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Leading multiplex operator <keyword id="19986619" type="General" weightage="100" keywordseo="PVR-INOX" source="keywords">PVR INOX</keyword> plans to close 70 <keyword id="22996404" type="General" weightage="20" keywordseo="non-performing-screens" source="Orion">non-performing screens</keyword> in FY25 and will go for potential <keyword id="20069509" type="General" weightage="20" keywordseo="monetisation" source="keywords">monetisation</keyword> of non-core <keyword id="20478737" type="General" weightage="20" keywordseo="real-estate-assets" source="keywords">real estate assets</keyword> in prime locations such as Mumbai, Pune, and Vadodara, according to its latest annual report. Though the company will add 120 new screens in FY25, it will also close almost 60-70 non-performing screens, as it chases for <keyword id="738150" type="General" weightage="20" keywordseo="profitable-growth" source="Orion">profitable growth</keyword>. About 40 per cent of new screens addition will come from South India, where it will have a "strategic focus" on this lesser penetrated region as per its medium to long-term strategy. Moreover, <keyword id="799" type="General" weightage="20" keywordseo="PVR" source="Orion">PVR</keyword> <keyword id="6407732" type="General" weightage="20" keywordseo="INOX" source="Orion">INOX</keyword> is redefining its growth strategy by transitioning towards a capital-light growth model to reduce its capex on new screens addition by 25 to 30 per cent in the current fiscal. Now, PVR INOX will partner with developers to jointly invest in new screen capex by shifting towards a franchise-owned and company-operated (FOCO) model. It is also evaluating monetisation of owned real estate assets, as the leading film exhibitor aims to become "net-debt free" company in the foreseeable future. "This involves a potential monetisation of our non-core real estate assets in prime locations such as Mumbai, Pune, and Vadodara," said Managing Director Ajay Kumar Bijli and Executive Director Sanjeev Kumar addressing the shareholders of the company. In terms of growth, they said the focus is to speed up expansion in underrepresented markets. "Our company's medium to long-term strategy will involve expanding the number of screens in South India due to the region's high demand for films and comparatively low number of multiplexes in comparison to other regions. We estimate that approximately 40 per cent of our total screen additions will come from South India," they said. During the year, PVR INOX opened 130 new screens across 25 cinemas and also shut down 85 under-performing screens across 24 cinemas in line with its strategy of profitable growth. "This rationalisation is part of our ongoing efforts to optimise our portfolio. The number of closures seems high because we are doing it for the first time as a combined entity," said Bijli. PVR INOX's net debt in FY24 was at Rs 1,294 crore. The company had reduced its net debt by Rs 136.4 crore last fiscal, said CFO Gaurav Sharma. "Even though we are cutting down on capital expenditure, we are not compromising on growth and will open almost 110-120 screens in FY25. At the same time, not wavering from our goal of profitable growth, we will exit almost 60-70 screens that are non-performing and a drag on our profitability," he said. In FY24, PVR's revenue was at Rs 6,203.7 crore and it reported a loss of Rs 114.3 crore. This was the first full year of operations of the merged entity PVR INOX. Over the progress on merger integration, Bijli said "80-90 per cent of the targeted synergies was achieved in 2023-24" In FY24, PVR INOX had a 10 per cent growth in ticket prices and 11 per cent in F&amp;B spend per head, which was "higher-than-normal". This was primarily on account of merger synergies on the integration of PVR and INOX, said Sharma. "Going forward, the increase in ticket prices and food and beverage spending per head will be more in line with the long-term historical growth rates," he said. PVR INOX aims to restore pre-pandemic operating margins, enhancing return on capital, and driving free cash flow generation. "We aim to boost revenue by increasing footfalls through innovative customer acquisition and retention," said Sharma adding "We are also driving cost efficiencies by renegotiating rental contracts, closing under-performing screens, adopting a leaner organisational structure, and controlling overhead costs."

