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<ul><li><keyword id="143" type="General" weightage="100" keywordseo="bollywood" source="Orion">Bollywood</keyword> needs to take a leaf out of Hollywood’s script and focus on content and VFX.</li><li>Occupancy levels are still nowhere near pre-Covid levels as Bollywood number of films releasing are fewer and reliance on Big Budget films has increased.</li><li>Box office collections in Q2 will determine whether earnings of listed multiplex stocks will be upgraded or not. </li></ul> The pandemic is well and truly behind us but footfalls at movie theatres are still nowhere near pre-Covid levels. While the easiest explanation is that web series are giving tough competition to the moviemakers but that is not the entire story. In Bollywood parlance, “picture abhi baaki hai”. <keyword id="5672816" type="General" weightage="20" keywordseo="karan-taurani" source="Orion">Karan Taurani</keyword> of <keyword id="144995" type="General" weightage="20" keywordseo="elara-capital" source="Orion">Elara Capital</keyword> has a prescription for Bollywood if it wants to bring the audiences back to theatres so that occupancy levels revert to pre-Covid levels. No remakes, please, is the first big piece of advice he has for Bollywood. In a report, he says VFX-driven films, franchise- &amp; IP-based films) and original stories (no remake) would be the key solution for defining success of Hindi content toward pre-Covid levels. The formula that Hollywood is using is clearly working - IP and franchise-led films are the order of the day as they are innovating. One just needs to look at Tom Cruise’s Mission Impossible franchise and the Top Gun sequel had industry pundits billing him as the saviour of Hollywood. Bollywood is taking steps in the same direction and Taurani cites the examples of Rocky Aur Rani (original story), <keyword id="1847504" type="General" weightage="60" keywordseo="gadar-2" source="Orion">Gadar 2</keyword> (franchise), OMG 2 (franchise) and <keyword id="6363925" type="General" weightage="50" keywordseo="jawan" source="Orion">Jawan</keyword> (original story). However, the key ingredient in all these movies is big star power. Like it or not, the ageing Khans, <keyword id="6354714" type="General" weightage="50" keywordseo="ajay-devgn" source="Orion">Ajay Devgn</keyword> and <keyword id="2823" type="General" weightage="50" keywordseo="akshay-kumar" source="Orion">Akshay Kumar</keyword> are not going anywhere near the sunset. Another problem is also that the pandemic has possibly affected the pipeline of movies hitting theatres. Prior to the pandemic, Bollywood saw 18 releases (FY19) every quarter which is now down to 14 films (FY23). This has also increased Bollywood’s dependence on big budget films like <keyword id="12756474" type="General" weightage="50" keywordseo="pathaan" source="Orion">Pathaan</keyword>. Adds Taurani, “These films doing well on a consistent basis will remain a key monitorable as they will command a large chunk of box office until we trend reverse into small and medium budget films or higher frequency therein.” While big may be beautiful, the risks are higher for these expensive films. Bollywood cannot afford to let them bomb, which also means that the films have to have good content not just star power. The jury will be out on listed multiplex stocks as the second quarter of the financial year, which started in July, will determine if the companies will see an earnings upgrade or not.

Analyst’s prescription for Bollywood: Focus on star power & content

Some of India’s biggest investors are nervous but not everyone wants to leave the party

