We may do 2-3 more films with Aamir'
DNA India 13 Jan 2009
Arcopol Chaudhuri
PVR Ltd's subsidiary PVR Pictures has struck gold twice at the box-office through its two co-productions with Aamir Khan. Currently, the company is sitting on a slate of independent low-budget productions which will release in the coming months. In this interview Bijli, Ajay Bijli, chairman and MD, PVR Ltd, told Arcopol Chaudhuri that the company is confident of beating this financial year's growth rate in the coming FY.
Excerpts:
You recently launched PVR Cinemas at Phoenix Mills. Do you have a 3D screen in place, considering a long pipeline of international 3D releases in 2009?
We'll make one screen 3D-enabled here. We have to spend more on it, because it is supposed to have a curvature. With 7 screens, PVR Phoenix is the biggest multiplex in Mumbai. PVR's biggest property is in Bangalore with 11 screens at Koramangla. Another 11-screen property is coming up in the city.
The launch of new multiplexes must have been affected by the economic slowdown...
In the multiplex business, expansion is a function of a real estate. If we were dependant on one or two developers, and if their plans get stalled, then we get affected. Our strategy was always not to tie up with one developer. Fortunately, most of our developers aren't financially so stressed that they've had to put off their projects. Wherever they are doing multiple projects, our growth has been impacted — some pockets in Bangalore, Chennai, Udaipur and Amritsar. This has meant that our projects have got postponed to the next financial year. This means, we'll be growing faster in FY09-10. In FY08-09, we targeted launching about 40 screens but managed only about 24.
How many will you launch next FY?
If all goes well, we'll launch about 50 screens at about Rs 2 crore per screen. We've signed enough projects so that even if 20-30% of projects do not materialise on time, then the rest are enough to see us through in the next FY. Multiplexes add value to a mall. For example, on any Sunday, Phoenix Mills gets 22,000 visitors. Last week, after PVR launched, the number rose to 41,000.
Has the nature of the deals changed with developers?
We're doing revenue sharing deals, rather than fixed rental deals. Some of our existing properties already have it in practice and most of the new ones are using revenue sharing deals.
How are you utilising the PE funding of Rs 120 crores that PVR Pictures received?
We'll produce about 4-5 films projects in a year. Annually that'll mean about spending about Rs 60-70 crores. Taare Zameen Par, Jaane Tu Ya Jaane Na, Contract were low budget films and the plan is to continue the trend. We even have a movie at a Rs 2 crore budget. It's logical. It hasn't been practiced in the industry, so we want to put it into practice. In distribution, we'll do about 20-25 films in a year, wherein we'll invest in prints and publicity.
With successes like Taare Zameen Par and Jaane Tu Ya Jaane Na, it seemed like you found a perfect co-producer in Aamir Khan. Why haven't you signed more projects with him?
We may do more films with him. He's got 2-3 ideas that he wants to discuss.
As a multiplex business, have you thought about ways to combat something like IPL?
Both forms of entertainment have to co-exist. This year, I'm hoping the film industry to continue releasing films. Secondly, I hope the organisers give multiplexes telecast rights for the matches.
If the latter doesn't materialise, how do you save yourself from poor occupancies?
I think Bollywood must take IPL head-on. Last year, during IPL, occupancies were low because there wasn't good content. Tashan was the biggest release and it did not fare well because audiences did not like it. But if say, a Ghajini releases during IPL, it'll still do as well.
c_arcopol@dnaindia.net
DNA India 13 Jan 2009
Arcopol Chaudhuri
PVR Ltd's subsidiary PVR Pictures has struck gold twice at the box-office through its two co-productions with Aamir Khan. Currently, the company is sitting on a slate of independent low-budget productions which will release in the coming months. In this interview Bijli, Ajay Bijli, chairman and MD, PVR Ltd, told Arcopol Chaudhuri that the company is confident of beating this financial year's growth rate in the coming FY.
Excerpts:
You recently launched PVR Cinemas at Phoenix Mills. Do you have a 3D screen in place, considering a long pipeline of international 3D releases in 2009?
We'll make one screen 3D-enabled here. We have to spend more on it, because it is supposed to have a curvature. With 7 screens, PVR Phoenix is the biggest multiplex in Mumbai. PVR's biggest property is in Bangalore with 11 screens at Koramangla. Another 11-screen property is coming up in the city.
The launch of new multiplexes must have been affected by the economic slowdown...
In the multiplex business, expansion is a function of a real estate. If we were dependant on one or two developers, and if their plans get stalled, then we get affected. Our strategy was always not to tie up with one developer. Fortunately, most of our developers aren't financially so stressed that they've had to put off their projects. Wherever they are doing multiple projects, our growth has been impacted — some pockets in Bangalore, Chennai, Udaipur and Amritsar. This has meant that our projects have got postponed to the next financial year. This means, we'll be growing faster in FY09-10. In FY08-09, we targeted launching about 40 screens but managed only about 24.
How many will you launch next FY?
If all goes well, we'll launch about 50 screens at about Rs 2 crore per screen. We've signed enough projects so that even if 20-30% of projects do not materialise on time, then the rest are enough to see us through in the next FY. Multiplexes add value to a mall. For example, on any Sunday, Phoenix Mills gets 22,000 visitors. Last week, after PVR launched, the number rose to 41,000.
Has the nature of the deals changed with developers?
We're doing revenue sharing deals, rather than fixed rental deals. Some of our existing properties already have it in practice and most of the new ones are using revenue sharing deals.
How are you utilising the PE funding of Rs 120 crores that PVR Pictures received?
We'll produce about 4-5 films projects in a year. Annually that'll mean about spending about Rs 60-70 crores. Taare Zameen Par, Jaane Tu Ya Jaane Na, Contract were low budget films and the plan is to continue the trend. We even have a movie at a Rs 2 crore budget. It's logical. It hasn't been practiced in the industry, so we want to put it into practice. In distribution, we'll do about 20-25 films in a year, wherein we'll invest in prints and publicity.
With successes like Taare Zameen Par and Jaane Tu Ya Jaane Na, it seemed like you found a perfect co-producer in Aamir Khan. Why haven't you signed more projects with him?
We may do more films with him. He's got 2-3 ideas that he wants to discuss.
As a multiplex business, have you thought about ways to combat something like IPL?
Both forms of entertainment have to co-exist. This year, I'm hoping the film industry to continue releasing films. Secondly, I hope the organisers give multiplexes telecast rights for the matches.
If the latter doesn't materialise, how do you save yourself from poor occupancies?
I think Bollywood must take IPL head-on. Last year, during IPL, occupancies were low because there wasn't good content. Tashan was the biggest release and it did not fare well because audiences did not like it. But if say, a Ghajini releases during IPL, it'll still do as well.
c_arcopol@dnaindia.net
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