Multiplex operator PVR, which is counting on the upcoming content lineup for a strong revival of the cinema business, expects 2022 to be one of the biggest years for theatres.
"With a great content line up ahead of us we are hoping that 2022 will be one of the best years for the theatrical business," PVR chairman and managing director Ajay Bijli said at the 27th annual general meeting of the multiplex chain on July 21.
India was seeing one of the sharpest recoveries in the film exhibition business globally, he added.
"We had some of the biggest domestic releases over the last few months. KGF 2 became the second highest grossing movies of all time with domestic box office collections of Rs 860 crore, RRR followed closely with Rs 772 crore, The Kashmir Files with Rs 252 crore, Vikram with Rs 241 crore and Bhool Bhulaiya 2 with Rs 184 crore," he said.
Bijli also highlighted the losses company faced due to the COVID-19 pandemic over the last two years.
"FY22 continued to be impacted on account of COVID-19. The second and the third wave of COVID-19 made it difficult for the film industry to recover completely from the lows of FY21.
"The second wave started in April 2021 and lasted till July 2021 during which most of the cinemas were shut. After six consecutive quarters of operational losses, Q3 FY22 was the 1st quarter when the company delivered operational profit on the back of stellar content," he added.
The business, however, was hit again, this time due to the spread of the Omicron variant that shut down cinema halls. While no new films were released in January and for a large part of February, Bijli said there was a consistent flow of new content from the end of February, which led to a quick bounce in admissions in March.
"We ended up recording the highest monthly box office and F&B revenues in the month of March 2022 on the back of the highest ever ATP (average ticket price) and SPH (spend per head) growth recorded in any year," he said.
Bijli also talked about the PVR and INOX merger announced on March 27. "While strongly countering the adversities posed by the advent of various OTT (over the top) platforms and the after-effects of the pandemic, the combined entity would also work towards taking world-class cinema experience closer to the consumers in Tier 2 and 3 markets. The approval process for the merger is on track," he said.
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