Hindi
PVR expecting full recovery over the next couple of quarters: Chairman & MD Ajay Bijli
Mumbai: At the investor conference call post the announcement of its first quarter results, multiplex chain PVR’s chairman and managing director Ajay Bijli, said that the company is expecting a full recovery over the next couple of quarters.
“Given the excellent performance of the movies in the last few months and a very promising lineup of content that is up for release during the rest of the year, we are expecting a full recovery in admissions and advertising income over the next couple of quarters. I believe that this year will be a great year for the company,” he added.
PVR CFO Nitin Sood noted that there is still a large segment of people who have not shown up at the cinemas. “Our sense is that it will take a few months for the full recovery to play out as more films get released across theatres, as more genres of films get released across theatres, whether it is Hindi films or big tent poles like Avatar, which will draw consumers back to cinemas. So, the full recovery will take another six months to play out. Our sense is that by December 2022, when we have had a big run of films, effectively, recovery should take shape fully, because you must also understand that in a country like India, there is a very large segment of people who show up at the theatres only once or twice a year. So, for that to play out, you have to give it time and see a full recovery. So, our sense is by the end of December 2022, we should hopefully be able to see some of that.”
Offering a quick update on the progress on the proposed merger of Inox Leisure with the company, Bijli said, “Both the companies got no objection certificates from the two stock exchanges, i.e., Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), on the proposed scheme of the merger, and we are in the process of filing our application for the approval of the scheme of merger with the National Company Law Tribunal (NCLT) in the next couple of weeks. I am told that the NCLT process typically takes anywhere between five and seven months, so we seem to be on track.”
Bijli is bullish on the content pipeline moving forward, he added, “The content pipeline in the months ahead looks promising. Over the next few months, we have several big-budget Bollywood movies lined up for release, like “Shamshera,” “Lal Singh Chaddha,” “Brahmastra,” and “Vikram Vedha.” From Hollywood, we have “Bullet Train,” “Paws of Fury,” “DC League of Super-Pets,” amongst others. From the regional genre, we have “Vikrant Rona,” “Liger,” “Godfather,” and “Ponniyin Selvan.””
On the screen expansion plans, he said that the company opened 14 screens across three properties in the last quarter and is fast ramping up its capex plan to open a total of 125 screens by the end of the current fiscal. “About a third of our new screen additions will be in the tier two and tier three cities, and we will be entering 9 new cities during the year. The entire capex will be funded through internal accruals and liquidity available to the company. Our screen portfolio currently stands at 854 screens across 173 cinemas in more than 75 cities in India and Sri Lanka,” he explained.
When asked about Hindi movies not doing well, he said, “No, there is no issue. I think it’s too early; it’s only been three-four months since movies have started coming out, and basically, I am not going to write-off Hindi movies so soon. There are some big movies lined up.” He added that one quarter is too short a timeframe to draw any conclusions that only regional terms will dominate and Hindi will not do well anymore.
He said that people just want to watch whatever appeals to them and it just so happens that two big regional language films did exceedingly well and they overshadowed other releases.
PVR Pictures’ chief of business planning and strategy & CEO Kamal Giachandani noted that Hindi films have done well. ““Gangubai,” “Kashmir Files,” “Bhool Bhulaiyaa,” even “Jug Jug Jiyo,” which came out recently, have all done well. And also, we have to keep in mind that “K.G.F” and “RRR” actually performed a lot better in the Hindi version. Whether you would categorise them as a Hindi film, or would you consider them as a Kannada or a Telugu film, is a matter of debate. It depends on which angle you are looking at it from. But we think of them as Hindi films and the way we look at it is that if “RRR” and “K.G.F,” which are films essentially dubbed into Hindi, can do so well, imagine a Hindi film in the original version with a popular actor or with multiple popular actors, will connect to the audience. Imagine the upper limit for those films. Imagine the potential for those films. So, we see it as a big positive, and those were the three elements that made us think content is done well; these four months have done so well for us,” he mentioned.
On the admissions front he said that when the company looks at the lineup that will come in the third and the fourth quarter of the fiscal it feels fairly confident that this could turn out to be a year which will end up with aggregate admissions which are a lot better than what was achieved in 2019- 20. “We feel extremely buoyant looking at the lineup and the response that we have got from the audiences. That said, our business is of hit and miss. I think it’s best to look at it on an annual basis rather than on a quarter-to-quarter basis in terms of admissions. There are segments like Hollywood films which have a depressed number in terms of quantity. Quality is fantastic, “Dr. Strange,” “Spiderman,” “Top Gun,” all of these films have exceeded the expectations, “Jurassic World.” But as far as the quantity goes, studios are still ramping up their production. Same is the case with Hindi films, producers are still ramping up their production. There has been a lot of disruption in terms of shooting over the last two years. We could have some surprises as we move forward but I think at an annual level, the entire financial year we are looking at a very strong set of numbers in terms of admissions.”
Talking about the ad scene, PVR CEO Gautam Dutta said that in the second quarter the company should be getting its averages a lot better than the pre-Covid numbers of Q1 as compared to Q1 of last year. “So, currently we are in a gap of about 38 per cent, which should be reduced to about 20 per cent or so in Q2. By Q3, which is really a festive period and a lot of advertisers begin to advertise, we believe that we will be within the pre-Covid levels or maybe five or seven per cent lower. I am very certain that by Q4 we will end up sort of exceeding the pre-Covid numbers. So, that is going to be the trajectory, and having said that, yes, there has also been a big churn in the advertisers who used to come earlier to now.
