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

<ul><li>The multiplex behemoth now owns more than 1,650 screens across over 350 properties in 110 cities in the country.</li><li>The combined entity aims to open 180-200 screens per year, across formats, in the next two years.</li><li>The merged entity can definitely achieve bigger goals, but needs good content.</li></ul>After the merger of two <keyword id="16783584" type="General" weightage="20" keywordseo="multiplex-chains-PVR-and-Inox-Leisure" source="Orion">multiplex chains PVR and Inox Leisure</keyword> this year, the merged entity has become a behemoth in the country, and fifth largest listed multiplex chain globally by screen count. While the merger was announced last March, the record date for the scheme of amalgamation between the two multiplex operators happened in February 2023. The combined entity will start trading with the name PVR-INOX on exchanges in March 2023 and their combined financials would be reported from 4QFY23. The multiplex behemoth now owns more than 1,650 screens across 350 properties, in 110 cities. “PVR-INOX now controls 18% screen share (43% share in multiplex screens in India) and 30% box-office share (over 50% share of multiplex box office). The merged entity commands the highest multiplex market share in all key regions of India. PVR-INOX would become the fifth-largest listed multiplex chain globally by screen count with the highest number of admissions per screen (around 127,000 admissions/screen in 2019),” said a report by Kotak Institutional Equities. The combined entity aims to open 180-200 screens per year, across formats, in the next two years. “Capex per year would be ₹8-8.5 billion (₹800-850 crore). Over 40% new screen openings will come from the South as it remains underpenetrated,” said the report. While merged entity gains the lion’s share, real issue still remains poor content While the merged entity can definitely achieve bigger goals, analysts believe the real issue still remains poor content leading to flop movies on screen. “The management has guided for annual synergy benefits of ₹2.25 billion (₹225 crore) at the EBITDA (earnings before interest, taxes, depreciation and amortisation) level in the next 12-24 months,” said a report by Kotak Institutional Equities. Analysts say that the merged entity has no real competitor and should remain focused on strengthening its position at the cost of single-screen theatres and smaller chains. Yet, there are challenges that all multiplexes will face bringing in the mega footfalls. For one, the Hindi cinema industry itself is facing the <a href="https://www.businessinsider.in/business/news/its-not-bollywood-films-its-the-superstars-that-people-seem-to-be-tired-of/articleshow/92382077.cms">shifting trend and migration of audiences to South movies</a> which captured audiences with larger-than-life characters. Rapid adoption of OTT, proliferation of social media and an active ‘Boycott Bollywood’ campaign and higher ticket prices have impacted footfalls in theatres, say analysts at Emkay Global. “While focus of the merged entity now shifts to realising synergies, the crucial issue of footfall recovery remains moot. Post-Covid, we have witnessed a clear dichotomy in box-office performance, with a high proportion of movies turning out to be duds; we believe the main culprit is the sub-par content quality, punctured by the weak critic and audience reviews,” said a report by Emkay Global. Not star power, alone It’s because of the increasing Southern push that <keyword id="4568700" type="General" weightage="20" keywordseo="PVR-INOX" source="Orion">PVR Inox</keyword> are planning to boost the addition of new cinemas there. “With Bollywood content not up to the mark, footfalls have not seen a meaningful uptick post Covid. Only select movies with