PVR INOX to close 70 non-performing screens in FY25, plan monetisation of real estate assets

Ultratech & India cements: Other high-profile M&As involving Indian companies

<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>

PVR woos Netflix n Chill crowd back to big screens with its Passport

<ul><li><keyword id="4568700" type="General" weightage="100" keywordseo="pvr-inox" source="Orion">PVR Inox</keyword>’s recipe for solving the problem of dwindling footfalls is to give moviegoers a taste of the big screen experience of <keyword id="18939" type="General" weightage="20" keywordseo="upcoming-movies" source="Orion">upcoming movies</keyword>. </li><li>The multiplex giant is offering a curated 30-minute <keyword id="17144225" type="General" weightage="20" keywordseo="trailer-screening-show" source="Orion">trailer screening show</keyword> for just ₹1, ahead of the crucial summer season with movies lined up in May and June. </li><li>During the first weekend, <keyword id="799" type="General" weightage="20" keywordseo="PVR" source="Orion">PVR</keyword> <keyword id="6407732" type="General" weightage="20" keywordseo="Inox" source="Orion">Inox</keyword> sold 35,000 tickets of its trailer screening show across the country. </li></ul>Multiplex giant PVR Inox is trying to lure people back to the cinemas with a unique offer – watch 10 upcoming trailers in a 30-minute screening show for just ₹1. In exchange, people get to beat the heat in comfortable, air-conditioned seats and perhaps even enjoy some of those trailers. This is the multiplex chain’s bid to woo back the moviegoers who have shunned the big screens since the Covid-19 pandemic broke out and “re-ignite their love for watching entertainment on the big screen”. The chain will also be hoping these shows translate into a boost in advance bookings for movies releasing in the crucial summer season. Salman Khan-starrer Kisi Ka Bhai Kisi Ki Jaan, Aishwarya Rai Bachchan and Vikram’s Ponniyin Selvan: Part-2, and Shah Rukh Khan’s Jawan are among the movies lined up for release in May and June. The trailers will be curated by PVR Inox and will include upcoming Bollywood, Hollywood and other regional movies as well, customised based on the region. If all this sounds familiar, it’s because PVR Inox has borrowed a leaf out of the booklet of fast-moving consumer goods (FMCG) companies like Nestle India, ITC, Kellogg’s and others, which have long used samples as a way to attract new customers by giving them a taste of their new products. For instance, FMCG companies have targeted kids by partnering with schools to give out free samples of Kellogg’s Chocos, Horlicks, Boost, Bournvita or Sunfeast’s Timepass biscuits or atta noodles. These companies also often give out free samples to visitors in shopping malls. The trailer screening show is PVR Inox’s bid to bring sampling to the big screens, especially after reporting a 15% decline in footfalls in the first nine months of FY23. With a total of 1,680 screens, it is India’s largest multiplex chain with presence in 115 cities in India and Sri Lanka. <cmsannotation type="cmsannotation" annotationid="Dwindling footfalls" comment="subhead" text="Dwindling footfalls">Dwindling footfalls</cmsannotation> Dwindling footfalls have worried both single-screen and multiplex chains alike post the Covid-19 pandemic. According to media consulting firm Ormax, Hindi cinema footfalls fell from 341 million in 2019 to a meagre 189 million in 2022. Only two Bollywood movies have managed to break the ₹100 crore collection mark in the March quarter. “In our view, the innovation is interesting and would help address low footfalls, particularly witnessed in case of Hindi movies,” Nuvama Institutional Equities said in a note, adding that it could also help boost advance bookings for upcoming movies. For starters, the trailer screening show is available in multiple cities across the country, and PVR Inox says there will be two shows per day. According to Nuvama, 35,000 tickets were sold across the country over the last weekend. Our initial checks in Mumbai suggest that a large number of seats are vacant today (Friday). It will be interesting to see if PVR Inox’s experiment gathers momentum, especially when people can freely watch trailers on their smartphones or TVs from the comfort of their home. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/client-meetings-start-and-stop-with-chatgpt-says-indias-largest-it-company/articleshow/99468194.cms">Client meetings 'start and stop with ChatGPT' says India's largest IT company</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-sees-4-7-revenue-growth-in-fy24-after-it-misses-its-own-fy23-revenue-guidance/articleshow/99467637.cms">Infosys sees 4-7% revenue growth in FY24 after it misses its FY23 guidance</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-flags-pain-in-us-markets-says-banking-sector-crisis-has-led-to-cuts-in-discretionary-spending/articleshow/99458916.cms">TCS flags pain in US markets, says banking sector crisis has led to cuts in discretionary spending</a>

