These days, Indian cinema is witnessing a different kind of crisis. No, it is not Bollywood that’d be our punching bag for the night. This time, it is the multiplexes, especially the conglomerate named PVR Inox Ltd. All it took was handling the PR for two overrated films, and today, they’re on the verge of shutting down some 50 screens in the next 6 months.
“Bhaari Nuksaan ho Gaya!”
To put things into perspective, PVR INOX Limited’s financial figures for the last quarter of the financial year 2022 to 2023 have been revealed. The company has officially registered a loss of 333 crores. This is about 226 crores more than the previous year, because in the same session in the financial year of 2022, a loss of 107 crores was recorded.
#PVRINOX reported a loss of ₹333 crores for the quarter Q4 FY23.
They are also planning to close 50 loss making cinemas in the next 6 months. pic.twitter.com/o1qjfdn1D9
— LetsCinema (@letscinema) May 16, 2023
Interestingly, much of this loss has happened in the last six months only, the impact of which is clearly visible. Some people believe that this happened because of the exorbitant ticket rates here, some believe that this happened because of the high cost of snacks. But there is another reason that few people are talking about: the Hindi film industry!
Also read: The Kashmir Files and now The Kerala Story: The pattern is unmissable
Fake figures won’t fill your stomach!
Now, how is this possible? How is this possible now? Spin the wheel of time a little, and head to January. Shah Rukh Khan’s much-anticipated “Pathaan” hit the theatres, and everyone from critics to trade analysts went gaga over it. But there were extremely strong reactions for the film. It was either absolutely great, or very bad, somewhere in between. But the response that was visible online was not visible offline at all. Despite this, Pathaan outperformed everyone at the Hindi box office, according to some, and is the most successful Hindi film in Indian history.
Interestingly, PVR and INOX also had a huge role in this fake PR. But this was not the first time. When Brahmastra came in 2022, they tried unsuccessfully to a poor film of that stature. They were telling such collections day by day, as if the next target is to break the audience record on Mars.
The consequences of ignoring this
For this very reason, a severe decline of Rs 101.35 was recorded in the share price of PVR in 2022, due to which the share price of PVR came down to Rs.1833. The share price of PVR had declined by 5.24 per cent. On the other hand, talking about INOX, its share price declined by Rs 25.30. Due to this, the share of INOX came down to Rs.494.90. The share price of INOX registered a decline of 4.86 per cent. Looking at the market cap of PVR and INOX, it is being said that both of them have lost around 800 crores.
PVR Inox to close around 50 cinema screens within the next six months which are operating at a loss.
Also to reschedule the opening of new sites to the next calendar year. This adjustment is being made due to Bollywood & Hollywood not recovering to pre-pandemic levels, according… pic.twitter.com/wubPUe0nc1
— AndhraBoxOffice.Com (@AndhraBoxOffice) May 16, 2023
Also read: Shabana Azmi and Anurag Kashyap come out in the ‘support’ of “The Kerala Story”
Anyway, when even The Wire starts doubting your product, trust me you’re in deep trouble. Yes, we are not kidding but leftist portals like The Wire and Indian Express also found Brahmastra junk and still the team of this film is telling its first day collection at 75 crores while its domestic collection is even beyond 40 crores. did not went. The same thing was repeated at the time of Pathan as well, and now the matter has come to shut down 50 screens. So much for bootlicking the elite Bollywood club!
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