Hollywood Saves PVR Inox as Bollywood Bombs at Box Office

Movies from outside India helped PVR Inox post a rise in first quarter revenue.

By Reuters | Updated: 1 August 2023 17:57 IST

Photo Credit: Warner Bros

PVR Inox has been recently banking on Hollywood's Oppenheimer and Barbie to pack theatres

Highlights

Hindi films failed to bring moviegoers to theatres
The box office picked up pace in May with the release 'The Kerala Story'
PVR Inox is India's largest cinema operator with 1,702 screens

International cinema helped India's biggest movie operator PVR Inox post a rise in first-quarter revenue, as Hindi films failed to bring moviegoers to theatres. A struggling Hindi film industry, coupled with the popularity of streaming services, has made it difficult for traditional theatres to bring in more people. The company said the June quarter witnessed a muted start, with limited releases in Hindi, but saw the highest number of Hollywood movies since the pandemic. This helped the firm log a more than 30 percent jump in revenue from operations to 13.05 billion rupees.

The box office picked up pace in May with the release of the controversial The Kerala Story, besides Fast X and Guardians of the Galaxy Vol. 3 from Hollywood, it added. PVR Inox, in its second quarter as a merged entity, posted a net loss came of 81.6 crore rupees, compared with a loss of 333 crore rupees last quarter.

It has about 35 percent to 40 percent market share in screenings for Bollywood movies, according to Emkay Research analysts. This came on the back of rising expenses with increased spends on food and beverages and heightened movie exhibition costs. India's largest cinema operator, with 1,702 screens, has been recently banking on Hollywood's Oppenheimer and Barbie to pack theatres, the combined advance sales for which were the highest for any film outside the Marvel or Avatar series.

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"It's heartening to see the blockbuster success of unconventional movies like Barbie and Oppenheimer in India, clearly indicating that audiences choose the big screen for a unique cinema experience," PVR Inox Managing Director Ajay Bijli said. The firm said it was 'optimistic' for the rest of the year, with improved performance of mid-scale Hindi movies. PVR Inox's shares were up as much as 2.4 percent on Tuesday.

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The Kerala Story

Release Date 5 May 2023
Language Hindi
Genre Drama
Cast
Adah Sharma, Yogita Bihani, Sonia Balani, Siddhi Idnani, Pranav Misshra, Saniya Mir, Benedict Garrett, Eleena Koul, Pranay Pachauri, Bhavna Makhija, Chandra Shekhar Dutta, Usha Subramanian Saksena
Director
Sudipto Sen
Producer
Vipul Amrutlal Shah

Fast X

Release Date 19 May 2023
Language English
Genre Action
Cast
Vin Diesel, Michelle Rodriguez, Tyrese Gibson, Chris "Ludacris" Bridges, Jordana Brewster, Nathalie Emmanuel, Sung Kang, Charlize Theron, Michael Rooker, Jason Momoa, Daniela Melchior, Brie Larson
Director
Louis Leterrier
Producer
Neal H. Moritz, Vin Diesel, Jeff Kirschenbaum, Joe Roth, Justin Lin, Clayton Townsend, Samantha Vincent

Guardians of the Galaxy Vol. 3

Release Date 5 May 2023
Language English
Genre Action, Adventure, Comedy, Sci-Fi
Cast
Chris Pratt, Zoe Saldana, Dave Bautista, Karen Gillan, Bradley Cooper, Vin Diesel, Pom Klementieff, Sean Gunn, Elizabeth Debicki, Will Poulter
Director
James Gunn
Producer
Kevin Feige

Oppenheimer

Release Date 21 July 2023
Language English
Genre Biography, Drama
Cast
Cillian Murphy, Emily Blunt, Matt Damon, Robert Downey Jr., Florence Pugh, Rami Malek, Benny Safdie, Josh Hartnett, Dane DeHaan, Jack Quaid, Matthew Modine, Dylan Arnold, Olli Haaskivi, Alden Ehrenreich, David Krumholtz, Michael Angarano, Kenneth Branagh
Director
Christopher Nolan
Producer
Christopher Nolan, Emma Thomas, Charles Roven

Barbie

Release Date 21 July 2023
Language English
Genre Comedy, Romance
Cast
Margot Robbie, Ryan Gosling, America Ferrera, Simu Liu, Kate McKinnon, Ariana Greenblatt, Alexandra Shipp, Emma Mackey, Will Ferrell, Issa Rae, Michael Cera, Hari Nef, Kingsley Ben-Adir, Rhea Perlman, Ncuti Gatwa, Emerald Fennell, Sharon Rooney, Scott Evans, Ana Cruz Kayne, Connor Swindells, Ritu Arya, Jamie Demetriou
Director
Greta Gerwig
Producer
Margot Robbie, Tom Ackerley, Robbie Brenner, David Heyman

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