business

PVR INOX To Put Curtains Down On 50 Screens After Q4 Loss Trebles To Rs 333 Cr

After experiencing a threefold increase in losses in Q4, PVR-Inox has announced its decision to shut down 50 screens across the country within the next six months. The company has also put its expansion plans on hold, citing the screens' unprofitability or their location in malls that have reached the end of their life cycle. Consequently, reviving these screens was deemed unfeasible. However, the entertainment industry as a whole continues to face challenges, with multiplex owners struggling to attract sufficient occupancy post-COVID. Furthermore, the industry has witnessed a decline in the number of Hollywood releases, while the demand for OTT platforms has increased, altering movie-goers' preferences.

first published: May 16, 2023 09:45 pm