Leading multiplex operator PVR expects its annual footfall across India to cross the 100 million mark in the next two years, according to a top company official.
According to a PTI report: It is currently on an expansion spree with plans to have around 1,000 screens by 2022, from the 600 at present.
“We will get to about 1,000 screens by 2022 as per our internal target and we should be able to cross the 100 million mark in terms of consumer visits annually in about two years from now,” CEO, PVR, Gautam Dutta told PTI.
He was further quoted by PTI as saying: “We today cater to 75-80 million consumers annually and we would want to take this number to at least 100 million very soon. We are on that journey.”
Asked about the number of screens PVR would require to cater to an annual footfall of 100 million, he put it at 100- 150 screens more.
The Delhi-based company has crossed the 600 mark last week and is adding around 75 screens every year with an investment of Rs 2.5 crore on each new screen.
“We are investing around Rs 170 crore every year in building these 75 screens. However, in some formats, the average per screen is higher than Rs 2.5 crore and lower in some,” Dutta told PTI.
While the company is extending its footprint in Tier II and III places, it is ramping up its offering in the premium segment in existing markets.
PVR is aiming to have 25 per cent of its total screen format in the premium category such as Imax, Gold Class, ECX, Imax or 4DX.
To a query on how much time it will take to achieve the target, Dutta told PTI, “about another two to three years”.
“Now, more newer formats are opening in metros to cater to the premium audience, and as and when they keep opening in about 2-3 years, we should have at least 25 per cent of our portfolio in the premium segment,” he was further quoted by PTI as saying.
Last week, PVR had opened three new screens in the capital’s Chanakya Mall, where the iconic Chanakya theatre of yesteryears used to operate, taking its total screen count to over 600.
“We have re-branded it and designed it as Delhi’s first ECX (enhanced cinema experience). This is our brand which we have launched in Mumbai and Delhi has not seen (it) earlier,” he added.
In 2016-17, PVR earned a revenue of Rs 2,002.01 crore.