<ul><li><keyword id="144995" type="COMPANY" weightage="20" keywordseo="Elara-Capital">Elara Capital</keyword>’s latest analysis predicts that GEC's performance will improve in the near term due to fresh content on channels. </li><li>It further shares a few trends that the industry can predict in the coming months as the Maharashtra Government permits shootings of TV shows, films and digital content in the <keyword id="9080220" type="UNKNOWN" weightage="20" keywordseo="non-containment-zones">non-containment zones</keyword>. </li></ul>As per an update by the Maharashtra Government on Sunday May 31, the shootings of films, TV shows and OTT shows can be resumed in the non-containment zones. In its latest analysis, Elara Capital predicts that the shoots for films will probably begin at a later time, except the ones which have a closed set ready or the ones which require some minimal shoot needs for its completion. It further said that this move is a big relief for TV broadcasters like ZEEL, SUN TV and TV18 as GEC genre had seen a sharp down tick in viewership share from 52% pre-COVID to 43% in the last weeks. Ad volumes too had declined by almost 35% since pre-COVID given no new shows were being showcased. The decline would have been sharper, not including mythological series by DD which attracted big eyeballs during initial phase of lockdown TV consumption had grown by 40% in the second week of April, led by 31% increase in time spent. However, the consumption growth still remains healthy at 26% until last week led by 19% growth in time spent; Elara Capital expect this to remain strong until the end of year. In terms of advertising performance, TV ad revenue had declined by 80% in the second week of May primarily due to IPL. Post June, Elara Capital expects sharp convergence in this decline as IPL base will move away. Once fresh content starts from July and August, we may see the decline factor converging towards 15-20% with some more respite in H2 and festive. TV will see the second best performance, after digital, in terms of advertising and expect the quantum of decline to converge sharply in the coming months. On the other hand, print may continue to report sharp decline in the coming months as circulation gets negatively impacted. Elara Capital estimates a higher growth in subs revenue (12-15% YoY) for FY21 given the increase in number of active TV households. News and movies have been the largest beneficiary during lockdown and it expects GEC to improve in the near term due to the fresh content on channels. The analysis further said that even after lockdown is lifted gradually across the nation, TV consumption will remain strong throughout the year due to the following reasons: <ul><li>People avoiding socialising. </li><li>More people opting to work from home.</li><li>More people staying indoors until the fear factor moves away.</li></ul>While the production process is similar for OTT and TV, the only difference is that TV is continuous and OTT is time bound and has limited episodes. Here are few things we can expect: <ul><li>TV-based content to start before web series as the latter involves more complex sets comparatively</li><li>Movie shoot to start with a bigger delay even after OTT as the larger movie stars/actors will take time to come back on sets.</li><li>A lot of movie and web series shoots would have got disrupted as monsoon will begin June onwards in Mumbai. </li><li>Many large non fiction shows like Comedy Nights with Kapil Sharma and KBC are also exploring an option to shoot from home or online in order to avoid use of large sets which involves multiple people. </li><li>Since it is not possible to test people on sets on a daily basis, broadcasters are also exploring an option of shooting with the entire cast and crew in a particular location for 15-20 days based on schedule, until then all will have to quarantine and work together.</li></ul>Broadcasters to cut costs on production budget given the tepid ad environment Pressure on Broadcasters &amp; OTT players to cut down on costs due to revenue impact from ad revenues etc. There will be an increase in costs due to sanitisation facilities for actors, cast &amp; crew, etc. Shooting in Bombay is a big challenge where majority shoots happen and if the production house plans to shift out of Bombay, it would further add to the costs. Cost of TV shows and web series will go up by almost 4-5% due to precautionary measures. Vanity Van sharing would change to separate for each actor which too would increase costs. Budgets for large non-fiction shows, which is in the range of Rs 60-70 crore, would be cut by almost 30%. Temporary gains by some broadcasters to get impacted after shooting begins GRPs of SUN TV have moved up from 1,100 towards 1,800 only on the back of large movie catalogue but once shoot resumes for Star and Zee Tamil for new shows, Elara Capital expects GRP of SUN TV to come down. ZEE5 has been the most aggressive in terms of content production even though the budgets are being cut at various levels, SUN TV remains to be a laggard when it comes to new web series/new non fiction shows.

Shoots to resume with immediate effect in Maharashtra, Elara Capital shares what the broadcast industry can expect in the coming months

