Jhukega Nahi: PVR Inox banks on Pushpa 2 to stage a comeback in October-December quarter

Pushpa 2 driving cinema business.

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Large multiplexes like PVR Inox and single screens in India are pinning hopes on the success of Allu Arjun's Pushpa 2, to lift their fortunes in the October December quarter.

Going by the reviews and advance booking numbers, Pushpa 2 is on course to surpass the success of the 2021 film Pushpa: The rise, which made the movie a cult favourite and propelled Telugu actor Allu Arjun as a national movie star.

Director Sukumar has penned an extraordinary story which takes the first part’s drama forward, said film trade analyst Komal Nahta in his review. "The story keeps the viewers engaged from the start till the end... It has the merits to become the biggest ever grosser in Hindi cinema," he said.

Pushpa: The Rise had grossed India gross box office collections (GBOC) of Rs 400 crore with a budget of Rs 200-250 crore. With strong franchise recall Pushpa 2 is expected to break records and register lifetime India GBOC of more than Rs 1,000 crore, Karan taurani, senior vice- president Elara Capital said.

Pushpa 2 has a whopping budget of around Rs 400 crore.

December is set to be a blockbuster month, supported by major releases such as Pushpa 2, Baby John and Sitaare Zameen Par.

Business is expected to look up in October -December quarter for top multiplexes like PVR Inox that reported losses in the previous quarter.

Footfalls in theatres saw a recovery during the Diwali month of November with occupancy rising to 27 percent, up from around 25 percent in Q2, Taurani added.

Also read: Pushpa 2: The Rule Review: Allu Arjun, Rashmika Mandanna's Actioner Is Less Fire, More Flower

"Occupancy is expected to reach 30 percent in the October -December period. Hindi gross box office collection (GBOC) is likely to grow 33 percent sequentially in Q3 FY25 to Rs 1,700 crore, backed by performance of movies like Singham Again and Bhool Bhulaiyaa 3, and potential grossing of Rs 500 crore for Pushpa 2 (Hindi) alone."

The recent Diwali releases, Singham Again, and Bhool Bhulaiyaa 3, performed well with GBOCs of Rs 290 crore and Rs 310 crore, while other movies, such as Devara , Vicky Vidya Ka Woh Wala Video, Jigra and The Sabarmati Report, grossed Hindi GBOCs of Rs 37 crore, Rs 38 crore and Rs 26.4 crore, respectively, he noted.

Occupancy in the third quarter is set to be in the range of 29-30 percent.

Taurani expects Pushpa 2 to record an average occupancy of around 40 percent.

The rise and rule

As shows are filling up fast in cinemas, there are round-the-clock shows in some theatres in states like Kerala and ticket prices are zooming for Pushpa 2 that releases in cinemas on December 5. Theatre firm MY Cinemas in Kerala announced to screen Pushpa 2 in all their screens continuously from 4am.

In Bengaluru, a morning show in a Cinepolis cinema will cost audiences around Rs 500, while an evening show VIP ticket has hit Rs 1,100, yet the seats are filling up fast on the opening day of the movie. An afternoon gold or gold prime show in a PVR Inox property will be nothing less than Rs 1,400.

In Mumbai, a 10am VIP show, costing Rs 700 per person, is sold out for Pushpa 2 in a Cinepolis Cinema, while in Inox Megaplex in the city's Inorbit Mall, the 9:30pm show in Insignia (premium screen) is nearly full even at a price tag of Rs 1,760 on the debut day.

Also read: Pushpa 2 midnight shows in Bengaluru cancelled; no screening to be held before 6:30 am

The film has set a new record by becoming the highest-priced Telugu film. The Andhra Pradesh government also approved a significant increase in ticket prices, with rates soaring up to Rs 944.

Pushpa 2 is also setting new records in terms of ticket sales. Until December 4 midnight, the movie recorded an advance booking sale of Rs 70 crore for the opening day which is estimated to reach a final count of Rs 85-90 crore, the highest ever for an Indian film.

