The concept of Bhoothakaalam has significant cultural and social implications. It serves as a reminder of India's rich cultural heritage and the importance of preserving historical memory. By romanticizing the past, Bhoothakaalam also provides a means of escapism from the challenges and complexities of the present.

The phrase has experienced a massive surge in search engine queries across India. Originally released in 2022 to universal critical acclaim, director Rahul Sadasivan's Malayalam psychological horror film Bhoothakaalam has found a massive second wave of audience appreciation through its official Hindi-dubbed version.