What can ₹1 get you? 30 minutes of trailers at PVR Inox

Film exhibition majors <keyword id="799" type="General" weightage="100" keywordseo="pvr" source="Orion">PVR</keyword> and <keyword id="6407732" type="General" weightage="20" keywordseo="INOX" source="Orion">INOX</keyword> Leisure on Sunday announced merger. Accordingly, the Board of PVR and the Board of INOX Leisure at their respective meetings approved an all <keyword id="13478774" type="General" weightage="20" keywordseo="stock-amalgamation-of-INOX-with-PVR" source="Orion">stock amalgamation of INOX with PVR</keyword>. "The amalgamation is subject to approval of the shareholders of PVR and INOX respectively, stock exchanges, <keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> and such other regulatory approvals as may be required," a joint statement said. "Upon obtaining all approvals, when the merger becomes effective, INOX will merge with PVR." As per the statement, shareholders of INOX will receive shares of PVR in exchange of shares of the former at the approved exchange ratio. "Post the merger, the promoters of INOX will become co-promoters in the merged entity along with the existing promoters of PVR." "Upon effectiveness of the scheme, the Board of Directors of the merged company would be re-constituted with total board strength of 10 members and both the promoter families having equal representation on the Board with 2 board seats each." According to the statement, <keyword id="6738750" type="General" weightage="50" keywordseo="ajay-bijli" source="Orion">Ajay Bijli</keyword> would be appointed as the Managing Director and Sanjeev Kumar would be appointed as the Executive Director. "Pavan Kumar Jain would be appointed as the Non- Executive Chairman of the Board. Siddharth Jain would be appointed as Non-Executive Non-Independent Director in the combined entity." "The combined entity will be named as PVR INOX Limited with branding of existing screens to continue as PVR and INOX respectively. New cinemas opened post the merger will be branded as PVR INOX." Besides, post the merger, PVR promoters will have 10.62 per cent stake while INOX promoters will have 16.66 per cent stake in the combined entity. "The partnership of these two brands will put consumer at the centre of its vision and deliver an unparalleled movie going experience to them," said Ajay Bijli, Chairman and Managing Director of PVR. "The film exhibition sector has been one of the worst impacted sectors on account of the pandemic and creating scale to achieve efficiencies is critical for the long term survival of the business and fight the onslaught of digital OTT platforms." In addition, the combined entity will become the largest film exhibition company in India operating 1,546 screens across 341 properties across 109 cities. "The combination would augur well for the growth of the Indian cinema exhibition industry, besides ensuring tremendous value creation for all stakeholders, including customers, real estate developers, content producers, technology service providers, the state exchequer and above all, the employees." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/the-internet-made-me-do-it-how-flying-chappal-short-videos-are-normalising-physical-abuse/articleshow/90445408.cms">The internet made me do it: How flying chappal short videos are normalising physical abuse</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/how-this-former-vedantu-cofounder-is-taking-on-instagram-and-snapchat-to-build-social-media-for-teens/articleshow/90443442.cms">How this former Vedantu cofounder is taking on Instagram and Snapchat to build social media for teens</a>