<ul><li>After 18 months of dry spell, <keyword id="2823" type="PERSON" weightage="20" keywordseo="Akshay-Kumar">Akshay Kumar</keyword>’s <keyword id="1803793" type="PERSON" weightage="20" keywordseo="Bell-Bottom">Bell Bottom</keyword> is all set to hit the theatres tomorrow.</li><li>Elara Capital shares what this return of movies could mean for the cinema industry.</li></ul>Due to the pandemic, India’s cinema industry has suffered through a severe drought for more than 18 months now. Bollywood movies like Bhuj: The Pride of India, Sheershah, Toofan and Mimi, which could have been big successes on the big screen, had to be released on Over-the-Top (OTT) platforms. However, the cinema industry has a lot to rejoice for Akshay Kumar’s Bell Bottom is all set to hit the theatres tomorrow across 1,500-1800 screens. Before COVID, a big-ticket Bollywood movie was released at least across 4,000 screens in India. According to Elara Capital, Bell Bottom’s collection assumptions are on the lower side -- almost 65%-70% lower than earlier films of Akshay Kumar which reported a lifetime Box Office of Rs 180-200 crore. This is primarily due to night curfew in most states, Maharashtra not being open for movies yet, low consumer sentiment and 50% occupancy cap. As per the trends in other markets, Elara Capital further revealed that the audience is now comfortable going to cinemas for good content. Regional films (Punjabi and Telugu) have opened up to full house with a 50% occupancy cap in the first weekend and has seen healthy occupancy numbers on weekdays too. This trend indicates signs of Box Office coming back to 50% of pre-COVID collection on an overall basis in near term. “We believe this is a very promising sign as these numbers are only post 2-3 weeks of cinema opening in India post second wave and despite multiple restrictions. Hollywood content has not fared well primarily due to Maharashtra’s curfew on cinema, as the latter contributes almost 35%-40% of Box Office for English content,” said Karan Taurani, Senior VP - Research Analyst, Elara Capital. <div type="image" title="elara capital revenue" msid="85425507" hostid="261"></div> “We maintain our view that over the next six to nine months, larger films across genres will release and collections for these too will breach towards 60% of pre-COVID primarily helped by 1) larger portion of population (middle and upper middle class) being vaccinated with two doses and 2) relaxation on restrictions (night curfew), 3) uptick in festive season towards Diwali/Christmas and 4) more screens being allowed to open; this is in line with our view that India will surpass global Box Office trends as globally Box Office has breached towards mere 40%-45% of pre COVID collections, despite 90% of the screens being open since last six months,” added Taurani. Elara Capital’s report on Media and Entertainment industry further predicts that the overall revenue may to revert to 80% of pre-COVID (FY20) in FY23, with a recovery in FY24, which may see revenue moving toward 110-120% vs pre-COVID (FY20). “We expect ad revenue to take the longest to recover due to high exposure to local advertising whereas other revenue metrics (F&amp;B &amp; convenience fee) will follow footfall recovery trends. Less impact from the Third Wave and faster recovery in ad spend by FY23 will be key monitorable driving upgrades in the near to medium term, in our view,” reads the report. <div type="image" title="elara - ad revenue" msid="85425516" hostid="261"></div> So far, Disney + Hotstar has bagged the highest number of big-ticket releases. <div type="image" title="movies on ott" msid="85425535" hostid="261"></div> Elara Capital is optimistic that Akshay Kumar's Bell Bottom will set the ball rolling and encourage more producers to return to theatrical release.

As Akshay Kumar’s Bell Bottom hits cinema, Elara Capital predicts 50% recovery in a few months but ad revenue to take the longest to recover

New Delhi, Jan 9 () US-based News Corp and its Australian group firm REA have made fresh investment of around USD 70 million (Rs 500 crore) in Elara Technologies that owns realty portals PropTiger, Makaan and Housing.com, sources said.
 Singapore-based Elara Technologies, which is also backed by investors such as SoftBank, Accel and SAIF Partners, would use this fund to expand its business in India.
 According to sources, Rupert Murdoch-led News Corp and group firm REA have further invested about USD 70 million in Elara Technologies.
 The capital infusion is in the form of a convertible note that covers the USD 35 million raised by Elara as debt from Citi Singapore in August last year, they added.
 With this fresh funding, Elara has raised USD 175 million so far from investors.
 An e-mail sent to Elara Technologies on the matter remained unanswered.
 Elara Technologies, a digital real estate marketing and transactions services firm, has been founded by Dhruv Agarwala. He is group CEO of all the three portals -- Housing, PropTiger and Makaan.
 Elara is currently growing at a rate of more than 50 per cent year-on-year.
 It first set up PropTiger.com in 2011 and then acquired Makaan.com in May 2015.
 In a major consolidation in the Indian online real estate business, Elara acquired Housing.com in January 2017, a start-up founded in 2012 by around a dozen IIT graduates.
 Following the acquisition of Housing.com, the company completed a restructuring exercise to ensure optimal utilisation of resources.
 While PropTiger helps developers in selling flats available in the primary market, Makaan.com largely deals in buy-sell of re-sale properties.
 Housing.com is a classified platform for developers, brokers and home-owners.
 In January 2017, REA had invested USD 50 million and an affiliate of SoftBank Group Corp USD 5 million in Elara Technologies.
 Elara has 23 offices across India and 1,800 employees. MJH ABM

