PVR predicts return of big-bang releases Betting on normalcy

PVR Ltd is in talks with Bollywood producers to release their movies in cinema halls rather than on streaming sites of Netflix and Amazon.com, now that the pandemic is easing.

The country's biggest cinema operator, which runs about 835 screens across 71 cities, is operating most theatres at half capacity due to Covid-related restrictions. However, it sees benefits in the "age-old strategy" of movies first coming to the big screen before being monetised on other platforms.

"This applies more to big films, where the yield per eyeball in theatre is still the highest as compared to all the other distribution platforms," Kamal Gianchandani, PVR's chief of strategy, said in an earnings call last week.

A number of Indian films starring top actors such as Amitabh Bachchan, Akshay Kumar and Vidya Balan opted for streaming platform release in 2020 as theatres were shuttered by shelter-at-home rules. Postreopening, Christopher Nolan-directed science fiction Tenet and superhero movie Wonder Woman were the only prominent releases before Tamil action thriller Master opened in theatres last week.

"We are hopeful that Master will be a case study based on which you will see—over the next few weeks—the Bollywood film guys and more south Indian regional guys planning the release calendar of the films which are currently ready," PVR's CFO Nitin Sood said.

PVR's shares, which snapped eight years of gains to fall about 30 per cent in 2020, have risen almost 14 per cent this year.

The Gurgaon-based company reported a loss of Rs 49.1 crore in the December quarter.