What is the difference between both the sentences ?

Conditional 'would do' expresses potential future action in the present time.

Your movie had an interesting subject, and it did well, but perhaps not as well as a masala (spicy) film would do, if it were shown to that audience, now or in the future.


Conditional 'would have done' states that at a certain time in the past, the potential to do something existed.

Your movie had an interesting subject, and it did well, but perhaps not as well as a masala (spicy) film would have done if it had been shown to that audience, at that time in the past, instead of your movie.

I have corrected (in red) a mistake. Also a point of style: either call it a 'movie' (informal/American) or a 'film' (more formal/international). Do not mix the different terms in the same sentence.

Negi, Cen is right on. But you can cheat a little, with pretty much the same meaning: '...., but perhaps not as a masala (spicy) film would'

'.... but perhaps not as masala (spicy) film would have' ore even 'would'v'


...'cause me lazy...
So whadya tinka dat