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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

PVR, Indian Hotels, banks and other hot stocks to watch out for on December 30

<ul><li>Iconic romantic films including DDLJ, Tamasha, Titanic 3D version and Jab We Met were re-released during Valentine’s week. </li><li>For chains like PVR, reruns have been an important part of their campaign to bring India back to the theatres. </li><li>Analyst Karan Taurani believes reruns are not powerful enough to impact collections or drive theatre occupancy and indicates lack of fresh Bollywood content. </li><li>Indian film critic Sucharita Tyagi states reruns of classics are helping build film communities, drive theatre occupancy and celebrate cinema. </li></ul>Theatre audiences in one of the PVR’s in Punjab were seen dancing to the groovy beats of ‘Mauja hi mauja’, a song from Shahid Kapoor and Kareena Kapoor Khan-starrer Jab We Met, rereleased in theatres almost two decades after its original release. Kapoor called it ‘too special’ on Twitter. But is the business of nostalgia strong enough to mint money at the box office? Several iconic romantic films including – Shah Rukh Khan (SRK)-Kajol-starrer Dilwale Dulhania Le Jaayenge (DDLJ), Ranbir Kapoor-Deepika Padukone’s Tamasha, James Cameron’s Titanic in 3D and Jab We Met – were released across PVR, Inox and Cinepolis theatres during Valentine’s week this February. Even though DDLJ remains the longest-running film in Indian cinema and is immensely popular with multiple reruns, it found tough competition this Valentine’s week from the Jab We Met rerun. “Jab We Met has now started beating DDLJ in PVR. Jab We Met collected ₹2 lakh on Friday. The collections then jumped to approximately ₹5 lakh on Saturday while the collections on Sunday were ₹6 lakh. On Monday, while DDLJ collected ₹6 lakh, Jab We Met collected ₹6.5 lakh in the multiplex chain,” reported<a href="https://www.bollywoodhungama.com/news/features/jab-mets-re-release-springs-surprise-collects-monday-sunday-also-beats-dilwale-dulhania-le-jayenge-pvr/"> Bollywood Hungama</a>. Rerun campaigns for boosting footfalls PVR Oberoi Mall in Goregaon, Mumbai decided to play six shows of Jab We Met on Valentine’s day. Tamasha had 150 shows with 50% audience occupancy and Titanic 3D version rerun had 1,000 shows, with 60% occupancy, PVR told Business Insider India. The PVR’S Valentine Week Film Festival (10th-16th February 2023) also re-released other romantic titles across languages – Ticket to Paradise (English), Ved (Marathi), Geetha Govindam (Telugu), Vinnaithaandi Varuvaayaa (Tamil), Hridayam (Malayalam), Googly (Kannada) and Love Ni Bhavai (Gujarati). “Screened across 25 cities in India, Jab We Met, DDLJ, Tamasha, Vinnaithaandi Varuvaayaa and Titanic especially received good response, recording average occupancy of 50-70%. Shows of Jab We Met had to be increased to meet the increased demand,” Gautam Dutta, CEO, PVR, told Business Insider India. PVR aims to continue with their rerun campaigns in the future, given the power nostalgia wields on millennials and even GenZs, Dutta added. For chains like PVR, reruns have been an important part of their campaign to boost theatre occupancy – be it re-releasing 11 films starring Amitabh Bachchan on his 80th birthday or the ‘Dilip Kumar Hero of Heroes’ campaign celebrating his 100th birth anniversary. The release of DDLJ during SRK’s birthday last year collected ₹23.4 lakh, claiming 60% occupancy then. “When you watch Jab We Met, you also watch it with 300 people who are die-hard fans of that film. Witnessing this celebration is pure joy. You know the punchlines, where to laugh, where to cry. Props to the Film Federation of India for bringing these classics back. They are also driving theatre occupancy,” Sucharita Tyagi, an Indian film critic told Business Insider India. Many movies like DDLJ, Tamasha, Jab We Met are already available on OTTs yet cinephiles are flocking to theatres in hoards. An Ormax report states the Indian theatre audience has lost <a href="https://www.businessinsider.in/business/news/indian-film-industry-lost-24-million-moviegoers-to-the-pandemic-ormax/articleshow/97918537.cms">24 million</a> moviegoers to the pandemic. This is accentuated by low impact of small and medium-budget films and availability of OTT platforms. The OTT audience in India has grown 20% in 2022 with 424 million active users. Yet, it looks like the big screen has its pull. “We are seeing films like Deewar in theatres, which was released when we weren’t even born. It is a novelty experience. Reruns boost film communities. The Priyanka Chopra led Jio-MAMI festival is also bringing physical screenings back. It is a good time for cinema I believe,” added Tyagi. Impact on collections: minuscule Reruns may boost film communities, but will they be able to revive flagging footfalls and lift box office collections? Karan Taurani, analyst at Elara Capital, believes reruns are not powerful enough to impact collections or drive theatre occupancy. They are rather indicative of fresh Bollywood content. Also, reruns have limitations in their reach. For instance, a Jab We Met will rake in more numbers in Punjab or Delhi as compared to South Indian cities like Chennai. “Reruns are happening because Pathaan has seen a strong run in the last two and a half weeks. Little to no fresh content is being offered, which is why these films are being re-released. The number of Hindi films released every quarter have come down 25-30%, from over 20 films every quarter pre-pandemic to less than 14 films now. There is greater reliance on big-budget films,” Taurani told Business Insider India. SRK-Deepika Padukone-starrer Pathaan crossed ₹500 crore in India in 20 days, contributing 46% to <a href="https://www.ormaxmedia.com/insights/stories/the-india-box-office-report-january-2023.html?s=08">January’s India box office</a> collections. Films released in January 2023 grossed ₹1,389 crore at the domestic box office, the highest since April 2022, as per <a href="https://www.ormaxmedia.com/insights/stories/the-india-box-office-report-january-2023.html?s=08">Ormax report.</a> A caveat – only six films managed to cross the ₹10 crore mark, indicating greater reliance on big-budget movies like Pathaan. “The impact of reruns is very minuscule. Collection is low because these are consumed more in terms of single screens where ticket prices are low. I don’t foresee a large number of people going to multiplexes for these films as ticket prices are 3-4 times higher,” added Taurani. But Tyagi states these movies are helping India come back to the theatres, although she too wishes the ticket prices of these movies were cheaper. “I cannot say if these movies are being used as fillers before the big releases but I am glad India is coming back to the theatres. I wish the ticket prices and snacks at concession stands were cheaper at theatres to make movie watching a more affordable experience,” added Tyagi. Reruns may not be too successful at raking in the moolah at the box office but what they surely do is revive the currency of nostalgia – allowing the audience to relive the past while providing theatre chains a respite from falling audience footfalls.

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

PTI

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

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

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Business of nostalgia: Reruns aim to bring India back to the silver screens

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