News Corp, group firm REA invest another USD 70 mn in Elara Technologies

New Delhi, Jun 18 () Real estate technology companies that are used to being overlooked from investors may see their fortunes turn after the COVID-19 pandemic, as the industry embraces proptech to improve the way property is bought, sold or rented, according to Housing.com CEO Dhruv Agarwala. Addressing a webinar organised by media company Entrepreneur on Thursday, Agarwala, who is also the CEO of PropTiger and Makaan.com, said the pace of adoption of digital technologies has accelerated after the outbreak of the coronavirus disease and the subsequent nationwide lockdown imposed on March 25. He said that going forward, there would be increased adoption of technologies across the value chain, right from designing to construction to sales and marketing, and property management. In each of these areas, there could be significant opportunities for capital infusion by both domestic and foreign investors, he added. Agarwala pointed out that proptech players have not been able to raise funds like technology players in other sectors such as e-commerce and food because of the inherent problems in the real estate sector. The sector has been reeling under the multi-year demand slowdown on account of demonetisation and disruptions caused by the goods and services tax (GST) and realty law RERA, he said. However, he said, "It's just a matter of time, when we can see significant inflows of capital in proptech". "In the next five years, we can expect a large sum of capital being infused in proptech companies," Agarwala said but refrained from giving any number. He expected the process of searching and shortlisting of properties to largely shift on digital platforms, both for renting and buying. "People will still visit one or two shortlisted properties before eventually deciding to buy," he said. On housing prices, Agarwala said the price reduction would not be across the board. He said the builders who have stressed balance sheets would like to clear their inventories by cutting rates or giving discounts. However, the real estate developers with strong balance sheets and huge cash reserves would not reduce price. Citing a survey report done by Housing.com, Agarwala said the potential homebuyers have deferred their plan to purchase properties by 0-12 months and only a small percentage (19 per cent) of respondents have put the plan on hold permanently. Singapore-based Elara Technologies, which owns the three realty platforms Housing.com, Makaan.com and PropTiger, has raised USD 175 million so far from investors. Among other players, NoBroker.com has raised over USD 150 million and Square Yards around USD 75 million. MJH HRS

