Coming soon near you: More multiplex screens
, ET Bureau|
Mar 01, 2018, 12.58 PM IST
Multiplex chains have expanded their footprint across the country on the back of an upturn in retail real estate development activity.
By the end of FY17, PVR Cinemas and Inox Leisure had 625 and 476 screens, respectively, up from 150 and 63 in FY11, as real estate developers added 33 malls during the period, taking the count to 225.
Gautam Dutta, chief executive of PVR Cinemas, said, “While we were adding 60-80 screens every year, it is expected to jump 30-40% in 2018-19 and will follow the suit in the next two to three years as well, mainly due to an increasing construction of malls.”
According to Dutta, the market can accommodate five times more multiplex screens. PVR wants to increase the number of screens to 1,000 by 2021 from 625 now.
A spokesperson for Carnival Cinemas said the multiplex is targeting 2,000 screens by 2021, up from 430 now.
The growth in multiplexes was mainly propelled by the boom in retail over the past few years, according to global property consultant Cushman & Wakefield.
“Indian retail market has evolved immensely, with the country witnessing an uptick in mall supply since 2010-2011. Currently, the country has 225 malls operational across Delhi, Mumbai, Bengaluru, Hyderabad, Pune, Chennai, Kolkata and Ahmedabad,” said Veera Babu, managing director-Hyderabad, Cushman & Wakefield.
According to the property consultant, Indian retail real estate saw a cumulative investment of Rs 11,305 crore from private investors between 2011 and 2017, of which Rs 10,179 crore came in the last three years.
Smaller towns too have seen similar development. “Most of our properties are in smaller towns, and due to infrastructural issues we faced earlier, we started acquiring screens or collaborating with governments like Odisha and Jharkhand to develop family entertainment zones,” said PV Sunil, managing director of Carnival Cinemas. “The uptick in mall development too has helped us scale up faster.”
With the increasing base, multiplex owners are looking to come out with newer offerings and sources of income. “We have introduced concepts like Play House, a theatre for children, virtual reality (VR) lounge, sub-brands like PVR Icon etc., and are focusing more on the food and beverage segment by introducing celebrity chefs and newer menus to boost revenues,” said Dutta.
By the end of FY17, PVR Cinemas and Inox Leisure had 625 and 476 screens, respectively, up from 150 and 63 in FY11, as real estate developers added 33 malls during the period, taking the count to 225.
Gautam Dutta, chief executive of PVR Cinemas, said, “While we were adding 60-80 screens every year, it is expected to jump 30-40% in 2018-19 and will follow the suit in the next two to three years as well, mainly due to an increasing construction of malls.”
According to Dutta, the market can accommodate five times more multiplex screens. PVR wants to increase the number of screens to 1,000 by 2021 from 625 now.
A spokesperson for Carnival Cinemas said the multiplex is targeting 2,000 screens by 2021, up from 430 now.
The growth in multiplexes was mainly propelled by the boom in retail over the past few years, according to global property consultant Cushman & Wakefield.
“Indian retail market has evolved immensely, with the country witnessing an uptick in mall supply since 2010-2011. Currently, the country has 225 malls operational across Delhi, Mumbai, Bengaluru, Hyderabad, Pune, Chennai, Kolkata and Ahmedabad,” said Veera Babu, managing director-Hyderabad, Cushman & Wakefield.
According to the property consultant, Indian retail real estate saw a cumulative investment of Rs 11,305 crore from private investors between 2011 and 2017, of which Rs 10,179 crore came in the last three years.
Smaller towns too have seen similar development. “Most of our properties are in smaller towns, and due to infrastructural issues we faced earlier, we started acquiring screens or collaborating with governments like Odisha and Jharkhand to develop family entertainment zones,” said PV Sunil, managing director of Carnival Cinemas. “The uptick in mall development too has helped us scale up faster.”
With the increasing base, multiplex owners are looking to come out with newer offerings and sources of income. “We have introduced concepts like Play House, a theatre for children, virtual reality (VR) lounge, sub-brands like PVR Icon etc., and are focusing more on the food and beverage segment by introducing celebrity chefs and newer menus to boost revenues,” said Dutta.
Are you a Business Owner? Get Your Free Business Listing on Economic Times.
Register Now
