Hollywood Saves PVR Inox as Bollywood Bombs at Box Office

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

Hollywood Saves PVR Inox as Bollywood Bombs at Box Office

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
Advertisement

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.

"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.

© Thomson Reuters 2023


The Chromecast with Google TV that runs on Android TV is here. When will Google learn how to name products? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

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
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Australian Lawmakers Recommend Potential WeChat Ban on Government Devices
Xiaomi TV X With 4K Dolby Vision Display Launched in India: Price, Specifications
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »