PVR INOX cinemas facing losses.? Closing soon...
PVR, Inox multiplex screens across the country are facing severe losses. The company has announced a net loss of more than Rs.333 crore in the latest quarter. The company has already announced that it is closing 50 screens due to losses at this level.
The film industry in the country has been facing a tough situation for the past three years. With the increase in OTT reach, people, especially the family audience, are not interested in going to cinemas. There is a situation where the common family is afraid of movie in multiplex.
For a family movie where four family members have to go to a multiplex, that means they have to spend 2000 to 2500. It this level the number of spenders in the current situation is very low. Who does not want to go unless it is a super hit movie.Most of the movies are coming in OTT within two or three weeks of their theatrical release.
So many people stopped looking at the theaters saying why go to the theaters. Those who used to say that they used to watch at least one movie a month now do not watch a single movie in a year. This situation clearly shows the difficulties faced by cinema in the country.