Cinema treats often hit wallets harder than the movie ticket itself, and recent fiscal data underscores this reality. PVR Inox, a leading theatre chain, has reported substantial gains, largely fuelled by its food and beverage (F&B) business.
(Also read: PVR-INOX Set To Bring The Terrifying Reboot Of Slasher Horror The Strangers: Chapter In India; DEETS Inside!)
Revenue From Food & Beverages Showed Better Growth
Breaking a notable trend, revenue from F&B sales surpassed that of box office ticket sales.
The Moneycontrol report indicates a 21% surge in F&B sales, compared to a 19% growth in movie ticket sales for the fiscal year 2023-2024. F&B revenues soared to ₹1,958.4 crore, up from ₹1,618 crore the previous year, while ticket sales climbed to ₹3,279.9 crore, from ₹2,751.4 crore in 2022-2023.
Here’s What PVR INOX’s CFO Said
Nitin Sood, PVR Inox’s Group CFO, attributes this trend to a shortage of blockbuster movies last year. Karan Taurani, Elara Capital’s senior vice-president, points out the proliferation of cinema outlets in both metro and non-metro areas, where patrons can enjoy food without necessarily watching movies, as a contributing factor to the F&B revenue surge. PVR’s experimentation with delivery services in select markets also played a role in boosting F&B sales.
The steep prices of snacks and beverages in cinemas have long irked Indian moviegoers. This sentiment gained momentum last July when a tweet lamenting the cost of popcorn compared to a month’s subscription to an OTT platform went viral. In response, PVR introduced a new offer featuring bottomless popcorn tubs, demonstrating its commitment to addressing customer feedback.
In a recent development, Devyani International Ltd (DIL), a quick-service restaurant operator, and cinema exhibitor PVR INOX announced their collaboration to establish a company dedicated to developing and operating food courts within shopping malls across India. This strategic partnership aims to leverage its combined strengths to expand its market presence and cater to a broader audience.
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