differentiated offerings have managed to taste success at the box office. As we have emphasised in the past too, Bollywood’s recovery is critical to box-office collections, with regional and Hollywood contribution being only sporadic in nature,” said the report. Bollywood continues to witness poor movie performance with most movies including Amitabh Bachchan-starrer Goodbye and Uunchai, Akshay Kumar’s Ram Setu and Ranveer Singh’s Cirkus not meeting expectations except for Drishyam 2 and Pathaan. “Going ahead too, we believe that star power alone cannot drive collections, if there is no differentiating factor in the movie,” said the Emkay Global report. In Q3 FY23, only one Bollywood movie i.e Drishyam 2 managed to break the ₹100 crore box office barrier. “CY22 has been one of the worst years for Bollywood, with very few movies finding traction. A mere 7% of the major movies that were released in the CY21/22 managed to recover their investment and yielded some profit. Prior to Covid, this was close to 30%, with more than 40% of movies doing well in CY19,” said a report by Emkay. While Inox-PVR have a bigger screen presence, they need what it takes to bring in audiences — better movies, bigger hits from Bollywood and Hollywood alike – in addition to South superhits. Some <keyword id="18300" type="General" weightage="20" keywordseo="bollywood-movies" source="Orion">Bollywood movies</keyword> expected to be released in the next six months <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Movie </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Approx date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cast </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mrs Chatterjee Vs Norway </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rani Mukerji </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bholaa </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ajay Devgn, Tabu </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gumraah </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Roy Kapur, Mrunal Thakur </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kisk Ka Bhai Kisi Ka Jaan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Salam Khan </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jawan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shahrukh Khan </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maidaan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ajay Devgn, Priyamani, Gajraj Rao, Rudranil Ghosh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dream Girl 2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ayushmann Khurrana, Ananya Pandey </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yodha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sidharth Malhotra, Disha Patani, Raashi Khanna </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rocky Aur Rani Ki Prem Kahani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ranveer Singh, Alia Bhatt </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Animal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ranbir Kapoor </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gadar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sunny Deol, Ameesha Patel </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tariq </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">John Abraham </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/the-godot-recession-could-be-pushed-back-further-svb-crisis-could-force-us-fed-to-pause-rate-hikes/articleshow/98612680.cms">The ‘Godot’ recession could be pushed back further, SVB crisis could force US Fed to pause rate hikes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/kotak-mahindra-amc-launches-kotak-silver-etf-fund-of-fund/articleshow/98610397.cms">Kotak Mahindra AMC launches Silver ETF Fund of Fund</a>

