony. Because of the strong relationships I had built with the channel heads, we were able to expand our slate quite quickly.
We also moved into OTT, where we created several successful series: Kaafir with Dia Mirza and Mohit Raina, Tribanga with Kajol (which I produced and Renuka Shahane directed), and Best Seller with Shruti Haasan and Mithun Chakraborty. We’ve done around 7-8 OTT series, 5-6 daily soaps, and a couple of feature films, including Dial 100 with Manoj Bajpayee.
Now, after 7-8 years of working independently, we’re shooting a new Netflix series. I truly believe that when you put your 100% into something, the person in front of you sees that intention and dedication. That’s been our ethos—Sapna handles the full production, right from budgeting to execution, and I focus entirely on the creative. Together, we've been able to bring stories to life that we genuinely believe only we could tell. That’s how Alchemy Films began—two people from very different parts of the industry coming together to build something meaningful. Our core vision has always been about telling stories that have depth, truth, and emotional resonance.
Do you feel the mainstream Indian film industry sometimes misjudges what today’s audiences really want or can appreciate, perhaps by sticking to familiar formulas instead of trying out new things? If so, how does Alchemy Films step in to address that, offering something different or more in tune with what viewers are ready for now?
Siddharth: Oh, without a doubt. There’s still this tendency to underestimate the audience. But if you look around, the content that’s resonating today isn’t the typical formula stuff anymore. Viewers are looking for stories that feel honest and hit an emotional chord.
We’ve never really followed trends or chased after tropes. From the beginning, we’ve focused on creating stories with heart. Our female characters have agency, our worlds feel lived-in, and the storytelling is rooted in something true. Even when I was working at Cinevistaas, that was always my approach—I just believed the audience could handle more, and deserved more.
Sapna: Honestly, for us, it always starts with one simple question: “Would we want to watch this?” That becomes our compass. It’s not about what’s trending—it’s about what feels sincere.
What’s one outdated practice in the mainstream industry you’d like to see phased out, and how does Alchemy Films work differently in that regard?
Siddharth: What I’d really like to see phased out is the outdated mindset that still dominates certain parts of the industry. There’s this belief that only specific types of stories are considered commercial or massy. But if you look around, a show like Adolescence on Netflix is getting so much appraise online. People are talking about it, and that’s because it connects with them on a deeper level.
What we really need is for people to start betting on stories that don’t follow the usual formula. Some themes are universal, but they’re often not seen as commercially viable because of the industry's rigid definitions of what works. That needs to change. The people in positions of power, the ones greenlighting content, need to start believing in fresh narratives. If they don’t, others will continue to create new trends because they’re willing to take risks. Platforms like Netflix support that kind of storytelling. They empower creators like us to tell the stories we truly believe in. On the other hand, there are platforms, especially in television, that still operate by fixed algorithms and are hesitant to move away from what's proven. But every now and then, we see an underdog break through. Films like 12th Fail or Laapataa Ladies come in and take everyone by surprise. That happens because those stories were backed with conviction. The way we work, we focus on the honesty of a story. It doesn’t have to be flashy or loud to have impact. We put in a lot of effort into world-building and making characters feel like actual people.
Sapna: And a lot of it comes down to small things—like how someone dresses, the way they talk, or how long the camera stays on for a moment. The goal is always to make people feel seen and connected, not talked down to.
The film industry has undergone significant changes in recent years with the rise of OTT platforms and shifting audience preferences. Having worked in both mainstream cinema and OTT, how do you differentiate the approach to storytelling, production, and direction between these two media? Also, from your experience, how do you think the industry needs to adapt to these changes in terms of content creation?
Siddharth: The creative requirements for television, OTT, and film are drastically different today. TV, for instance, still caters to a more passive viewing experience. Often, it’s something people, especially housewives, might watch. It’s also heavily driven by time slots. So, if you have a 20-minute episode, and people watch 19 minutes of it, that’s a win. But it also means you’re constantly under pressure to retain viewership and hit those TRPs. If your TRPs don’t perform, your show could be shut down in a week, two weeks, or maybe two months—even if you’ve worked on it for a year. The stakes are very high, yet the budgets are relatively low. So, as a creator, you’re constantly balancing: How do you maintain good production value and quality storytelling while keeping costs tight? You really have to be on your toes.
With OTT, the playing field is a bit different. You’re working on a season with 7 to 8 episodes, each 30 minutes to an hour long. Budgets were better at one point, though even OTT platforms have started tightening their spends now. But at least, there’s a bit more freedom when it comes to the kind of stories you can tell. Some platforms still want tried-and-tested formats, but others really empower creators to experiment and bring fresh narratives to the table.
However, OTT too has its own set of demands. It’s a data game. Completion rates matter hugely, which means your show needs to hook the audience within the first 10 minutes. That’s become a rule of thumb—if the viewer watches Episodes 1 and 2, chances are they’ll finish the series. So, the writing and pacing have to be spot-on. The challenge is making the show so compelling that people feel the need to continue. OTT has really opened up space for nuance. You’re not confined by the typical demands of television or theatrical releases. In Kaafir, for example, there’s a moment where nothing is said for minutes—but it still speaks volumes. That kind of silence would have been unthinkable in traditional formats. OTT lets you explore the grey areas. Flawed characters. Complex emotions. Layered plots. And audiences are more than ready for that. It's the industry that still needs to catch up.
