Largest Multiplex Chain SHUTTING DOWN - SHOCKING!
PVR INOX is changing its approach in reaction to OTT services' increasing appeal. The firm has already closed 85 theaters this year and intends to close 70 more underperforming theaters in FY 25. These screens were housed in dilapidated malls or were not lucrative. PVR INOX plans to use cash flow from operations to pay down its debt and is thinking of selling off non-essential real estate.
The firm recorded a substantial loss in Q1 FY25 of Rs 136.6 crore, up from Rs 44.1 crore in the same period last year, mostly as a result of postponements in movie releases brought on by occasions such as the lok sabha elections and the IPL. Notwithstanding these difficulties, PVR INOX has high hopes for the second part of FY25 thanks to movies like pushpa 2, Singham Again, Bhool Bhulaiya 3, and Devara.
The firm recorded a substantial loss in Q1 FY25 of Rs 136.6 crore, up from Rs 44.1 crore in the same period last year, mostly as a result of postponements in movie releases brought on by occasions such as the lok sabha elections and the IPL. Notwithstanding these difficulties, PVR INOX has high hopes for the second part of FY25 thanks to movies like pushpa 2, Singham Again, Bhool Bhulaiya 3, and Devara.
Theaters are data-faced with a threat from the fast expanding OTT services in India. In 2023, there was a 29% growth in the number of theater attendance in India. PVR INOX is launching new promotions including movie buff days, ticket discounts, and alternative programming like sporting events and film festivals in an effort to draw in more viewers.
With few multiplexes and a high demand for movie theaters, PVR INOX is also concentrating on growing its market share in the South indian film industry. By purchasing Paytm's movie and ticketing platform, zomato has entered the movie ticketing market with the goal of upending BookMyShow's hegemony and providing more affordable prices. customer preferences will continue to influence modifications to both OTT and theatrical experiences as the media environment develops.
With few multiplexes and a high demand for movie theaters, PVR INOX is also concentrating on growing its market share in the South indian film industry. By purchasing Paytm's movie and ticketing platform, zomato has entered the movie ticketing market with the goal of upending BookMyShow's hegemony and providing more affordable prices. customer preferences will continue to influence modifications to both OTT and theatrical experiences as the media environment develops.