PVR-INOX, now fifth largest listed multiplex chain globally, awaits good movies

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

<ul><li>PVR and Inox have gained in footfalls due to the success of <keyword id="13105" type="General" weightage="20" keywordseo="south-movies" source="Orion">South movies</keyword>, but Bollywood is their bread and butter.</li><li>In the two quarters, only three <keyword id="24889" type="General" weightage="20" keywordseo="bollywood-films" source="Orion">Bollywood films</keyword> delivered a strong show bringing down the share in hit movies to a mere 10% from 40% earlier.</li><li>As Bollywood continues to disappoint, multiplex ad revenue will be hit badly.</li></ul>Any other pre-pandemic year, a movie from A-list Bollywood stars like Shahrukh Khan, <keyword id="6354583" type="General" weightage="20" keywordseo="salman-khan" source="Orion">Salman Khan</keyword>, <keyword id="6355923" type="General" weightage="20" keywordseo="aamir-khan" source="Orion">Aamir Khan</keyword>, Akshay Kumar or Ajay Devgn would have meant a decent opening at the theatres. But there is no such assurance for screen owners like Inox and PVR which have just received a go ahead for their merger. “In the past, big stars have been able to attract audiences to theatres en masse, given their strong legacy. However, changing preferences of audiences have now resulted in content being the primary focus. These highly touted <keyword id="17663" type="General" weightage="20" keywordseo="superstars" source="Orion">superstars</keyword> are no longer able to attract audiences based on just their brand names,” said a report by Emkay Research on media and entertainment. Two movies of new-age star Ranveer Singh - 83 and Jayeshbhai Jordaar too failed at the box office, in addition to Akshay Kumar’s Prithviraaj and Bacchan Pandey. Multiplexes need Bollywood - can’t bank on the South In spite of the good performance of South movies, the box office collections of theatres bank on Bollywood. It contributes to around 60% of total collections. Bollywood movies were also the highest-grossing movies in 11 of the 16 pre-Covid quarters. But the last two quarters changed this dynamic. Only three films delivered a strong show, which means Bollywood share in hit movies went down from 40% earlier to a mere 10%. As Bollywood continues to disappoint, multiplex ad revenue will be hit badly. The last two quarters saw a stellar performance by two regional films - RRR and KGF Chapter 2. Their respective strong collections could be attributed to S S Rajamouli’s fame after Bahubali and the success of the first part of the movie. But a deeper change seems to be afoot. “The performance of movies like Pushpa in the Hindi hinterland indicates that customer preferences are evolving. We believe that a turnaround in Bollywood’s fortunes is critical for sustaining box-office collection growth, as performance of regional movies – South and non-South - beyond their core markets is generally sporadic in nature,” Emkay says. PVR and Inox have gained in footfalls due to the success of South movies, but Bollywood is their bread and butter. “The importance of Bollywood for large multiplex chains like PVR and Inox is even higher, as the South market is dominated by single screens. South Indian movies’ continued success in the Hindi-speaking market will be difficult,” Emkay noted. The Hindi cinema industry is well aware of the shifting trend and migration of audiences to south movies, which have larger-than-life characters of the lead cast that is widely accepted by audiences. Famous Indian filmmaker Karan Johar feels that Bollywood is not given enough leeway to make such movies. “When I read the reviews of KGF, I’m like if we made this, we would be lynched. But here, everybody is like ‘Oh it was a celebration, a party’ and it was. It’s working both ways. I feel we are also not given any kind of leeway and then we are trying to be somebody else. So, we are all over the place. We are living a dual existence and we have to stop,” he <a href="https://www.mensxp.com/entertainment/news/110174-yash-fans-troll-karan-johar.html">said</a>. Gross box office collections show that non-Bollywood movies are taking over <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gross box office collection </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Telugu </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.3 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindi (Bollywood) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.7 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tamil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.6 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hollywood </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kannada </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.7 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Malayalam </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.9 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjabi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.9 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengali </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Marathi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.2 billion </td></tr></tbody></table> Content, social media and other factors affecting Bollywood Not all Bollywood movies were rejected. The success of films like The Kashmir Files and Bhool Bhulaiya 2 indicates that audiences are up for only quality content. The third movie which had the multiplex cash registers ringing was Suryavanshi, in the post-Covid era. “Most movies released in the last 2-3 quarters have gotten mixed to negative critic reviews, indicating that weak content is the primary factor for the poor performance,” said the report. Social media trends like Boycott Bollywood are not helping either. From nepotism to religious sentiments - various factors are triggering social media campaigns - which are strong enough to have an effect on their box office collections. So much so, some such targeted movies have not made it past a week in the theatres. “The low percentage of collections of films after the first week is also a testimony to the lower quality of content that the industry has churned out in the last couple of quarters,” the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/india/news/meet-draupadi-murmu-modi-governments-pick-for-upcoming-presidential-elections/articleshow/92378797.cms">Meet Draupadi Murmu — Modi government’s pick for upcoming Presidential elections</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/recession-in-the-us-could-drop-oil-prices-and-benefit-indian-economy-as-per-economists/articleshow/92361936.cms">A US recession could provide Indian economy the relief it needs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/youre-too-gay-for-this-ad-and-other-ways-indian-showbiz-ignores-lgbtq-artists/articleshow/92355377.cms">You’re too gay for this ad, and other ways Indian showbiz ignores LGBTQ+ artists</a>

