If you’re a movie buff, you’re in for a bonanza. In the next two years, India could have more than double the number of multiplex screens it has at present, a report by consultancy Deloitte said on Monday.
says that the top four multiplex chains in the country—PVR, Inox, Carnival and
Cinepolis—make up for 1,400 out of the 2,100 multiplex screens in the country
and that they are set to increase their tally to around 3,000 by 2018.
India is home to one of the largest film industries in the world with annual production of 1,500 to 2,000 films in more than 20 languages. Globally, it ranks second in the number of footfalls at cinemas just behind China. In 2015, the Indian film industry clocked Rs 13,800 crore ($2.1 billion) in revenue and the industry is expected to grow at a CAGR of 11.5% to touch Rs 23,800 crore ($3.7 billion) by 2020, according to the report.
The number of multiplex screens has nearly doubled to 2,100 in the five-year period since 2011. The report notes that the average ticket price in India stands at $2, which is very low when compared with $5.5 in China and $8.4 in the US. India has also seen a rise in the number of video-on-demand platforms in the past two years with Star India launching Hotstar in 2015 and Netflix kicking off its operations in the country earlier this year.
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