Proptech firms to attract huge capital from investors post COVID-19

<ul><li>The box office collection of Prabhas’ last two releases, Saaho and Radhe Shyam, were much below expectations. </li><li>If it’s able to manage a good opening, <keyword id="9776044" type="General" weightage="20" keywordseo="adipurush" source="Orion">Adipurush</keyword> may be able to breach the ₹350-crore lifetime earnings mark, says Elara Capital. </li><li>Small and medium budget films continue to struggle, as their success in North and South circuits has dropped sharply. </li><li>The first quarter of FY24 has gotten off to a slow start, with no surprises except for The Kerala Story and Hollywood movie, Fast X. </li></ul>After an average performance of his last two movies, South superstar Prabhas might see a good run at the box office with his upcoming release Adipurush, say analysts. The movie, based on the mythological epic Ramayana, is expected to bring in opening day collections of ₹50-60 crore for the dubbed versions. The Hindi original is also expected to clock in ₹20 crore, predicts a research report by Elara Capital. As <a href="https://www.dnaindia.com/bollywood/report-adipurush-overseas-advance-booking-bulldozes-past-rs-6-crore-mark-prabhas-om-raut-kriti-sanon-saif-ali-khan-3047559">per media reports</a>, its advance bookings have been creating buzz, especially in overseas markets like Canada and Australia. If it’s able to manage a good opening, this big budget movie will be able to breach the ₹350- crore lifetime earnings mark – unlike Prabhas’ earlier movies Saaho and Radhe Shyam whose collections at ₹280 crore and ₹150 crore, respectively, were way below expectations “The film may surpass our estimates based on good content and word-of-mouth. Ticket prices are expected to be premium, around 20% higher than the average ticket prices on a pan-India level,” says Karan Taurani and Rounak Roy of Elara Capital. Adipurush will be released across India on June 16 in Hindi, Telugu, Tamil, Kannada and Malayalam. It also stars Saif Ali Khan and Kriti Sanon, and is directed by Om Raut who had delivered the superhit movie, Tanaji. Small budget films not bringing in the moolah In spite of a few recent hits like Pathaan, The Kerala Story, Kantara and more, movie theatres have been struggling to bring back footfalls to match the pre-Covid levels. “Small and medium budget films continue to struggle as frequency of content becoming successful has dropped sharply in the North and South circuits,” the research report from Elara, which tracks PVR, says. Vicky Kaushal and Sara Ali Khan's latest release Zara Hatke Zara Bachke has minted ₹37.4 crore in its first week, according to trade analyst Taran Adarsh. The movie, directed by Laxman Utekar, saw a decent opening, garnering ₹5.49 crore on the first day of its release. In spite of the positive surprise that the movie delivered, Elara believes that the momentum was driven by the Buy-One-Get-One-Free (BOGO) offer. It reduces distributor-producer share to approximately 30% from 50% earlier. “It makes film production economics unviable; while it is a good promotional activity to propel audiences back into the cinema halls to drive frequency, good and consistent content is the only big driver for improved occupancy levels,” say Taurani and Roy in their note. A slow start to FY24 The first quarter of FY24 has gotten off to a slow start in terms of box office, with no surprises except for The Kerala Story and Hollywood movie, Fast X. Hindi film box office collections for the first quarter are expected to be 20% lower than what they were pre-Covid. As compared to the same quarter last year, the drop is expected to be sharper at 30%, the research firm predicts. For context, the same time last year had hit movies like Rajamouli’s RRR, Karthik Aryan’s Bhool Bhulaiyaa 2 and Yash’s KGF 2. The second quarter of FY24 is expected to see many big movie releases like Karthik Aryan’s Satyaprem, Sunny Deol’s Gadar 2, Ranveer Singh’s Rocky Aur Rani Ki Prem Kahaani, Akshay Kumar’s OMG 2, Ranbir Kapoor’s Animal and Shah Rukh Khan’s Jawan. “Q2FY24 may be the best quarter even if half of these films report a healthy box office collection. Woes persist for exhibitors as Hindi content recovery is important to drive advertising growth, which remains under pressure,” the Elara report opines. The number of Hindi films lined up for release however remains lower than pre-Covid levels — by 30-35%.

