PVR INOX claims that more than 16,000 users have subscribed to its newly rolled-out plan PVR Passport, after its launch on October 16. The subscription package provides moviegoers access to up to 10 movies each month for a fixed monthly fee of Rs 699 per month. “This is not a new concept and has been prevalent in markets such as the US. The idea behind this is to increase occupancy during weekdays that is between Monday to Thursday,” Sanjeev Kumar Bijli, executive director, PVR INOX Ltd, told BrandWagon Online.
The exhibitor on Monday rolled out a new five-screen multiplex at Elan Mercado, Sector 80, NH-8, Gurugram. The new cinema marks the launch of the company’s 13th property in the city of Gurugram. With this opening, PVR INOX has strengthened its foothold in Haryana with 88 screens in 22 properties continuing its expansion in the Northern part of India with 463 screens in 103 properties. The theater has a seating capacity of 749 guests with last-row recliners in all auditoriums. “We have always followed a two-pronged strategy which includes expanding presence in metros and tier-1 cities besides entering new cities such as Bhubaneswar, Machilipatnam, Jodhpur, among others,” Bijli, explained.
With this, the total number of screens which the company owns is 1707 across 359 properties in 115 cities. The company reported a net profit of Rs 166.3 crore in Q2, FY24 as compared to a loss of Rs 82 crore in the first quarter of this fiscal. The company’s revenue increased 53.3% to Rs 1,999.9 crore in Q2,FY24 from Rs 1,305 crore in the first quarter. The company is hopeful for good box office growth in the months of November and December. “The line-up of films is very strong and includes Aquaman and the Lost Kingdom, Dhunki, Animal, Tiger 3, among others,” added.