It’s not Bollywood films, it’s the superstars that people seem to be tired of

<ul><li><keyword id="6407732" type="General" weightage="20" keywordseo="inox" source="Orion">INOX</keyword> reported its highest ever quarterly revenue, EBITDA and net profit since its inception two decades ago.</li><li>Its EBITDA was at an all-time high as 1.8 crore people visited its cinemas in the last quarter.</li><li>Interestly, the average ticket price of INOX was ₹21 lower than that of <keyword id="799" type="General" weightage="20" keywordseo="pvr" source="Orion">PVR</keyword>’s.</li></ul>After a two-year slump, India’s biggest multiplex chains PVR and INOX have risen from the ashes to report their best quarters so far, thanks to some big-ticket film releases. Blockbuster films like KGF: Chapter 2, RRR, Bhool Bhulaiya 2 and Doctor Strange compelled audiences to step back into theatres between April and June. INOX, on Wednesday, reported its highest ever quarterly revenue, EBITDA and net profit since its inception two decades ago. PVR, which announced its <a href="https://www.businessinsider.in/business/news/pvrs-q1-show-driven-by-pricier-tickets-and-blockbusters-like-kgf-2-rr-bhool-bhulaiya/articleshow/93027576.cms">quarterly results two weeks ago</a>, had also achieved the same milestones in the quarter ending June 30. However, PVR has managed to outperform INOX in the April-June quarter of 2022 with almost double the revenue. INOX’s revenue stood at ₹589 crore in the April to June quarter of 2022, representing an astronomical 22-fold jump from ₹26 crore revenue reported a year earlier. The company also managed to turn its year-ago quarter’s net loss of ₹101 crore into a profit of ₹74 crore for Q1 of FY2023. It’s EBITDA — earnings before interest, taxes, depreciation and amortisation — was also at an all-time high as 1.8 crore people visited its cinemas in the April-June quarter. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April- June (FY2022) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January-March (FY2022) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April- June (FY2023) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹26 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹325 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹589 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹104 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹21 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹130 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹101 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹12 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹74 crore </td></tr></tbody></table>Meanwhile, PVR’s revenue crossed ₹1,000 crore for the first time ever in the first quarter of fiscal year 2023, registering a nearly 10-fold increase from last year. Its net profit stood at ₹53 crore, compared to a ₹220 crore loss in the Q1 of FY2021. Notably, PVR and INOX are in the middle of a merger to create the largest multiplex chain with more than 1,500 screens in India. The deal is still seeking regulatory approvals. <div type="image" title="PVR manages to outperform INOX in Q1 of FY2023" msid="93326679" hostid="261" sizebytes="97373"></div> Interestly, the average ticket price of INOX was ₹21 lower than that of PVR’s. INOX charged an average ticket price (ATP) of ₹229, while PVR charged ₹250 — the highest for both the companies. <cmsannotation type="cmsannotation" annotationid="Content to their rescue" comment="subhead" text="Content to their rescue">Content to their rescue</cmsannotation> “Content continued to be the decisive force behind the historic performance of the quarter, with numerous movies doing extremely well at the Box Office. Q1’FY23 saw blockbusters, including RRR, KGF: Chapter 2, Vikram, Bhool Bhulaiya 2 and Doctor Strange In The Multiverse of Madness resulting in an unprecedented footfall of 18.4 million guests,” INOX said in a statement. The company now expects a “great turnaround” in the business in the upcoming quarter because of releases like <keyword id="7432923" type="General" weightage="20" keywordseo="laal-singh-chaddha" source="Orion">Laal Singh Chaddha</keyword>, <keyword id="6385850" type="General" weightage="20" keywordseo="raksha-bandhan" source="Orion">Raksha Bandhan</keyword>, <keyword id="4632769" type="General" weightage="20" keywordseo="liger" source="Orion">Liger</keyword>, <keyword id="1501412" type="General" weightage="20" keywordseo="brahmastra" source="Orion">Brahmastra</keyword> and Vikram Vedha. PVR too has similar expectations from the upcoming months. Siddharth Jain, the director of INOX Group, during the analyst call noted the footfall to the theatres would not be impacted even if any of these movies did not perform well. Four brokerage firms — ICICI Securities/Direct, Motilal Oswal, Prabhudas Lilladher and ShareKhan — are also of the opinion that a strong movie pipeline can change the fate of movie theatre chains like PVR and INOX as they attract more footfall. SEE ALSO <a href="https://www.businessinsider.in/finance/news/the-worst-of-the-rupees-decline-might-be-over-as-market-expects-us-fed-to-dial-down-pace-of-hikes/articleshow/93290895.cms">The worst of the rupee's decline might be over as market expects US Fed to dial down pace of hikes</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/markets-on-a-wait-and-watch-mode-as-they-await-cues-from-rbi/articleshow/93290015.cms">Markets on a wait and watch mode as they await cues from RBI</a> <a href="https://www.businessinsider.in/business/auto/news/as-new-cars-get-pricier-pre-owned-bmws-audis-and-porsches-get-more-attractive/articleshow/93275786.cms">As new cars get pricier, pre-owned BMWs, Audis and Porsches get more attractive</a>

