Multiplex chain Cinepolis bets on blockbusters to drive double-digit revenue growth, executive says
Cinepolis
expects double-digit
revenue growth
in India this year as it opens more screens and bets on a major Hollywood and Bollywood lineup to bring in moviegoers.
Western studios are counting on this summer to reverse a downtrend worsened by the 2023 Hollywood writers' strike, with blockbusters including "Jurassic World: Rebirth" and "F1" hitting theatres through September.
"Hollywood has a very strong lineup, so (does) regional and Bollywood," said
Cinepolis India
Managing Director Devang Sampat, adding sharp marketing with malls and production houses could lift admissions, which are still 20% below pre-COVID levels.
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Theater chains
face increasing competition from streaming apps, concerts and live sports.
Still, Cinepolis, which operates 485 screen in India out of 6,800 globally, is looking to open 20-25 screens this year to drive revenue growth, Sampat said.
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As for longer-term expansion, the company is taking it "one year at a time," he added.
Sampat did not disclose 2024 revenue or profit but said Cinepolis' annual revenue over the years, excluding the impact of the pandemic, had grown in the high single-digit to early-double-digit percentage range.
According to industry data, Cinepolis reported a revenue of 13.46 billion rupees ($156.58 million) in the 2024 financial year, up 31% year-on-year, with net profit at 321 million rupees - its first annual profit in at least half a decade.
Meanwhile, analysts expect revenue at
PVR Inox
, India's largest
multiplex chain
, to grow roughly 18% in the fiscal year that started on April 1, led by a strong movie lineup and plans to add 100-110 screens to its network of over 1,700.
Indian multiplex revenues are expected to jump 20%-25%, fueled by big-budget movies such as "Mission: Impossible - The Final Reckoning", Rajinikanth's "Coolie", and Rishab Shetty's "
Kantara
: Chapter 1," said Shobit Singhal, research analyst at Anand Rathi.
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