Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ News / Old movies in new avatar, theatres bank on re-releases to boost sales
BackBack

Old movies in new avatar, theatres bank on re-releases to boost sales

Alternative content exhibition is planned as a tactic to keep things going at a time when returns from new titles have hit rock bottom.

For the older hits, theatre owners said it was common to see over 50% occupancy, especially on weekends, and the most popular films collected between ₹20 lakh and ₹30 lakh. REUTERSPremium
For the older hits, theatre owners said it was common to see over 50% occupancy, especially on weekends, and the most popular films collected between 20 lakh and 30 lakh. REUTERS

Theatres across the country that are seeing a dip in business owing to new releases not finding favour with audiences have been banking on re-releasing older hits to boost sales.

Films such as Dilwale Dulhania Le Jayenge, Jab We Met, Mohabbatein and others have been re-released over the past few weeks, as have southern language hits from the 1990s and 2000s. 

While ticket prices are kept nominal to ensure footfalls, trade experts point to the tactic to keep things going at a time when returns from new titles have hit rock bottom.

For the older hits, theatre owners said it was common to see over 50% occupancy, especially on weekends, and the most popular films collected between 20 lakh and 30 lakh, an impressive figure considering the titles are available on streaming platforms. 

Some producers and theatre owners Mint spoke with are thinking of re-releasing older films now, including those before the 1990s to cater to slightly older audiences given the latest response.

“Re-release of retro films during festivals offers younger generations a chance to explore and enjoy timeless movies they might have missed," Sanjeev Kumar Bijli, executive director, PVR INOX Ltd said.

“We have always believed that there is an audience beyond traditional movie screenings. This conviction propels us to experiment with various forms of content in our cinemas, ranging from live screenings of ICC Cricket tournaments, gaming events, and international concerts to significant national events like the Ayodhya Ram Mandir inauguration and the Republic Day parade," Bijli added. 

During the ICC Men’s World Cup, each match had varying occupancies, but most of screenings of India vs Pakistan, India vs New Zealand semi and the final match were sold out. Average occupancy was over 73% and the average ticket price (ATP) was 580, Bijli pointed out. 

The screening of the Ram Mandir inauguration and Republic Day events were priced at 100, inclusive of a beverage and popcorn combo. Nationally, the Ram Mandir screening achieved average occupancy over 70%, while the Republic Day parade clocked in over 65% occupancy specifically in the Delhi and UP regions.

Incorporating alternate content into its strategy allows the company to attract new audience segments to cinemas that are fast evolving into social spaces where communities come together, engage, and interact, Bijli said.

Theatre owners agreed showcasing alternative content in cinemas not only offers audiences a diverse range of entertainment options beyond newly released films but also enables cinemas to utilize their infrastructure and resources efficiently during periods of low film releases or special occasions like the Ram Temple ceremony or Republic Day parade.

“During periods with fewer new releases or specific events, showcasing alternate content allows us to utilize the screens efficiently and pull audiences to the cinemas," Rahul Puri, managing director, Mukta Arts, and Mukta A2 Cinemas said.

The markets targeted for showcasing alternate content are usually selected based on several factors, Devang Sampat, CEO, Cinepolis India said. 

“These include the relevance of the content to the local audience, the preferences and tastes of the target demographic, the availability of screens, and the overall potential for success in that particular geographical area," Sampat said. 

In the near future, Cinepolis is planning to host a retro film festival featuring three movies from the 90s — Main Khiladi Tu Anari, Khiladi, and Baazigar. Additionally, an Oscar film festival is being planned for March to showcase Oscar-nominated movies, while special formats like 3D films are being promoted through an annual 3D film festival.

Trade experts emphasize these strategies have come into play at a time that new films are collapsing as soon as the day after release. 

Over the past few weeks, the Hindi-speaking belt has seen films like Fighter, Main Atal Hoon and Teri Baaton Mein Aisa Uljha Jiya underperform, though some respite has been brought in by political drama Article 370 last weekend.

Amit Sharma, managing director of Miraj Entertainment that operates multiplex theatres said overall box office numbers for 2023 may seem impressive because of higher ticket rates but the number of films working is not nearly enough. “Tastes of audiences too are evolving so we will have to screen alternate content till the flow of releases resumes," said Sharma, calling such strategies a mix of trial and error where only a few moves find favour.

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!

ABOUT THE AUTHOR
Lata Jha
Lata writes about the media and entertainment industry for Mint, focusing on everything from traditional film and TV to newer areas like video and audio streaming, including the business and regulatory aspects of both. She loves movies and spends a lot of her free time in theatres, which makes her job both fun and a bit of a challenge given that entertainment news often just talks about the glamorous side of things. Lata, on the other hand, tries to find and report on themes and trends in the entertainment world that most people don't notice, even though a lot of people in her country are really into movies. She’s a graduate of the Columbia School of Journalism.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 28 Feb 2024, 02:27 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App