Tough times for cinema industry

Debarati Palit Singh
Sunday, 15 March 2020

Neerav Panchamia, Chief Operating Executive, E-square Group of Hotels and Multiplexes, said that even before the closure, there was a drop in the footfall. “One month of loss is as good as three months of profit. Theatre and multiplexes owners have fixed operating expenses but zero income,” he said.

PUNE: The film industry, along with exhibitors and distributors are bracing for a tough time after the State government ordered closure of movie theatres to prevent spread of coronavirus. 

Around 70 multiplex screens and 18 single screens will be shut till March 31. 

Irrfan Khan’s comeback film Angrezi Medium, which released on March 13, had to bear the brunt of the global outbreak. The film has earned only Rs 4.03 crore on its first day.  Sadanand Mohol, member, Poona Exhibitors Association, said that February and March isn’t the best time for cinema business. 

“Because of exams, theatres do not make great business during this time. With coronavirus, it’s going to affect the business further.” 
 
Neerav Panchamia, Chief Operating Executive, E-square Group of Hotels and Multiplexes, said that even before the closure, there was a drop in the footfall. “One month of loss is as good as three months of profit. Theatre and multiplexes owners have fixed operating expenses but zero income,” he said.
 
Panchamia added that it’s going to a bleak quarter for cinema business with films not performing well and the effect of corona virus. “On an average, the losses we might incur is Rs 1 crore for every three screens for 15 days. There will be effect on other related businesses.”

Deepak Kudale, President, Cinema Owners and Exhibitors Association said that on an average, everyone will incur losses of Rs 50,000 to 1 lakh per screen per week.

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