Technoglitch
Core Member
Mexican big screen exhibitor Cinépolis plans to open 85 screens in India next year to take its total to 300, up from current 215. It launched its latest multiplex (4-screen) in Kolkata on Friday.
The world’s fourth-largest multiplex company now sells 2.5 crore tickets annually in India. “This is 10 per cent of our global ticket sale,” said Javier Sotomayor, MD, Cinépolis India.
Cinépolis has 4,300 screens in 13 countries. In Asia, it has a presence only in India, where it is present in 32 cities and has total 46 mega-plexes.
“Globally for the last 20 years, we have been setting up eight-screen and above mega-plexes. But for India, we had to change our benchmark model to 4-screen. Slowdown in realty business has also influenced our business strategy and growth plans in India,” he added. Its top three mega-plexes are in Pune (15-screen), Thane (14-screen) and Kochi (11-screen)
He said Cinépolis India broke even in 2013 and is currently profitable. By 2020, it has set a goal of opening 400 screens in the country. Cinépolis is the only player in its category that has used 100 per cent automatic foreign direct investment route in India.
The company has signed agreements with realtors for 300 new screens. However, these would take five to eight years to become operational.
Cinépolis plans to open 85 more screens in India next year | Business Line
The world’s fourth-largest multiplex company now sells 2.5 crore tickets annually in India. “This is 10 per cent of our global ticket sale,” said Javier Sotomayor, MD, Cinépolis India.
Cinépolis has 4,300 screens in 13 countries. In Asia, it has a presence only in India, where it is present in 32 cities and has total 46 mega-plexes.
“Globally for the last 20 years, we have been setting up eight-screen and above mega-plexes. But for India, we had to change our benchmark model to 4-screen. Slowdown in realty business has also influenced our business strategy and growth plans in India,” he added. Its top three mega-plexes are in Pune (15-screen), Thane (14-screen) and Kochi (11-screen)
He said Cinépolis India broke even in 2013 and is currently profitable. By 2020, it has set a goal of opening 400 screens in the country. Cinépolis is the only player in its category that has used 100 per cent automatic foreign direct investment route in India.
The company has signed agreements with realtors for 300 new screens. However, these would take five to eight years to become operational.
Cinépolis plans to open 85 more screens in India next year | Business Line
