PVR on Friday announced an agreement with M3M India to set-up an eight-screen multiplex at the latter’s recently developed luxury retail project in Gurugram – 65th Avenue.
The new multiples “has a huge potential and is expected to cater to about half a million population in the vicinity. We have gone ahead and signed the agreement and are looking forward to presenting the best of movie experience,” Sanjeev Bijli, Joint Managing Director, PVR Limited, said, adding that the company was also looking forward to take this association further with M3M India.
“I understand M3M India is coming up with a big project near the international airport and diplomatic enclave, which will have retail as well as residential complexes. I also understand that this will be located at a central point between Delhi and South Gurugram. Though we are exploring more on this project, we definitely have in mind to find an opportunity when it is announced,” he added.
Pramod Arora, Chief Growth & Strategy Officer at PVR Ltd., said while the pandemic situation had raised a lot of concerns around the movie theatre industry being ‘diametrically opposite’ to the OTT industry, this was not the case.” He added that content consumption via OTT had, in fact, helped the movie theatre industry expand its customer base and during the release of movies like Spiderman and Pushpa, trends showed “our industry is gaining more strength by the day”.
“Consumers are coming back and consuming entertainment/content at their preferred locations…the only thing is my consumer base has increased and my consumers have started consuming more…OTT helped us gain that position wherein they were able to help consumers get hooked on to content more,” he said.