PVR manages to outperform INOX in Q1 of FY2023

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Disney/Fox's "Ford v Ferrari" won the domestic box office this weekend with an estimated $31 million.</li><li>It's the second-straight weekend that an original movie topped the box office.</li><li>Sony's "Charlie's Angels" was a major disappointment as it only took in $8.6 million (the studio projected it to earn between $12 million and $13 million).</li><li><a href="http://www.businessinsider.com/">Visit Business Insider's homepage for more stories.</a></li></ul>Original movies have been showing their might of late at the multiplex.Last weekend Lionsgate's "Midway" surprised the industry by winning the domestic box office (but with a $18 million opening it was the <a href="https://www.businessinsider.com/midway-box-office-win-is-historically-low-2019-11">lowest November release champ in 20 years</a>), and now the Fox/Disney release, "Ford v Ferrari," took home the top prize this weekend.The movie brought in an estimated $31 million, a strong start for a $90 million race car movie. The global take for the movie was $52 million.Following a <a href="https://www.rottentomatoes.com/m/ford_v_ferrari/">92% score</a> on Rotten Tomatoes and award season hype surrounding its lead actors (Matt Damon and Christian Bale), director (James Mangold), and its beautiful cinematography (lensed by Phedon Papamichael), "Ford v Ferrari" just needed the grown-up audience to show up. And they certainly did.Friday's $10.9 million take was fueled by males over 25, who made up close to half of the audience on the movie's first full day in release, <a href="https://deadline.com/2019/11/ford-v-ferrari-charlies-angels-weekend-box-office-1202787070/">according to Deadline</a>.It's a much-needed win for Fox, which made the movie before the Disney/Fox merger and is one of the few from the big studio to find success since Disney took the wheel (indie shingle, Fox Searchlight, has had several successes since the merger).When Business Insider spoke to Mangold before he premiered the movie at the Toronto International Film Festival, he said Disney was fully backing the movie and added that he believes it's a type of title Disney wants Fox to release more of."It's the kind of movie Disney hasn't made, so it does expand their portfolio," <a href="https://www.businessinsider.com/ford-v-ferrari-director-what-disney-wants-from-fox-movies-2019-9">Mangold said</a>.If this is the formula by Disney going forward for Fox - big budget movies catered to the 30-and-over crowd - it also potentially makes the studio a more consistent contender for Oscar glory, which historically is a rarity outside of its animation output.The other big release of the weekend, Sony's "Charlie's Angels," had a disastrous opening.Trying to relaunch the franchise following its successful transition from TV to movies in the early 2000s thanks to stars Drew Barrymore, Lucy Lu, and Cameron Diaz, this new "Angels" enlisted the talents of Kristen Stewart, Naomi Scott, and Ella Balinska (with Elizabeth Banks directing). But it did not excite anyone as the movie only brought in $8.6 million. Sony was projecting a $12 million to $13 million opening on over 3,400 screens.It seems "Angels" suffered the same fate as "Terminator: Dark Fate." Audiences can sniff out a tired franchise from a mile away and with so many content options to choose from these days they are going to ignore anything they don't have to spend money on.Disney will certainly repeat as champs next weekend as it opens the much anticipated "Frozen II."<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><h2>Box office highlights:</h2><ul><li>"Midway" came in second place with a $8.7 million take. It now has a global total of over $53 million.&#xa0;&#xa0;</li><li>Warner Bros./New Line's "The Good Liar" had a weak opening, only taking in $5.6 million domestically on 2,400 screens.</li><li>"Joker" is the first R-rated movie to cross $1 billion at the worldwide box office, as it hit the milestone on Friday.</li></ul>&#xa0;<div></div><div></div>

'Ford v Ferrari' trounces 'Charlie's Angels' to dominate the weekend box office with a strong $31 million opening