With film, the expectations are completely different again. You have to deliver a true cinematic experience. You can’t just be good—you have to be exceptional. The stakes are incredibly high, and the competition is fierce. Content really has to be next-level.
Since I’m working across all three mediums right now—TV, OTT, and film—I’ve come to appreciate that each one has its own challenges and audience expectations. As a creator, it’s all about staying agile and understanding what each medium demands from you.
With the increasing demand for digital content, do you see a shift in the type of stories that resonate with modern audiences and what kind of stories would producers like you like to invest in? How does Alchemy Films approach these changing trends?
Sapna: Definitely. People are more curious, more accepting of complexity. They don’t want just good vs. evil anymore—they want real stories, with real messiness. As producers, we want to back those stories. I wouldn’t say I’m genre-agnostic at all. For me, the genre doesn't matter as much as the emotional connection it creates. I always approach a story from an emotional lens—if it moves me, if it feels honest and heartfelt, then that’s what draws me in. Whether it’s a drama, thriller, romance, or even a slice-of-life story, the emotional core has to be strong. That’s the one thing I always look for.
Siddharth: And even genres that are “commercial” can be done with truth. You want to do a thriller? Great. But make sure the logic holds. You want to do romance? Amazing. But let’s not make women props in a love story. Our motto is: no matter the format, the truth of the story comes first.
The mainstream film industry often prioritizes commercial viability over creative risks. How do you balance these pressures, especially when pitching projects that might not fit the typical blockbuster mold?
Sapna: You know, the mainstream industry often chases commercial viability over taking creative risks. And yeah, as a producer and a creative person, of course, when you imagine something, you want it to look exactly the way you pictured it. But for us, it's never really about whether the budget is big or small—it’s more about how you balance it to make the project look good. Honestly, we never compromise on how our shows look. Whether it's TV or OTT, what reaches the audience visually matters so much. So even if the budget is tight, we make sure the show looks like what we had in mind from day one. And I think that’s something we’ve managed well. It’s never felt like the budget was a major obstacle. We just focus on making the project the best version of what we dreamt it to be. For us, that’s the bigger challenge—staying true to the story we want to tell and making sure it comes out exactly how we envisioned it.
Siddharth: You pitch them with conviction. That’s the only way. Sometimes it works, sometimes it doesn’t. But if you don’t believe in your story 200%, how can you expect anyone else to? We’ve had our share of rejections, but we’ve also had platforms like Netflix and ZEE5 back us because they could see we weren’t bluffing. We weren’t trying to ride a wave—we were offering something solid, something rooted.
One major challenge in the industry is the lack of opportunities for people without strong backing or connections. This not only affects creative talent but also limits the stories we get to see and tell, missing a chance for new perspectives. What do you think needs to change to create more inclusive opportunities for fresh talent?
Siddharth: This is something that really bothers me. So much talent never gets seen just because they don’t have the right “surname.” That’s criminal. We need more writing workshops, open pitch rooms, and mentorships.
At Alchemy, we try our best to work with people who don’t come from the usual circuits. We've always believed in launching and supporting new talent—whether it's writers, directors, or actors. If you look at my career graph, even from the time I was working in Cinevistaas, we’ve consistently introduced fresh faces. Be it Gurdeep Kohli, Jennifer Winget, Karan Singh Grover, Nia Sharma, Krystle D’Souza, or Ravi Dubey—they all got their breaks with us. It's the same with directors and writers. I’ve always believed in empowering new people. For instance, Renuka Shahane’s first big film as a director, Tribhanga, was produced by me. We brought in Kajol, Tanvi Azmi, and Mithila Palkar for that film. I truly believe writers are the foundation of everything we do. They’re above everyone else in the process because it's their vision that gives birth to the story.
I work with a few writers consistently, but I also read a script or a concept every single day. Writers reach out to me regularly, and I always ask them to register their work and send it over. That’s how committed I am to discovering and backing new talent. And I genuinely hope more people in the industry follow suit, because there are so many incredibly talented people out there who just need a chance. And if they’re good, we’ll back them all the way.
Looking ahead, what are your aspirations for Alchemy Films in coming years? Are there any particular genres or kinds of stories that you are excited to explore further?
Siddharth: Oh, we have a lot brewing. We’re currently developing a thriller that’s very grounded in a small-town setup and has a lots of emotional layers. We’re also keen to explore mature love stories, father-daughter dynamics, and stories from different parts of India that aren’t often represented.
And maybe even a rom-com. But one that doesn’t follow the cookie-cutter model. I think the audience is ready for a love story that’s messy and real—and still full of charm.
What are your thoughts on the changing content preferences of audiences? Tell us in the comments below.
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