Market Insight

Indian exhibitors PVR and INOX experience outstanding growth in 19Q3 and Marcus capitalises on Movie Tavern's acquisition

November 27, 2019

Pablo Carrera Pablo Carrera Principal Research Analyst, Cinema
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IHS Markit Technology, now part of Informa, has just published the 2019 Q3 performance metrics for the 8 exhibitor groups tracked in the Cinema Operators Strategic Intelligence service.

Overall, it has been a healthy quarter with the group selling 10% more tickets than the same period last year. INOX in particular grew its admissions by 38.7% whilst PVR and Vue each increased them over 20%. Only Major Cineplex in Thailand showed a decline in foothold. Marcus Theatres doesn't publish admissions.

Box office revenue grew by 8.9% in US dollar terms across the group (excluding Vue which didn't publish detailed performance data for a second quarter in a row). The highest performers were, in Local currency terms, Inox (50%), Marcus Theatres (33%) and PVR (31%).

The Indian exhibitors added 60 screens each but most importantly benefited from the high performance of Indian content - indeed five of the Top six performers for INOX were Indian films. This also led to PVR becoming the best performer in terms of box office revenue per screen with 87,500 US dollars.

Marcus Theatres bought Movie Tavern in February this year and is seeing the benefits from the acquisition not only in terms of Box Office but also in concessions that jumped more than 60% compared to the same period last year.  

All other exhibitors also saw healthy revenues from concessions thanks to continuing improvements in F&B solutions and installation of recliners. Behind Marcus Theatres, INOX and PVR also delivered very strong year-on-year growth of 48% and 51% in local currency terms. The two Indian chains are, together with Wanda/AMC International market and with Major Cineplex, the groups with the lowest ratio Concessions to Box Office, revealing room for improvement in Asian as well as in European audiences. Marcus has kept its leading position on that metric.

Incidentally, Average box office revenue per person was down across all groups in both North American and International markets, as was the case in Q3 of 2018. Although it is difficult to point a particular factor, this may be due to discounts policies or promotions at the start of the seasons in September.

The rest of the data and derived performance metrics per screen can be consulted in the Cinema Operators Published Financials Database.

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