Adipurush’s opening box office collection projections show Prabhas is back

<ul class="summary-list"><li>Activist short-seller Hindenburg Research wiped out $153 billion in market value from Adani Group.</li><li>It recently disclosed that it made just $4 million for its efforts.</li></ul>Nate Anderson, the chief mind behind activist short-seller Hindenburg Research, has had an eventful past 18 months.In January 2023, he accused the Indian conglomerate owned by Gautam Adani — one of the world's richest people — of fraud, subsequently wiping out $153 billion in market value from its associated companies. This led Indian regulators to his doorstep and forced him into defensive mode. A war of words has persisted ever since.A year and a half later, the battle continues. And based on new information released by Hindenburg, one might wonder whether it was all worth it.The firm — which describes itself as specializing in "<a target="_blank" href="https://hindenburgresearch.com/about-us/">forensic financial research</a>" — recently disclosed that it's <a target="_blank" href="https://hindenburgresearch.com/adani-update-sebi/">made just $4 million</a> from its considerable efforts. Compared to the nine figures of market value it helped erase, and the $80 billion wiped from Adani's personal fortune, that's a drop in the bucket.Detailed below is the considerable back-and-forth that's taken place since Hindenburg's initial shot across the bow of Adani Group. The tale that follows highlights the lengths a global conglomerate — and the regulatory body with a vested interest in keeping it afloat — will go to defend itself. It also shows the resolute nature of Anderson as he continues fighting back.<h2 id="7df22065-9960-4dfb-a5ba-2a5dced6dda0">The initial report</h2>Hindenburg accused Indian business magnate Gautam Adani in 2023 of pulling off the "largest con in corporate history." It was the result of a two-year-long investigation, which found a number of financial and accounting irregularities in Adani's empire, the firm said in its <a target="_blank" href="https://hindenburgresearch.com/adani/">106-page report.</a>"Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades," the report said. "We believe the Adani Group has been able to operate a large, flagrant fraud in broad daylight in large part because investors, journalists, citizens and even politicians have been afraid to speak out for fear of reprisal," it later added.Hindenburg identified at least 38 shell companies closely related to Adani Group, which it said appeared to engage in stock manipulation and money laundering. It cited "numerous examples"of those companies funneling money through private companies owned by Adani, before cash was set to Adani's listed public companies.The short-seller's investigation also found Adani's private and public companies to have "numerous" undisclosed transactions with other parties, the researchers found, which violates regulatory laws in India.The "labyrinthian network of shells appears to serve several functions, including shuffling losses into private entities to boost reported earnings, and surreptitiously moving money to prop up entities in the group," Hindenburg said.Adani Group was also affiliated with a number of funds that displayed "flagrant irregularities," the research firm said, such as being offshore entities, having concealed ownership information, and having portfolios being "almost exclusively" invested in Adani's firms.One such fund, Elara, controlled another fund that was around 99% concentrated in Adani shares. That suggested to the researchers it was "obvious Adani controls the shares," the report said.Hindenburg attached a list of 88 questions for Adani to answer, which included inquiries into the billionaire's close contacts, Adani Group executives, and investigations into the company by regulators."If Gautam Adani embraces transparency, as he claims, they should be easy questions to answer," the report said.<h2 id="87ef9631-a695-4bbc-86a3-c6c5152527e7">The response</h2>Nursing deep stock losses, Adani Group hit back with its own <a target="_blank" href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf">413-page response</a>, calling Hindenburg's original report "nothing but a lie.""We are shocked and deeply disturbed to read the report published by the 'Madoffs of Manhattan,'" the reply said, referring to Hindenburg. "The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive," it added.The firm disclosed information on its accounting practices and professional relationships, while disputing many of the claims in the Hindenburg report.Transactions that were identified as suspicious by Hindenburg's team were in compliance with local laws and accounting standards, it said. Offshore companies and funds mentioned in Hindenburg's report were merely public shareholders in Adani-listed companies, the retort added."A listed entity does not have control over who buys/sells/owns the publicly traded shares or how much