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Disney is reportedly unimpressed with Fox's "X-Men" spin-off movie, "New Mutants," and doesn't think it can succeed at the box office, according to Variety.</li><li>The troubled movie has been delayed three times and is currently scheduled to hit theaters in April.</li><li>But evidence is mounting that the movie might never hit theaters, and could head straight to streaming.</li><li>"The ability to move the chess pieces of content between the big screen and your very own small screen platform offers a level of flexibility that may become a major part of release strategies in the years to come," Paul Dergarabedian, the Comscore senior media analyst, told Business Insider.</li><li>Disney doesn't want another "X-Men" disaster after "Dark Phoenix" bombed at the box office.</li></ul>Disney's Fox acquisition has gotten off to a rocky start.After the box-office failure of "Dark Phoenix," the company is now unimpressed with Fox's "X-Men" spin-off movie, "New Mutants," and doesn't think it has major box-office potential, according to a <a href="https://variety.com/2019/film/features/fox-disney-earnings-dark-phoenix-stuber-racing-in-the-rain-1203300260/">Variety</a> report on Tuesday.Disney did not respond to Business Insider's request for comment.The evidence is mounting that "New Mutants" might never make it to theaters, which means it could head straight to streaming. In Disney's case, it has two options: Hulu and Disney Plus, which launches in November.READ MORE: <a href="https://www.businessinsider.com/x-men-franchise-can-rebound-from-dark-phoenix-marvel-disney-2019-8" data-analytics-position="6">'Dark Phoenix' was a major flop and hurt Disney at the box office, but the 'X-Men' franchise should bounce back under Marvel</a>"A global theatrical release requires a monumental commitment of resources - time, energy, money - that in the case of any potential hit movie is worth the investment to get a film the exposure, prestige, and event status that the multiplex provides," Paul Dergarabedian, the Comscore senior media analyst, told Business Insider. "However, certain films may be candidates for a transfer to the unlimited bandwidth world of streaming which will still afford the movie exposure to a mass audience without the expense of a global theatrical rollout."<div>"New Mutants," a horror twist on superhero movies from director Josh Boone, has been delayed three times. It was originally set to debut in April 2018, then was pushed back to February 2019 and again to August due to significant reshoots. After the Disney-Fox merger, it was rescheduled for April 2020. The first trailer debuted nearly two years ago in October 2017.Delays don't necessarily spell doom for a movie, but rarely does one get postponed three times and live to tell about it. The Hollywood Reporter reported in March that <a href="https://www.businessinsider.com/x-men-spin-off-movie-the-new-mutants-questions-release-date-explained-2019-3">the expected reshoots had yet to be completed</a>, and that the movie appeared to be in limbo, raising questions about its status. But Disney can afford to be flexible and perhaps shift the movie to one of its streaming services, according to Dergarabedian."This is exactly the kind of flexibility that having a streaming service can give a studio," he added. "In other words, the ability to move the chess pieces of content between the big screen and your very own small screen platform offers a level of flexibility that may become a major part of release strategies in the years to come."Unless reshoots drastically alter the movie, it might be too mature for Disney Plus, which is expected to be family friendly.That leaves Hulu, which is betting big on Marvel content that's not associated with the Marvel Cinematic Universe. Marvel Studios is <a href="https://www.businessinsider.com/marvel-phase-five-could-be-even-bigger-than-phase-four-2019-7">developing original TV shows for Disney Plus</a> that will spin out of the MCU, so Disney may want to avoid the overlap. That could make Hulu a potentially ideal home for "New Mutants.""Ultimately, now that the Fox deal is complete, there's a general understanding - or outright expectation - among fans that X-Men will no longer be separate from the MCU," Shawn Robbins, the Boxoffice.com senior analyst, said. "To release any film that doesn't fit that outlook going forward, especially in the wake of 'Dark Phoenix's' underperformance, might only serve to muddy the franchise waters more than necessary."</div>Disney wants to avoid another box-office "X-Men" disaster like "Dark Phoenix," the final movie in Fox's main "X-Men" series that bombed in June. The movie was made for $200 million (not counting marketing costs) and grossed $252 million worldwide, only $65 million of which came from the US.Disney said that <a href="https://www.businessinsider.com/x-men-franchise-can-rebound-from-dark-phoenix-marvel-disney-2019-8">Fox's film business suffered a $170 million quarterly operating loss</a> during the company's third quarter earnings report last week, the first full quarter since the merger was finalized in March. Disney blamed the loss primarily on the box-office failure of "Dark Phoenix," but <a href="https://www.businessinsider.com/art-of-racing-in-the-rain-box-office-flop-projected-2019-8">other Fox releases have also crashed and burned</a> this year.If you have a tip about "New Mutants" or anything else, contact the author at tclark@businessinsider.com

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