PVR Commits to 10 New IMAX Theatres in Less Than a Year
IMAX and PVR, an exhibition chain in India, announced an agreement for five new theatres in India. The new theatres will be located in major metropolitan markets in a combination of new and existing flagship PVR Multiplex cinemas.
PVR currently operates a total of seven IMAX theatres across India that include sites that are among India’s top-performing theatres of 2017. Since the parties’ last theatre deal in April 2017, PVR Cinemas has tripled its commitment with the company from five to a total of 15 theatres—strengthening the exhibitor’s position as its largest partner in India.
Today’s agreement brings the company’s theatre footprint in India to 31, with 14 currently open and 17 contracted to open.
“Our agreement is a direct result of the success of our IMAX box office which, since 2016, has increased by 50% as the demand for IMAX among moviegoers in India continues to build.
“We are delighted to strengthen our longstanding successful partnership with IMAX, which we view as a competitive advantage to help solidify our leading position in India’s exhibition market,” said Mr. Ajay Bijli, Chairman & Managing Director, PVR Limited.
“We are very encouraged by our recent success and growth in India—where our theatres are performing extremely well at the box office and where we have doubled our network in the last two years. This momentum would not be possible without the support of PVR, a tremendous IMAX advocate and world-class exhibitor.
“India is the fourth-largest market by box office and one we view as a long-term growth opportunity. We also continue to re-master more and more Indian movies, and had record-breaking success with Padmaavat earlier this year. We believe these factors, combined with expanding our partnership with PVR, will help set the stage for continued expansion in this important emerging market,” said Mr. Richard L. Gelfond, CEO, IMAX.