The Coronavirus (COVID-19) outbreak and the subsequent lockdown from March 25 has forced a large majority of Indians to stay indoors. Binge watching shows, movies at home has become the new way to pass time and this is helping sale of television sets, according to Devita Saraf, chairperson and CEO, Vu Technologies.
In an interaction with Moneycontrol, Saraf explained that ‘Vu’ has sold over 50,000 television sets in May. The Indian television brand had sold 15,000 TVs in May 2019, which means the company witnessed volume growth of three times in May 2020.
Looking at the demand, Vu has launched its new range of 4k televisions in a price band of Rs 25,999-48,999.
“People are holed up at home. Movie theatres are shut and visiting malls is still not considered safe, especially with children and senior citizens at home. Hence, viewing shows at home is how families are spending weekends at home. This is what is driving our TV sales and our new launch is to cater to the evolving needs,” she said.
The new 4k televisions come with 40 percent enhanced brightness and backlight controller, which Saraf said will improve the picture quality of the TV even when it is being viewed in the afternoon with bright sunlight.
Another addition is the parental block which will control what the children watch. Saraf explained that OTT platforms are often not family friendly.
“These OTT platforms may not censor content. Hence, our parental lock feature will set preferences for what a child can or cannot watch,” she added.
Business growth
The television industry has seen a slowdown since 2019 with manufacturing costs on the rise and falling sales. However, Saraf said that the company has posted a Rs 1,000 crore revenue in FY20. This is similar to the previous year's numbers.
TV prices had fallen in FY20 due to a fall in panel prices globally.
“We are seeing that there is a shift in customer buying behaviour from purchasing TV brands from China or South Korea to homegrown brands like ours. Even for the highest end 100-inch television, we are seeing a demand from billionaires,” she added.
In September 2018, Vu had launched its 100-inch television for Rs 20 lakh. This was launched exclusively at their retail stores.
Going forward, Saraf said that demand for televisions would only rise as TVs become an outdoor entertainment replacement.
“We planned early and were able to do remote servicing of products through a dedicated team. Demand for our products will stay high because movie viewing at theatres is also becoming very expensive,” she added.
Uncertainty around opening up of movie theatres is forcing film makers also to take the digital route to release films. Industry insiders said that this could also boost TV sales in India in FY21.
Ayushmann Khurrana and Amitabh Bachchan-starrer Gulabo Sitabo, Jyothika's Ponmagal Vandhal and Janhvi Kapoor's Gunjan Saxena: The Kargil Girl are among films that are releasing directly on OTT platforms in India.
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