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Cinepolis bets on blockbusters to drive double-digit India revenue growth
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 per cent below pre-COVID levels.
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.
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 per cent 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 per cent 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 per cent-25 per cent, 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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