PVR and INOX Leisure announce merger

<ul><li>On the basis of strong advance bookings, Elara Capital expects a strong opening with earnings of ₹20-22 crore over the weekend.</li><li>The science-fiction movie has been made at a massive budget of ₹410 crore.</li><li>Over the last few months, multiplexes like PVR and Inox have lost 30-35% of their advertisement business after the dismal performance of the latest Bollywood movies.</li></ul>With two days to go for its release, the mega budget movie <keyword id="7397576" type="General" weightage="20" keywordseo="Brahmstra" source="Orion">Brahmāstra</keyword> is off to a flying start, say business analysts. PVR has said that over one lakh tickets have been pre-booked for the coming weekend. “Finally, some relief for the industry. received #Brahmāstra *day-wise data* (advance booking) of a leading multiplex chain. Observations say that tickets sold are at 11,558 which is a very positive start, since advance opened at select locations only,” <a href="https://twitter.com/taran_adarsh/status/1565973786368675841?t=OJ1okV-x7JlFgPVi5qq65g&amp;s=19">tweeted business analyst </a>Taran Adarsh. On the basis of strong advance bookings, Elara Capital expects a strong opening with earnings of ₹20-22 crore over the weekend. “The lifetime box office (collection) for the film is estimated to be in a wide range of ₹130-200 crore, basis the strong advances,” says a media note by the brokerage firm. However, the science fiction movie as it’s being called, has been made over a massive budget of ₹410 crore and even if the upper end is breached it will earn only half of what was spent on its making. The movie is bankrolled by Karan Johar owned Dharma Productions along with Starlight Pictures, Prime Focus and Star Studios. The movie stars Ranbir Kapoor and Alia Bhatt and is the first of the franchise of three movies. “Brahmastra is the first sci-fi based Hindi franchise, and augurs well, as audiences want to watch large scale content in cinemas with visual effects. The film has seen strong acceptance/advances in the premium format screens (Imax, 3D etc), given the nature of content,” said Karan Taurani of Elara Capital. Word-of-mouth publicity But even for the movie to earn ₹200 crore, it would need a lot of good reviews that would bring the audience to the theatres. “We believe a positive word of mouth and audience acceptance can help the film breach the upper end. It will be tough to provide any concrete estimates unless we get to know reviews, as most recent estimates have been revised downwards post reviews. Hope it’s the other way round (positive side) for Brahmāstra as it’s a very large franchise movie and Hindi Box Office desperately needs a hit movie,” says Taurani. However, if the movie turns out to be a hit, it could rake in the moolah for theatre owners who have been hurt by the dismal performance of the much-hyped recent film releases – <keyword id="4632769" type="General" weightage="20" keywordseo="Liger" source="Orion">Liger</keyword> and <keyword id="14924108" type="General" weightage="20" keywordseo="Lal-Singh-Chaddha-" source="Orion">Lal Singh Chaddha.</keyword> “A film like Brahmāstra can provide support (to) ticket prices and spend-per-head growth too, as the film is available in multiple premium formats – average ticket price and spend per head have been 15-25% higher than pre-Covid levels until last quarter for multiplex chains,” said Taurani. The movie will be released in 3D, IMAX 3D and 4DX 3D formats across theatres, this Friday. Moreover, since it’s dubbed in multiple languages, it can bring in 15-20% of the business from regional markets too. Over the last few months, multiplexes like PVR and Inox have lost 30-35% of their advertisement business after the dismal performance of the latest movies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/retailtech-startup-daalchini-raises-4-million/articleshow/94045971.cms">Retail-tech startup Daalchini raises $4 million in a round led by Unicorn India Ventures</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-paynearby-partner-to-take-banking-to-rural-and-remote-areas/articleshow/94050937.cms">Axis Bank, PayNearby partner to take banking to rural and remote areas</a>

You Searched For "PVR INOX" and got 8 results

PVR INOX to close 70 non-performing screens in FY25, plan monetisation of real estate assets

PTI

Ultratech & India cements: Other high-profile M&As involving Indian companies

Prerna Tyagi

PVR woos Netflix n Chill crowd back to big screens with its Passport

Gulshan

Katya

What can ₹1 get you? 30 minutes of trailers at PVR Inox

Rounak Jain

PVR and INOX Leisure announce merger

IANS

Brahmāstra hits the advance booking bulls eye but needs word of mouth publicity

Katya Naidu

PVR Inox merger: How harsh impact of COVID-19 forced the multiplex competitors to partner together

Business Insider India

Bollywood’s flops pose a big risk to multiplexes

Business Insider India

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