My Cinemas to open 300 screens – to enter Bulgaria and Romania
The company, that opened its first multiplex in Kandivali in western suburbs of Mumbai, plans to invest close to Rs 450 crore for expanding its footprints globally.
"The multiplex or exhibition business is growing at a rate of more than 30 per cent annually in India and there is a huge scope for mass players. We plan to open 300 screens across the globe at an investment of Rs 450 crore. We are also looking at entering markets like Europe, Africa and the US," IMPL Director Amitabh Vardhan told PTI here.
Given the fact that movie viewing in multiplexes is getting dearer these days, players like My Cinema will have an added vantage of providing world-class multiplex experience at an affordable price in tier II and III cities.
The company`s ticket prices range from Rs 49-300 per person, depending on the market, while most of the players in these sector such as Big Cinema, Fun Cinema, INOX and Cinemax among others sell tickets at Rs 100 and above per person.
According to Vardhan, 60 per cent of the tickets are sold in the bracket of Rs 49?200.
"We are focusing in the emerging towns and to sustain growth in these towns we need innovative methods as affordable pricing structures.
We are opening one in Haridwar in the next three months and one in Pune in 6?7 months. We have got our rentals right in tier II and III cities and also there is a burgeoning demand for multiplex experience in these towns," added Vardhan, a former CEO of PVR Cinemas.
The company, which has already entered Bulgaria, is crafting its plans to enter markets like Romania this year, Vardhan said, adding IMPL would venture into the international market solo rather than forming partnerships.
"The potential is huge in the India market with 14,000 screens out of which 995 are multiplexes and 12,000 are single screens. We are looking at garnering a sizeable market share and hope to breakeven (at company level) in the next 18-19 months," Vardhan said, adding it is eyeing a turnover of Rs 450 crore in the next five years.