PVR scales up expansion, aims to have 100mn users annually
Many may argue that Indians are now veering more towards staying at home and watching movies on subscription-based video streaming services, like Hotstar, Amazon Prime etc. However, arguments such as these fall flat in front of leading multiplex operator PVR's expansion plans. The Delhi-based chain is on an expansion spree and aims to have 100 million visitors annually within next two years. Here's more.
To cater to the anticipated demand, PVR wants to have around 1,000 screens by 2022, from 600 that it owns at present. PVR CEO Gautam Dutta said, to address footfall of 100 million annually, it needs 100-150 screens more than what it has now. The Delhi-based firm is adding 75 screens per year at the cost of Rs. 2.5 crore on each new screen.
PVR has been increasing its presence in tier II and III cities, while at the same time, it's also ramping up the premium segment offerings in the existing markets. The goal is to have 25% of its total screen format in premium category and Dutta says that PVR will achieve this within the next two years. In 2016-17, PVR's revenue stood at Rs. 2,002.01crore.
Meanwhile, PVR has also created a premium sub-brand called P[XL] or Premium Extra Large, which is being touted as India's first home-grown big movie screen format. The first one of its kind has been launched at Mani Square in Kolkata and the firm will have 10 such screens within the next year. In this, PVR uses two 4K projectors backed by Dolby Atmos sound.
This technology, PVR says, will make the projection quality of a movie eight times better. PVR has filed trademark and patent and has said that it had been working on this format for over two years. Dutta said, "Our investment in this format is much higher - at Rs. 5.1-5.2 crore (per screen) - compared to other formats."