The leading multiplex chain operator PVR on October 17 reported a consolidated net loss of Rs 71.23 crore for the quarter that ended September 2022. This was nearly half of the loss of Rs 153.13 crore in the same quarter last year.
The company’s revenue from operations rose to ₹686.72 crores during the second quarter, recording a fivefold leap from ₹120 crores in the corresponding quarter last year.
Admissions and average ticket prices during the quarter were affected by the flimsy performance of Bollywood and Hollywood movies, PVR tells in a stock exchange filing.
The quarter was marked by the ongoing underperformance of Bollywood movies, the multiplex chain says. Except ‘Brahmastra Part One: Shiva, most of the other big-budget movies performed way below anticipation like ‘Laal Singh Chaddha’, ‘Raksha Bandhan’, ‘Liger’.
The underperformance of Hindi films can be given credit to a variety of factors like films released were developed before and during the pandemic not resounding well with current consumer preferences, the quality of content driving performance as compared to star presence, and negative campaigns in social media against certain Bollywood movies and stars.
Also, the ticket and F&B rates at the PVR are one of the reasons for the loss as per regular movie watchers in social media. Of course, the ambiance like a star hotel, and a quality film experience without any disturbance are the plus points for the multiplex giant.
However, the regional movies went on with their strong performance. For PVR, the box office assistance of regional movies increased from 28% in Q2 FY20 to 44% in Q2 FY23. Which is a reassuring trend.
Meanwhile, the multiplex chain is set to merge with its rival INOX Leisure in an all-stock deal and become India’s largest exhibition firm with 1,546 screens across 109 cities.
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