Yesterday, a report hit the market indicating that although the OTT market is booming like never before, most Indians still prefer cinema halls and theaters for their cinematic experience.
The staggering number is 98%, but the actual count of people who go to theaters to watch movies is remarkably low. The major turn-off is obviously the high prices, and PVR previously attempted to address this issue occasionally.
From cheap weekend deals to discounts on tickets, they still couldn’t sustain year-long attention. However, this new step has the potential to entice people back to enjoy theaters, and they’re taking a cue from OTT platforms.
PVR and Inox will be launching a subscription plan to attract new audiences and provide them with the ‘real cinema’ experience.
According to a company representative, they are preparing to introduce a monthly plan priced at Rs 699. This plan will allow customers to watch 10 movies on weekdays at a cost of Rs 70 each.
The subscription plan has some important terms and conditions to note. It’s valid only on weekdays, not applicable in the southern part of India, and excludes premium screen formats like Insignia and Imax, among others.
Also, the plan allows an individual to book one ticket a day, and during booking, a government ID needs to be presented.
Both the 31-40 age group and the 41-plus age group have witnessed a decline, with a 31% decrease for the former and a 39% decrease for the latter. The declining trend isn’t limited to age groups; it also applies to weekdays in terms of attendance, as theaters face challenges in filling seats.
In terms of this quarter, PVR and Inox are expected to have a phenomenal performance as they registered a significant number of footfalls in the September quarter. The industry is still in recovery mode as theaters work on boosting attendance.
In this quarter, the expected occupancy is 32%, which is very close to the pre-COVID statistic of 33%.
The new subscription plan is poised to make movies more accessible, and despite challenges, the industry is on a path to recovery. This shift could ultimately redefine the way audiences enjoy the magic of the silver screen.
