Boosted by sub-branding of its multiplexes, Ajay Bijli-owned PVR Cinemas said it is on course to become the biggest multiplex operator in the country with over 500 screens under its portfolio.
The film entertainment firm, which now has 491 screens, said it will be adding another 67 by March with an estimated investment of about ₹200 crore besides investing heavily in technology.
Gautam Dutta, CEO, PVR Ltd, said, “Our products are targeted keeping a diverse demographics in mind. When we get a great catchment we do an in-depth research to understand the customer profile and brand the product accordingly. We will be adding 67 more screens both in the metros and tier-2 cities.”
The company said 55 per cent of its multiplexes are in metros and the balance in tier-2 cities.
PVR has about six variants in its multiplex portfolio. These include PVR Imax, PVR ECX, PVR Premiere, PVR Mainstream Cinemas, PVR Directors Cut, PVR Icon and PVR Talkies. The company has also created PVR Live, a product which beams theatricals, ballets and even sport events during non-movie hours.
Dutta said that the company’s average ticket price hovers between ₹210 in metros and ₹150 in the tier-2 and -3 cities. “We are looking to expand in cities such as Mysore, Tirupur, Bareily, Ranchi and Jamshedpur among others. There is a voracious appetite for quality screening experience and we are looking to build on that,” he added.
The movie exhibition space has been witnessing huge action. The sector saw at least five big deals.
The movie screening business is estimated at ₹9,000 crore. Last year Carnival picked up stake in Anil Ambani's Big Cinemas for ₹710 crore while Inox Leisure acquired Delhi-based Satyam Cineplexes for nearly ₹240 crore.
Housing Development and Infrastructure sold its multiplex business Broadway Cinemas to Carnival Cinemas while multiplex chain Cinepolis bought Subhash Chandra promoted Fun Cinemas.
India currently has close to 1,700 multiplex screens.
PVR, in May this year, had entered into a definitive agreement to acquire DLF-owned DT Cinema for ₹500 crore.
Earlier this year, PVR had entered into a tie-up with Delhi-based Vatika Group to open 26 screens in its townships.
Asked if the company was looking at more such real estate tie up, Dutta said that it already works with a range of realty players such as Brigade, Ambience and Prestige to open multiplexes in its townships. “We look at good development and look for ways to grow organically”.
Our Bengaluru Bureau adds: Multiplex chain operator PVR opened its newly constructed nine-screen multiplex at VR Bengaluru, Whitefield.
Celebrating its 20 years of journey, PVR has brought another cinematic innovation to Bengaluru through IMAX equipped audi and four Gold Class screens along with premium mainstream cinemas at the same platform for the movie lovers.