The news of PVR buying majority stake in Chennai’s iconic cinema chain SPI Cinemas for ₹850 crore has evoked mixed response from movie-goers and industry.
“I have been going to Sathyam Cinemas for the last two decades ever since the Reddy brothers took over the business. Currently the market conditions are bleak and one can’t get such a good valuation. This is a win-win deal for both the parties,” said Sreedhar Pillai, entertainment industry analyst.
“In one stroke, PVR has taken over the South Indian film market, the biggest market in India for films. They already have Bengaluru and Hyderabad markets and with this deal the Chennai market too,” he said.
Actor and Tamil Film Producers Council president Vishal said that the SPI Cinemas has taken movie viewing to the next level. “We need more multiplexes and I wish more screens open up through this deal. Hope they give more prominence to regional cinema especially Tamil in Tamil Nadu and not Hollywood or Hindi films,” he said.
“Sathyam has been an iconic brand and they have offered a rich cinema viewing experience over the last 25-30 years and have revolutionised the industry. They played a big role in bringing people to theatres. PVR too is a big chain and hope that they continue to deliver quality service post the acquisition,” said Idream Murthy, secretary, Chennai City Exhibitors Association said.
Besides providing rich cinema experience, one of the major attractions for movie buffs is its flavour-it-yourself popcorn.
Twitter backlash
The deal received a backlash from movie-goers who took too Twitter to express their emotion. They wanted the cold coffee and popcorn to be retained without any changes. An official in SPI Cinemas said the firm is not quitting movie business. “We will continue to run the show and deliver the best to our patrons who have stood by us all these years.”