With a lot of new movies and series streaming exclusively on OTT platforms, people are tending to stay at their homes and watch at their own comfort. Streaming platforms are now having a heavy load of users each month, far more than people visiting cinemas each month.
Platforms like Hotstar and Netflix have hugely impacted Cinema sales which have led them to introduce newer and lower ticket prices as well as special weekday offers. However, viewers have made up their minds and are in no mood to buy what multiplexes and cinemas have to offer.
In the middle of this huge problem faced by cinemas, PVR’s very own INOX has also suffered a huge drop in its quarterly sales. In contrast to its Rs 1.66 billion profit from the previous year, INOX reported a consolidated net loss of Rs 118 Million ($1.40 million) for the quarter that ended on September 30.
Whom can we blame? The people or the lack of good movies, it’s safe to say that there was a lack of good movies which kept viewers at home resulting in a huge loss for cinema belts.
With 38 million viewers, the well-known streaming service Disney+ Hotstar leads the Indian market, while Netflix is thought to have about 10 million. With a 25% decline in movie ticket sales and an 18% decline in food and beverage sales, PVR Inox’s overall revenue dropped 19% to 16.22 billion rupees for the September quarter.
As fans have a more structured approach regarding what to watch, it will be difficult for cinemas to overcome what they have lost.
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