The movie exhibition industry has found cause for celebration as the second quarter of FY24 gets underway. After a prolonged period of disappointing attendance and lacklustre earnings, cinema theatres are now rejoicing the massive success of three blockbuster films: Barbie, Oppenheimer, and Rocky Aur Rani Ki Prem Kahani.
Major cinema chains like PVR Inox are interpreting this triumph as a definitive shift in movie consumption trends and are making plans to maintain the momentum., as reported by CNBC-TV18's Shilpa Ranipeta.
The robust box office figures for July have solidified PVR Inox's confidence in upward trajectory. In contrast to the first quarter's meagre 22.3 percent occupancy rate, the debut of Oppenheimer and Barbie witnessed a remarkable surge, achieving a 68 percent occupancy during their opening weekend.
Oppenheimer is on course to surpass Rs 100 crore in earnings, while Barbie is anticipated to accumulate Rs 40 crore. Additionally, Rocky Aur Rani Ki Prem Kahani also kicked off with a promising 75 percent occupancy rate, bringing a much-needed sense of relief following a series of underwhelming releases from the Bollywood industry.
PVR Inox is further bolstering its outlook by placing reliance on a robust lineup of upcoming movies, which are poised to contribute significantly to the July-September quarter's performance. With this encouraging projection, the company aspires to conclude FY24 with revenues reaching Rs 7,000 crore.
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(Edited by : Keshav Singh Chundawat)
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