leading multiplex chain PVR ltd, a player of the premium segment, is planning to expand its footprint to smaller towns with 150 low cost screens under its ‘PVR Talkies’ in the next 2-3 years.
On Tuesday PVR tied-up with Dolby laboratories for new technology ‘Dolby Atmos’. The company will install Dolby Atmos in 50 of its cinema screens across the country over the next two years.
“We are seeing good growth in low cost cinemas. We are opening low cost cinemas in tier II and tier III cities. We are following three pronged strategy for growth and will open 150 such low cost screens in the next 2-3 years,” said PVR ltd Chairman and Managing Director Ajay Bijli.
PVR is currently operating 80 screens under ‘PVR Talkies’ brand. It has three brands across different price points -- PVR Talkies, PVR Cinemas and PVR Premium. Overall, it has 474 screens in 43 cities in India.
PVR said it will install Dolby Atmos technology at 50 screens in two years time for better sound experience. “We will invest about 40 odd crore to install this technology across 50 PVR screens,” Bijli added. At present, Dolby Atmos technology is available at 100 screens.
On expansion, Bijli said: “I don’t see any more consolidation. lot of action happened last year, if something has to happen probably again after some time. Only serious players are left now. We will open 60-70 screens every year. With the pace of development of malls in India, we think opening 60-70 new screens is ok.” last month, PVR acquired real estate major DlF’s DT Cinemas for `500 crore.