“One blockbuster can get revenues for three months. This year, we have had films like Jawaan, Gadar 2 and Rocky & Rani ki Prem Kahaani. People are coming back to movies, and regional content is equally fuelling this growth,” Gupta said.
The Wave group said it will add close to 35 screens shortly, on an investment of Rs 100 crore. The new screens will be in addition to its existing 10 multiplexes and 42 screens. The group launched Wave Multiplex in Gurgaon earlier this week.
“After the second wave of the pandemic, we all were worried that people were not coming back to theatres. But now, after blockbuster movies like Pathan and Jawaan, we are confident that cinemas are here to stay,” Gupta said.
He said Wave Cinemas is in discussion with different players in the food and beverages space for tie-ups within its multiplex premises.
A recent report by PriceWaterhouse Coopers (PwC) forecasted India’s media and entertainment industry to reach $73.6 billion by year 2027, at a growth rate of 9.48% CAGR. The report, Global Entertainment & Media Outlook 2023-2027, said while movie theatres had shut down through the pandemic and the Indian cinema sector suffered with significant losses, the sector is rebounding. According to the report, overall cinema revenue in the country grew sharply in 2022 to touch $1.1 billion, compared to $402 million in 2021. Revenue of the sector is expected to reach $2.3 billion by 2027, the report said.
