PVR Inox backs Aamir Khan’s YouTube release strategy, pushes for pay per view path

sitaarezameenpar

India's top multiplex chain PVR Inox is backing Aamir Khan's strategy of releasing his latest venture Sitaare Zameen Par on YouTube for Rs 100 while ditching the streaming premier.

The exhibitor expects a new release playbook if more filmmakers adopt the pay per view model.

"If this model proves to be financially viable, then it will enable a broader audience reach because YouTube as a platform is accessible by a large number of Indian consumers as compared to streaming platforms. If this comes out to be a great model, then it could potentially encourage more producers to experiment with similar models on YouTube in future. This approach will also benefit the theatre business because if the pay-per-view model does well, then the film will get delayed for streaming or there possibly could not be any release on a subscription platform at all," Gaurav Sharma, Chief Financial Officer (CFO), PVR Inox told Moneycontrol.

Sitaare Zameen Par ran exclusively in cinemas for a period of one-and-a-half months and did business of Rs 200 crore. PVR Inox contributed nearly 45 percent of the film's box office collection.

The multiplex chain's total box office grew 21 percent to Rs 863.3 crore in the June quarter of FY26 from Rs 711.8 crore a year ago. Its Bollywood gross box office collection (GBOC) increased to Rs 387.6 crore from Rs 280.4 crore in Q1 FY25.

Along with Hindi films, the English movie business also made a comeback with the Hollywood box office crossing Rs 200 crore after almost two years. Hollywood business was up 72 percent to Rs 225.7 crore in Q1 FY26 from Rs 131.3 crore during the same period a year ago.

Due to the bounce back in Bollywood and Hollywood business, Sharma expects a blockbuster FY26.

FY26 will be one of the best performing years post-Covid, driven by a strong content slate and high consumer demand and a recovery across urban and tier two, tier three centres, he added.

"The content lineup for the full year looks far better and stronger than what it was last year across Hindi, regional and Hollywood. We have seen a sort of trailer in quarter one where Bollywood bounced back, especially the mid-scale movies which were struggling in the post-Covid era."

Saiyaara or Mahavatar Narsimha have become sleeper hits, he added.

"Sleeper hits because they have worked purely on the basis of word of mouth. Their success indicates that people are preferring stories over stars. Mahavatar is a 3D animation film. It is not a film which has a star or a hero or actress or it doesn't come from a big studio. But the film's content is nicely made, connecting with the audience and the occupancy levels are through the roof. The film has already done over Rs 60 crore at the box office in India."

Released on July 25, Mahavatar Narsimha is nearing a global box office of Rs 150 crore. The film is made on a budget of around Rs 15 crore.

Sharma added that he can't think of any other animated film that was made in India which did such a strong box office business. "There are hardly any animated films made in the country. But animation as a genre is very big in the rest of the world. Some of the biggest films last year were animated films. Globally, animated films are not meant for children alone. It's for families. This is a positive trend that the Indian audience is also becoming open to animated films and going to cinemas with families. Hopefully, it will ignite a good cycle of more good quality animated films. India has a lot of talent for creating VFX (visual effects), animation."

The cinema business has fired on all cylinders since the beginning of FY26. July has been the biggest month for us so far in this financial year, Sharma said, adding that the month delivered the highest monthly admissions in the past 18 months. This growth has been driven by steady performances across languages, led by titles such as Saiyaara, Superman, Jurassic Park: Rebirth, Mahavatar Narsimha, Fantastic Four: First Steps, and Metro In Dino, along with continued momentum from F1 and Sitaare Zameen Par.

The CFO noted that there were five Hindi films crossing Rs 100 crore at the box office and three Hindi films crossing Rs 200 crore. "Despite no blockbuster film in quarter one, we have seen a very steady content flow and a very steady content performance."

Some of the biggest Bollywood films are lined up this year, Sharma noted.

"Bollywood has done very well after the slowdown last year. It's come back with big franchise films, starting with War 2 releasing on August 14 ahead of Independence Day along with Rajinikanth's Coolie. Then there is Jolly LLB 3  and Border 2, among others. From Hollywood's stable we have one of the biggest films Avatar: Fire and Ash. With such a diverse slate, we expect audience traction will be strong."

He added that the volume of films is also back.

"We saw a sort of erratic and volatile volume (number of film releases) last year. That was because producers were a little unsure about what sort of content needs to be created post-Covid. A lot of big films with big star casts did not do well. But there has been a lot of learning in the long gestation period. Whether it is Jio Studios, YRF (Yash Raj Films), Maddock and other big studios, they all have a mix of mid-scale star casts as well as big star-led films. And there is a steady release calendar."

There will be a movie releasing every two weeks and this momentum is important. People's habit of going to see a movie in the cinema is driven by a continuous flow of films and films that resonate with them.

While PVR Inox narrowed its losses to Rs 54 crore in the June quarter of FY26 from Rs 179 crore in the year ago period, analysts expected better performance with losses going down to around Rs 34 crore in Q1 FY26.

The June quarter recorded a loss of nearly 6–7 lakh admissions due to disruption caused by ‘Operation Sindoor’, protests surrounding the release of the Punjabi film Akaal, and the indefinite suspension of anticipated Punjabi film Sardaarji 3.

On the other hand, alternate content continued its momentum in PVR Inox screens.

Alternative programming including re-releases, IPL (Indian Premier League) matches, concerts, and comedy shows collectively drew over 5 lakh admissions during the June quarter. "Last financial year, alternate events roughly contributed around 4 percent to our footfall which in the overall scheme of things is not substantial, but it is increasing."