PVR and Inox Set to Grow Premium and Luxury Cinema Formats.

New Delhi: Multiplex giant PVR Inox Ltd is set to expand its premium and luxury cinema formats, aiming to constitute nearly 14% of its overall portfolio, according to Ajay Bijli, Managing Director of PVR Inox Ltd. The company recently unveiled its second Maison cinema at Jio World Plaza in Mumbai, featuring two Insignia screens, one IMAX screen with laser technology, and three premiere screens. The property also offers a bar and lounge named Gatsby’s, along with a curated food and beverage menu by celebrity chefs Sarah Todd, Vicky Ratnani, Yutaka Saito, and Mayank Tiwari.

Currently operating 1,711 screens in India, PVR Inox includes premium formats such as IMAX, 4DX, Playhouse, Gold, LUXE, PXL, ONYX, Drive-in, and Director’s Cut. In December of the previous year, PVR collaborated with French exhibitor CGR Cinemas to introduce the high-end Ice Theaters format in India. This format enhances the viewing experience by incorporating side panels that, along with the main screen, create a peripheral vision for an immersive feel. Additionally, PVR partnered with French cinema architectural design company Ōma Cinema to design premium theaters featuring unique tiered balconies or ‘pods,’ reminiscent of opera houses.

Bijli emphasized the company’s focus on customization depending on the demographic of the mall they operate in within the diverse Indian market. The average ticket price for the six screens at the Maison property will be around ₹700, with luxury formats costing ₹1,200. Although the luxury formats may not attract large numbers, the goal is to captivate a focused audience. Premium screens involve an investment of over ₹5 crore, compared to ₹2.5-3 crore for a regular screen, making up for the difference through premium ticket and F&B pricing.

While IMAX and 4DX have faced challenges in maintaining consistent screenings due to the limited number of movies available, Bijli highlighted that premium cinemas are content-agnostic and designed to attract people irrespective of the film’s budget or niche appeal. PVR Inox plans to introduce premium formats in tier-two and three cities, extending its reach.

Furthermore, PVR Inox is set to launch updated versions of its Passport plan, aimed at enhancing capacity utilization on specific weekdays. The initial plan, introduced in response to concerns about high multiplex pricing, offered a monthly subscription pass allowing viewers to watch up to 10 movies per month for ₹699 between Mondays and Thursdays. The plan excluded premium and luxury formats and required a minimum three-month subscription on a recurring basis.

On the stock market, shares of PVR Inox Ltd closed at ₹1,722 on the National Stock Exchange, marking a 1.4% increase from the previous close.