The COVID-19 pandemic dealt a harsh blow to the entertainment industry, with movie theaters facing closures and uncertain futures. However, leading multiplex chain PVR INOX remained optimistic, focusing on creating unique experiences to entice audiences back. This strategic shift led to the exploration of alternative content formats like live concerts, sports screenings, and special broadcasts, offering moviegoers more than just traditional film experiences.
In an interview with YS Life, Sanjeev Kumar Bijli, Executive Director of PVR INOX, discussed the audience’s response to these new formats and the evolving trends shaping the theater industry.
Shifting Preferences: The Rise of Alternative Content
Bijli acknowledges the significant change in content consumption habits since the pandemic. While movies remain the core offering, alternative formats like concert films, live sporting events, and anime have garnered an overwhelming positive response. Music concerts featuring artists like Taylor Swift, Coldplay, Metallica, and BTS have provided a refreshing alternative to conventional movie watching and music streaming. This communal experience fosters community building and taps into the social aspect of entertainment. Similarly, live sports screenings, whether cricket or soccer, attract diverse audiences and offer a larger-than-life experience with shared fan enthusiasm.
Beyond Box Office: Engaging Audiences Differently
Comparing these new formats to movies solely based on revenue wouldn’t be an accurate reflection, Bijli explains. While they generate decent income, particularly during slow movie periods, their primary purpose is to engage and delight audiences. He emphasizes that traditional movies remain strong, but these alternative formats cater to specific niches and attract diverse age groups. Footfall for music concerts and sports screenings might vary, but special events often see heightened enthusiasm. This highlights a shift in audience preferences towards more interactive and communal entertainment experiences, while traditional movies maintain their position.
Curating Unique Experiences: PVR INOX’s Strategy
PVR INOX’s strategy revolves around meticulous market research to identify audience preferences and trends. They select content that aligns with current interests and provides unique, engaging experiences. This approach has led to the incorporation of diverse events like music concerts, sports screenings, and special broadcasts. For instance, screening the Ram Mandir inauguration in Ayodhya across 60 cities attracted over 30,000 devotees with a 70% occupancy rate, demonstrating the audience’s interest in non-traditional content.
Live Sports: Transforming Cinemas into Vibrant Stadiums
The response to live World Cup screenings has been phenomenal, mirroring the success of hit Bollywood movies. Even 50-over matches see significant occupancy for marquee clashes. These screenings transform cinemas into vibrant stadiums, with audiences passionately cheering for their teams. This trend underscores the growing role of cinemas as communal hubs for major sporting events, providing an immersive and unforgettable experience. The FIFA World Cup finals also surprised PVR INOX with healthy occupancies exceeding 60-70% for key matches, comparable to Hollywood blockbusters.
Music on the Big Screen: A Thriving Scene
Music concert screenings have also proven popular, with Taylor Swift’s “The Eras Tour” attracting a phenomenal turnout comparable to a blockbuster movie. Over 2.1 lakh fans enjoyed the screening, highlighting the power of shared experiences and watching their favorite artists on the big screen. K-Pop concerts have also been successful, particularly in Tier-II and Tier-III cities, demonstrating the genre’s widespread appeal.
OTT vs. Theaters: A Different Kind of Entertainment
While acknowledging the popularity of OTT platforms for alternative content, Bijli emphasizes the unique appeal of movie theaters. The communal experience, especially for live events, offers a social dimension that OTT platforms cannot replicate. While OTTs provide convenience, theaters deliver an unparalleled out-of-home experience. In fact, Bijli believes the content boom on OTT platforms has increased the overall entertainment appetite, fostering the coexistence of both formats.
Looking Ahead: An Exciting Lineup for 2024
PVR INOX’s alternative content lineup for 2024 promises a diverse and exciting array of experiences. Subject to agreements and approvals, they aim to screen the upcoming ICC Men’s T20 World Cup in June, marquee NBA matches, and the highly anticipated Taylor Swift concert. This blend of sports and entertainment reflects their commitment to offering audiences fresh and engaging options. Additionally, they remain open to exploring more concert and sporting options, shorter-duration content, and alternative uses for cinemas, including conferences, seminars, and media events.
PVR-INOX Merger: Delivering Synergies and Innovation
The PVR-INOX merger has been successful, generating positive synergies. The combined entity aims to leverage its increased reach to provide audiences with even more unique experiences, innovative content offerings, and continued engagement.
By embracing these emerging trends and investing in creating unique experiences, PVR INOX is ensuring its place in the evolving entertainment landscape, offering more
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