PVR Inox to expand premium and luxury cinema formats | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ Companies / News/  PVR Inox to expand premium and luxury cinema formats

PVR Inox to expand premium and luxury cinema formats

PVR Inox also plans to introduce premium formats in tier-two and three cities.

PVR Inox recently launched its second Maison cinema in Mumbai at the Jio World Plaza.Premium
PVR Inox recently launched its second Maison cinema in Mumbai at the Jio World Plaza.

New Delhi: Multiplex chain PVR Inox Ltd plans to expand its premium and luxury cinema formats to make up nearly 14% of its overall portfolio going ahead, Ajay Bijli, managing director, PVR Inox Ltd said.

The company recently launched its second Maison cinema at the Jio World Plaza in Mumbai. The cinema boasts two Insignia screens, one IMAX screen equipped with laser technology, and three premiere screens. In addition, the property offers a bar and lounge named Gatsby’s and a food and beverage menu curated by celebrity chefs Sarah Todd, Vicky Ratnani, Yutaka Saito, and Mayank Tiwari.

PVR Inox offers 1,711 screens in India, including premium formats like IMAX, 4DX, Playhouse, Gold, LUXE, PXL, ONYX, Drive-in and Director’s Cut. 

Last December, it tied up with French exhibitor CGR Cinemas to bring its high-end Ice Theaters format to the country. It includes side panels that along with the main screen, create a peripheral vision, giving a sense of enhanced immersion with a background contrast of colours and motion. 

PVR has also tied up with French cinema architectural design company Ōma Cinema to design new, premium theatres for Indian audiences with unique tiered balconies or ‘pods,’ similar to those in opera houses to provide safe, intimate cinema viewing experiences.

“India is a diverse market and we customize our offerings depending on the demographic of the mall we’re operating in," Bijli said in an interview with Mint

The average ticket price (ATP) across the six screens at the Maison property will be around 700, Bijli said, but the luxury formats will cost 1,200. Calling the target audience for the property price-insensitive, he added that while it may not attract large numbers of people, the idea is to lure the focused group. Investment in a premium screen is over 5 crore, compared to the Rs. 2.5-3 crore spent on a regular screen. This has to be made up for by premium ticket and F&B pricing.

Trade experts point out IMAX and 4DX have been trying to expand their footprint in India for a while, but there are not enough movies to keep the screens running for even half of the year. 

Most IMAX and 4DX movies are Hollywood films that are released occasionally. Cinemas that offer these formats are forced to screen them for longer periods or to show even regular movies. However, pointing to the broader appeal of such premium cinemas, Bijli said they are not exclusively designed to showcase big-budget spectacles.

“These experiences are content-agnostic. It doesn’t matter if the film is mass-market or niche. India is a heterogenous market and our focus is to get people out of their homes, regardless of income or taste," Bijli said adding that the company also plans to introduce premium formats in tier-two and three cities.

PVR Inox is also bringing out newer versions of its recent Passport plan which was an attempt at bolstering capacity utilization on specific days of the week. 

The plan, launched in response to criticism around exorbitant multiplex pricing, was a monthly subscription pass for viewers to watch up to 10 movies per month for 699 between Mondays and Thursdays. It excluded premium and luxury cinema formats, wasn’t applicable on national holidays and weekday releases, allowed only one movie per day with no repetition and required a minimum three-month subscription on recurring basis.

On Thursday, shares of the company ended at 1,722 on the National Stock Exchange, up 1.4% from the previous close.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Lata Jha
Lata Jha covers media and entertainment for Mint. She focuses on the film, television, video and audio streaming businesses. She is a graduate of the Columbia School of Journalism. She can be found at the movies, when not writing about them.
Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 30 Nov 2023, 04:59 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App