Does eating popcorn and Pepsi at the movie theater burn a hole in your pocket? Often costing more than the movie ticket itself? There's also data to prove it. According to a new report, theater chain PVR Inox has made significant profits from its food and beverage business alone in the fiscal year 2023-2024.
More popcorn than movies?
PVR Inox earned Rs 1,900 crore from food and beverage sales alone in 2023. (Representative photo)(REUTERS) {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
According to a report by Moneycontrol, the F&B business grew faster than ticket sales. In the last financial year, restaurant sales increased by 21% and movie ticket sales increased by 19%. F&B sales stood at Rs 1,958.4 crore as against his Rs 1,618 crore last year. Movie ticket revenue stood at Rs 3,279.9 million compared to Rs 2,751.4 million in 2022-2023.
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PVR Inox Group Chief Financial Officer Nitin Sood told Moneycontrol that such a trend was seen last year as there were few hit films. Karan Taurani, senior vice president at Elara Capital, said, “Restaurants are making more money because they have more places than subways and subways where people can come to eat food, not necessarily watch a movie. “That's because we opened a lot of them,” he said. The company has also started shipping in very limited markets in certain locations as an experiment. Therefore, these aspects contribute to increasing the revenue of restaurants. ”
expensive meals at movie theaters
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Moviegoers in India often complain about food and beverage prices in movie theaters. Last July, one person's tweet that said, “Popcorn costs more than his OTT subscription for a month” went viral. PVR responded with new offers for patrons, including bottomless popcorn containers. They shared a photo and wrote: “We at PVR believe that every opinion matters and should be respected. We bring this update to you and all movie fans in India #PVRHeardYou.”
Last week, quick-service restaurant operator Devyani International (DIL) and film exhibition company PVR INOX announced on Tuesday that they will jointly form a company to develop and operate food courts in shopping malls in India.
The partnership will allow DIL and PVR INOX to reach a wider audience and expand their market presence, the companies said in a joint statement.
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“This partnership further strengthens DIL's position in the food court business in India and paves the way for further growth and expansion opportunities… DIL is one of our strategic growth pillars for the future We will continue to work towards expanding our food court business in India. Ravi Jaipuria, Non-Executive Chairman, said:
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