PVR Ltd. is targeting to become a Rs. 1,000 crore company in the next three years and intends to add around 220 odd screens to its portfolio all over India in the same period. The Delhi-based film distributor and exhibitor also plans to invest Rs. 100 crore next fiscal to expand its popular chain of multiplexes in the country.
In an exclusive conversation with IndiaRetailing.com, Sanjeev Kumar Bijli, Joint Managing Director, PVR, said: “We plan to end this fiscal with revenue of about Rs. 500 crores and plan to expand aggressively to double this figure to touch the Rs. 1,000 crore mark in the next three years.”
India’s leading retail entertainment company currently derives about 60 percent of its revenue from ticket sales, 25 percent from F&B, 10 percent from marketing and sales, and five percent from other activities. It has been growing at 15 to 20 percent over the last few years.
PVR runs 158 screens in 20 cities across the country and is all set to enter new markets such as Kolkata, Mysore, Nagpur, Jalandhar, Nanded and Pune this year itself.
In a move to extend its product line, PVR has launched a new super-luxury format in Delhi at the Ambience Mall, Vasant Kunj, to target high-end customers who do not mind paying a premium to see a movie in style. The Director’s Cut, as the new format is called, brings under a single roof four luxurious cinema halls, a café, a restaurant, a bar, a lounge, a pastry shop and an outlet selling movies-related books and merchandise.
There is also fully recliner seating with individual lamps next to each seat, along with 2K digital projection surround sound and 3D capability. All this will come at a price though – the tickets range from Rs. 650 on weekdays to Rs. 1,050 on weekends. The format has 282 seats – the largest auditorium can seat 108 people; the smallest, 25 – and the company expects an average occupancy of 40 to 45 percent.
Speaking on the launch, Ajay Bijli, Chairman and Managing Director, said: “Director’s Cut offers an unmatched luxury cinema viewing experience, something which has never been seen in India before. The format brings in the most innovative concept of fine dining to cinemas, with cuisine brought together by renowned chefs from India and abroad. The Director’s Cut also provides an option to patrons to be served gourmet offerings from the fine-dining outlet right at their seats in the auditorium.”
Sanjeev Kumar Bijli added: “Although Director’s Cut will screen popular current cinema, it will also showcase vintage and classic cinema and landmark television films. Film festivals will be an ongoing feature. We plan to make it a cultural hub showcasing distinguished speakers, exhibitions, lectures and performances.” The company is planning to offer memberships to a loyalty program that will offer various benefits to the regular patrons of Director’s Cut.
Sanjeev said that if the new format is successful, PVR will think of launching it in other cities such as Mumbai and Bangalore. “The concept requires high demographics and is will suited to the malls, but we don’t mind considering a standalone format too, provided a space of around 40,000 sq. ft. is available.”
PVR’s service offerings include low-cost multi-screen cinemas in Tier II cities called “PVR Talkies” at one end to premium cinemas in Tier I cities called “PVR Premiere” on the other. It also includes a film distribution and production business through its subsidiary, PVR Pictures.