Previous blockbusters like Baahubali had earned Rs 45 crore, Pathan Rs 23 crore, and Jawan Rs 17 crore in advance sales.

"Pushpa 2: The Rule has officially rewritten history, crossing a staggering 3 million tickets sold in advance, the highest ever in India. This is not just a record-breaking milestone, but a monumental moment for Indian cinema. Fans rushed to get their tickets booked across the country with Hyderabad, Bengaluru, Mumbai, Delhi-NCR and Pune leading the charge," said Ashish Saksena, chief operating officer (COO) for Cinemas at BookMyShow.

First four days will be absolute mayhem at the box office, Amit Sharma, managing director of Miraj Cinemas, had said ahead of the release of the franchise film. "It will be around Rs 300 crore opening in Hindi and Rs 400-500 crore across languages. Prices may be 5-7 percent higher than the ticket prices of Singham Again and Bhool Bhulaiyaa 3. Also, during Pushpa 2's release there is no backlog of previous releases," he said.

Pushpa: The Rise had grossed India GBOC of Rs 400 crore, with strong franchise recall Pushpa 2 may break records and register lifetime India GBOC of more than Rs 1,000 crore, Taurani said. If Pushpa 2 works to its full potential, he said, then the movie could break the record of India GBOC of Baahubali 2's Rs 1,200 crore and KGF Chapter 2's Rs 1,000 crore.

"Pushpa 2’s Day 1 GBOC may gross Rs 200 crore with contributions of Rs 100 crore and Rs 80 crore from Andhra Pradesh and Hindi states, while other southern states may gross Rs 15-20 crore. Overall, the first weekend GBOC may stand at Rs 500 crore. This can push theatre occupancy to more than 40 percent in December with higher footfalls," he added.

Scripting a comeback

A turnaround in the October-December period and a healthy pipeline in 2025 has brought cheer to the industry that was starving for success this year.

"November was good and December looks very good due to Pushpa 2, Mufasa and Baby John. January (2025) looks promising with Pongal releases. In February, there is Deva, Captain America, Raid, Chhava. From here on, till February, there is stability in the release calendar. While what works is not in our hands, in terms of releases the calendar looks stable with mid-to-big-budget films releasing in every 15 days," Sharma said.

For India's top multiplex chain PVR Inox that reported a loss of Rs 12 crore for the quarter ended September 30, 2024, Taurani expects some improvement.

"With 33 percent QoQ (quarter-on-quarter) Hindi GBOC growth, PVR Inox overall GBOC (Hindi and non-Hindi) is set to grow 29 percent QoQ in Q3 FY25 to Rs 800 crore. Its (PVR Inox) GBOC has sustained a 33 percent share in India’s Hindi GBOC during Q1-Q2 FY25 and it is likely to sustain it in Q3. India’s Q3FY25 Hindi GBOC is likely to be Rs 1,700 crore and PVR-INOX with a 33 percent share (Hindi) can gross Rs 560 crore, implying 38 percent QoQ growth in Hindi GBOC."

He added that PVR Inox's English and Regional GBOC is likely to grow 10-15 percent QoQ, backed by movies, such as Mufasa: The Lion King, and Venom: The Last Dance.

Bad business

Looking at the business for the first six months, many exhibitors called 2024 the worst year for the Hindi film industry after the pandemic.

While Stree 2, which was released on August 15, turned the tables for cinema business this year with the movie collecting around Rs 884 crore worldwide and becoming the seventh highest grossing Indian film, dearth of new releases in the following months continued the losing streak.

In the first six months of 2024, it was déjà vu for film exhibitors when theatres were shutting down temporarily, or running fewer shows, and were finding it hard to make ends meet, a situation the exhibitors had faced during the two years of the pandemic. Adding to the woes were were re-scheduling and delay in releases of big movies like Kalki and Baby John.

One theatre owner had noted despite the success of movies like Stree 2 and Kalki, there is a long way to go to cover up losses that they suffered through multiple quarters.