Punit Goenka, an entrepreneur in the Media & Entertainment industry, announced his decision to acquire a majority stake in Maverick Media.
Goenka’s investment aims to expand the single-screen experience for cinema viewers across the country. Reportedly, this will enable Maverick Media to build single-screen theatres in under-screened markets, including tier 1 and tier 3 cities.
“While my professional commitments continue to remain a priority, I believe that as key members of the fraternity, it is our collective responsibility to enhance the growth opportunities for all segments in the media value chain, and hence I have taken this decision in my personal capacity. The potential of single-screen cinemas across several tier 2 and tier 3 cities is immense, and it is imperative to revive this infrastructure, keeping its fabric and cultural essence intact. I am confident in the ability of the team at Maverick to achieve its vision and grow the single-screen cinema business. I truly hope this step enables an economically viable opportunity for cinema exhibition operators across key growth markets in the country,” Punit Goenka said.
In India, cinema viewing is believed to be a significant out-of-home family activity. Theatres play a key role in family viewing across the country, with weekly releases offering opportunities for shared experiences. Goenka’s investment aims to align with this trend, focusing on improving cinema infrastructure in smaller cities to enhance family viewing.
Goenka made this investment in his personal capacity, and it does not impact the company he leads.