volume is traded, or the source of funds for such public shareholders nor it is required to have such information for its public shareholders under the laws of India. Hence we cannot comment on trading pattern or behavior of public shareholders," Adani's report said.The firm also criticized Hindenburg for its financial stake in releasing the report, calling the firm an "unethical short seller" and guilty of a "flagrant breach of applicable securities and foreign exchange laws.""This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors," it said.Hindenburg issued a reply to Adani on the same day, denying any wrongdoing from its original report. They argued that Adani Group's reply failed to answer most of their questions. The conglomerate also didn't dispute the existence of certain "suspect" transactions, nor did it explain "their obvious irregularities," researchers added."We also believe that fraud is fraud, even when it's perpetrated by one of the wealthiest individuals in the world," Hindenburg Research said in its reply.Adani Group eventually <a target="_blank" href="https://www.ft.com/content/d0d318ce-b223-4026-8e7a-69bbd55d36f7">lawyered up</a> and readied for a fight, though the damage had already been done. In less than a week, Adani, known as the world's third richest man, saw his personal wealth plummet by $52 billion.<h2 id="5d579a08-65ec-42f4-bed2-9a0ffa2f2dd5">Conflict over Hindenburg's short-selling arrangement</h2>Indian regulators have raised specific questions about the structure of Hindenburg's short bet on Adani Group. The Securities and Exchange Board of India — the country's version of the SEC — sent a notice to Hindenberg in June 2024, raising questions about the nature of the report and the firm's relationship with Kingdon Capital Management, a New York hedge-fund involved in building a short position against Adani Group.Hindenburg's initial report was described to be "misleading" and have contained "inaccurate statements.""These misrepresentations built a convenient narrative through selective disclosures, reckless statements, and catchy headlines, in order to mislead readers of the report and cause panic in Adani Group stocks, thereby deflating prices to the maximum extent possible and profit from the same," the notice read.Regulators also revealed that Hindenburg had shared its research with Kingdon prior to publication. The two companies had a profit-sharing agreement, the notice says, with Hindenburg set to get 25% of Kingdon's profits for the short bet.Kingdon ended up making $22.3 million on the bet, $5.5 million of which is owed Hindenburg. $4.1 million of that had been paid as of the start of June, the document shows.Hindenburg shrugged off the letter as "nonsense," and an attempt to ward off whistleblowers who expose corruption among the country's most powerful people and companies."One might think that a securities regulator would be interested in meaningfully pursuing the parties that ran a secret offshore shell empire engaging in billions of dollars of undisclosed related party transactions through public companies while propping up its stocks through undisclosed share ownership via a network of sham investment entities," Hindenburg said in its reply.It added: "Instead, SEBI seems more interested in pursuing those who expose such practices."<h2 id="9e74ab2d-614e-4861-acce-77b6ae2aed56">A passion for 'finding scams'</h2>Backlash is nothing new to Anderson, who's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/carl-icahn-hindenburg-research-short-seller-adani-group-nikola-block-2023-5">targeted other high-profile financiers</a> and began sniffing out wrongdoers on Wall Street long before he launched Hindenburg Research in 2017.This decade alone he's been instrumental in weeding out companies in the electric-vehicle industry. His work on Nikola led to fraud charges against its founder, and he also called out now-defunct Lordstown Motors for hyping up commercial interest in its product.More recently he <a target="_blank" href="https://hindenburgresearch.com/icahn/">took aim at activist investor Carl Icahn</a> and his famed operation, Icahn Enterprises."Find[ing] scams" has been a life-long passion, he <a target="_blank" href="https://www.nytimes.com/2021/08/16/business/short-seller-wall-street-scams-hindenburg.html">told the New York Times in a 2021 interview</a>, adding that he had spent hours off-the-clock looking into potential schemes, to the chagrin of some of his former bosses."I didn't plan it this way," he told the Times. "It was a side hobby that my employers were sometimes annoyed by."Fraud-finding is one of his top goals of 2024, he wrote in a <a target="_blank" href="https://x.com/NateHindenburg/status/1609949199730348033">post</a> on X in January."My 2023 New Years professional resolution is to work with our @HindenburgRes team to expose some of the biggest frauds and financial charlatans in the world," Anderson wrote. "I am very confident we will achieve this goal."

How a New York short-seller took on one of the world's richest people, wiped out $150 billion in market value, and barely made any money

<ul><li>PVR INOX Passport allows users to watch 10 movies/month on weekdays for ₹699, consumers can watch.</li><li>It’s targeted towards senior citizens, housewives and more importantly students and youngsters.</li><li>Passport can energize weekday theater occupancies and improve F&amp;B sales, say analysts </li></ul>How many people watch ten movies a month? Not even in the hay days, when movies were a key source of entertainment. Now, at a time when theaters are struggling with occupancies and footfalls, India’s largest multiplex chain has brought out its PVR INOX Passport. For ₹699, consumers can watch 10 movies in a month on weekdays but without access to its IMAX, Gold, LUXE and Director's Cut services. Even as the movie industry saw post-pandemic successes with RRR, Pathan, <keyword id="6498265" type="General" weightage="20" keywordseo="pushpa" source="Orion">Pushpa</keyword> and Rocky and Rani Ki Prem Kahani, occupancies haven’t yet hit pre-Covid levels. Now, PVR is hopeful that with this limited period offer, they can bring back some of those who have lost the habit of watching movies on the screen. “The three significant target groups we are focusing on are students, housewives, and senior citizens, where we believe lies a great opportunity. We expect this innovative offering will not only revitalize weekday cinema attendance but also introduce a new dimension to how our patrons interact with and enjoy the world of cinema,” said Gautam Dutta, co-CEO of PVR INOX. The big screens are being hurt by OTT’s weekly and monthly launches of shows and direct-to-OTT movies. Moreover, GenZs with mobiles and easy data access, find little allure of watching movies in a size larger than life. Unlimited OTTs plus limited theatrical releases PVR is trying to build a habit of making movie watching a social outing that it has been for generations before. OTTs have also upped their ante during the pandemic and has brought back movie loving public into its fold. The time lag between a theatrical release and their satellite/OTT debuts have come down drastically. In some cases, it’s a matter of a few weeks. Added to that, a few superstar-starring, much awaited movies are going directly to OTTs. Case in point – Knives Out ‘Glass Onion’ starring Daniel Craig had a ‘limited’ release before it hit Netflix. Even Martin Scorsese planned the same for his ‘Killers of the Flower Moon’ but canceled it. There are more examples closer home too. One of Bollywood’s most-awaited debuts with three star kids directed by Zoya Akhtar is The Archies. The off-beat movie starring Shah Rukh Khan’s daughter Suhana Khan, Amitabh Bachchan’s grandson Agastya Nanda, and late actress Sridevi’s daughter Khushi Kapoor, is coming to Netflix. More reason for the young to subscribe to Netflix and chill, instead of making a movie date. “This move may eventually bring the youth back to the cinemas, which will be a big positive structural trigger. The only ponderable is if lower pricing or good content would be the decider to usher in this change,” says Karan Taurani, research analyst at Elara Capital in a note on the offer. Without the price-barrier If there ever was a good way to bring back young people to try something, price reduction is the way to go. Many apps and new-age businesses are built on this theory. PVR’s Passport plan however does zero or no damage to their economics. As per Elara’s calculations, pan-India, annual average occupancy for exhibitors for weekdays (Monday-Thursday) is around 17%. Discounted ticket prices may prop occupancy towards 20-25% it believes. “Increased occupancy may not come at any incremental costs and may drive better F&amp;B and ad revenue which is high-margin in nature,” Taurani adds. The Passport offer which is not available in the South of India, is also limited in nature. Only 20,000 of these passes are available. The idea behind it is not merely to boost weekday occupancy, claims PVR. “With the Passport, we have sought to break the barriers of cost and allow our newer audiences to immerse themselves in a wide array of movies across diverse genres. We expect this innovative offering will not only revitalize weekday cinema attendance but also introduce a new dimension to how our patrons interact with and enjoy the world of cinema,” said Dutta. Small vs Big Apart from limited releases, a lot of quaint small movies, whose surprise performance vitalized box offices are also missing. These are the movies that are being swept off by OTTs and as per media reports, producers and distributors are also getting <a href="https://economictimes.indiatimes.com/industry/media/entertainment/studios-fail-to-talk-up-movies-theatres-pay-the-price/articleshow/104897753.cms">tight-fisted with marketing spends</a>. Taurani says that theaters’ dependence on large-budget films increased to around 85% in Hindi <keyword id="25892" type="General" weightage="20" keywordseo="box-office" source="Orion">Box Office</keyword> (BO) which is a structural risk. If there is an option to watch ‘many movies’ with a prepaid option, the small movies which are hitherto undiscovered can get a boost. “It's about making every visit to the cinema an opportunity to discover something new, to be entertained, and to be captivated by the magic of storytelling on the big screen, even with the smaller films,” said Dutta. Be it big or small, a movie on a big screen is always an experience. Whether the younger generation who is reportedly more keen on experiences than anything will subscribe to it, is yet to be seen. SEE ALSO <a href="https://www.businessinsider.in/careers/news/what-do-genzs-think-about-the-number-of-work-hours-in-a-week/articleshow/104874213.cms">My shift is over: Why do GenZs say it, and is it a bad thing?</a> <a href="https://www.businessinsider.in/stock-market/news/mamaearth-ipo-honansa-consumers-d-street-debut-to-be-an-acid-test-for-d2c-companies/articleshow/104840366.cms">Honasa Consumer’s D-Street debut an acid test for D2C companies </a><a href="https://www.businessinsider.in/stock-market/news/mamaearth-ipo-honansa-consumers-d-street-debut-to-be-an-acid-test-for-d2c-companies/articleshow/104840366.cms" style="font-size: 16px;"></a> <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

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