“We need studios to ramp up production to keep audiences coming back for more,” he said, addressing the audiences at the global theatre industry trade show, which was held from April 24-27 this year.
Alluding to the trend of releasing films directly on over-the-top (OTT) platforms during the pandemic, Bijli urged the stakeholders to ensure that theatres remain the first window of film monetization. He also stated that increasing the theatrical window of a film is an idea whose time has come. In its earlier corporate presentation, PVR Inox stated that the theatrical window had been extended to eight weeks in India.
“With all the experimentation behind us, a theatrical window must stay. Windows have existed for decades, studios have created events around IP and made it more valuable. We need to maintain the monetization journey that’s always been there for content. Increasing the window further is not a thought that we should shy away from,” Bijli noted.
Weighing in on the theatre vs. streaming debate, Bijli said that the two platforms are here to coexist.
“Consumers should be given a choice, but in such a manner that the overall pie of the film industry increases and everybody benefits and can co-exist. These are two completely different concepts for watching movies. It’s utilitarian vs. experiential,” he explained.
Pointing to the recent news that Apple and Amazon will invest more in content for theatres, Bijli hoped that other streamers would also follow suit.Speaking about the PVR-Inox merger, Bijli said that the joint entity is now the fifth-largest listed multiplex chain globally.
PVR Inox, he added, attracts around 180 million annual admissions with revenues of $700 million annually. “We currently operate approximately 1700 screens in 115 cities in India and Sri Lanka, and we’re also very proud to have the highest admissions per screen per year of about 1,26,000 customers.”
Bijli also stated that cinema chains are India’s top out-of-home entertainment destination. He said India has the highest number of admissions globally.
Furthermore, over 1800 films are produced in the country annually in over 20 languages. The Indian box office collection surpassed $1.3 billion in 2022.
“Consumers are looking for an out-of-home entertainment experience, and there is no compromise that we have made in delivering the wow factor right from the entry to the exit,” Bijli said.