“We are seeing a lot of traction with new age advertisers who have come in, some of the FMCG and the multinational brands are taking a little more time. We hope that by quarter three they would possibly be back at the cinemas, so that’s largely what it is. Retail clients are showing a quicker turnaround, and we are seeing that while the RO size is small, they are kind of coming back to cinemas much faster. So, overall, I think quarter two is going to be a little under pressure but the average will get better than what we have achieved in Q1, but Q3 is really where I believe that we will be largely in the hitting range of pre-Covid numbers,” Dutta added.
Hindi
GUEST COLUMN: Why film libraries & IPs are the new engines of growth
Unlocking value through catalogue strength and IP synergy
MUMBAI:In a media landscape defined by fragmentation, platform proliferation, and ever-evolving audience behavior, the economics of filmmaking are undergoing a fundamental shift. No longer confined to box office performance, a film’s true value is now measured across an extended lifecycle that spans digital platforms, syndication networks, and global markets. As content consumption becomes increasingly non-linear and algorithm-driven, film libraries and intellectual properties (IPs) are emerging as strategic assets, capable of delivering sustained, long-term returns. For Mohan Gopinath, head – bollywood business at Shemaroo Entertainment Ltd., this transformation signals a decisive move from hit-driven models to portfolio-led value creation. In this piece, Gopinath explores how legacy content, when intelligently repurposed and distributed, can unlock recurring revenue streams, why the interplay between catalogue and original IP is critical, and how media companies can build resilient, future-ready entertainment businesses.
For all these years, we thought that a film is successful if it performs well in theatres. There are opening weekend numbers, box office milestones, and distribution footprints that gave a good picture of how the movie has done commercially and also tell us about its cultural impact. However, there are multiple platforms today, always-on content ecosystem, which has caused a shift. Today, the theatrical performance is not the culmination of a film’s journey but merely the beginning of a much longer and more dynamic lifecycle.
Film libraries today are emerging as high-value, constantly evolving assets that deliver sustained returns well beyond initial release cycles. This becomes a point of great advantage for legacy content owners with diverse catalogues, to shape long-term business outcomes.
According to FICCI-EY, the media and entertainment industry of India achieved a valuation of Rs 2.78 trillion in 2025 which is expected to reach Rs 3.3 trillion by 2028 through a compound annual growth rate of approximately 7 per cent and digital media will bring in more than Rs 1 trillion to become the biggest sector which generates about 36 per cent of overall market revenues.
This shift is the expansion of distribution endpoints. We know how satellite television was once the primary secondary window but today, it coexists with YouTube, OTT platforms, Connected TV, and FAST channels. Each of these platforms caters to distinct audience demographics and consumption behaviors, helping content owners to obtain more value from the same asset across multiple formats.
For instance, films that had great reruns, now find continuous engagement across digital platforms. On YouTube, classic Hindi cinema continues to attract significant viewership, reaching audiences across generations and geographies with remarkable consistency. At Shemaroo Entertainment, this is reflected in our film library shaped over decades as part of a long association with Indian entertainment. From classics such as Amar Akbar Anthony to much-loved entertainers like Jab We Met, Welcome, Dhamaal, Phir Hera Pheri, Dhol, Golmaal, and Bhagam Bhag, many of these titles continue finding new audiences while retaining their place in popular memory. Their enduring appeal reflects how culturally resonant stories can continue creating value over time. Similarly, FAST channels have created curated, always-on environments where catalogue content can continue to thrive through star-led and genre-based programming.
This multi-platform approach has very well transformed films into long-tail IP assets which are capable of generating recurring revenue across advertising, subscription, and syndication models.
The evolution of audience behavior is equally important. Nowadays, it’s more important to find what’s more relative than what’s recent as viewers are more influenced by mood, memories, and algorithmic suggestions than by release schedules. Even if a movie was released decades ago, it can trend alongside a newly released movie, if surfaced in the right context. Thoughtful packaging, whether through festival-based playlists, actor-driven collections, or genre clusters, allows catalogue content to remain dynamic and continuously discoverable. Shemaroo Entertainment has built extensive film libraries over decades and its focus has mostly been on recontextualizing content for the consumption of newer environments. This process doesn’t just include digitization and restoration, but also re-packaging of films as per platforms.
Syndication itself has evolved into a key growth driver. In perspective, when looking at the domestic market, curated content packages continue to find strong demand across broadcast and digital platforms. Meanwhile, in the international market, especially in markets like Middle East, North America and Southeast Asia, the appetite for Indian content is opening up new monetization avenues. Here, the ability to package and position catalogue content effectively becomes as important as the content itself.
Importantly, the need to re-package catalogue content does not diminish the role of new content. In fact, originals and fresh IP are essential to sustaining the long-term value of a film library because they act as discovery engines that bring audiences into the ecosystem, while catalogue content drives depth, retention, and repeat engagement.
This interplay between the “new” and the “known” is what defines a robust content strategy today. While new films generate spikes in consumption, catalogue titles offer familiarity and comfort. These are factors that are increasingly valuable in an era of content abundance and decision fatigue. This is also shaping our strategy, drawing value from both a deep catalogue assets and a growing focus on original IPs to strengthen long-term audience engagement and build more predictable revenue streams.
There is growing recognition that long-term value in entertainment will be shaped not only by how intelligently existing content continues to live, travel and find relevance, but also by how consistently new stories are created to renew that ecosystem. In that sense, film libraries and original IP are not parallel bets, but reinforcing engines of growth. For media companies, the opportunity lies in making these two forces work together, because that is increasingly where more resilient and predictable businesses are being shaped.
Note: The views expressed in this article are solely the author’s and do not necessarily reflect our own.
