MUMBAI: Chief Minister Uddhav Thakrey’s office today, tweeted regarding reopening dates for Theaters and auditoriums in Maharashtra. As per the official tweet Theaters and auditoriums will open from October 22 in Maharashtra.
This news comes as a relief for multiplex players like PVR and Inox as Maharashtra is one of the biggest markets for the theater industry. Maharashtra alone accounts for up to 30 percent of Hindi Movies box office collection in India.
The upcoming Diwali season will see the release of many large Hindi Films, bringing relief to the cinema industry. Analyst Karan Taurani, Senior Vice-President of Elara capital said “It is also a positive for Hollywood ventures as Maharashtra contributes almost 40 percent of the box office for English content”.
Gautam Dutta, CEO of PVR Limited. said “Opening of Maharashtra is specifically significant because 18 percent of our screen strength lies in the state, the highest in our circuit and serves as a focal center for the entertainment industry.”
“With this announcement, content producers would also plan their releases, which should strengthen the Hindi film content pipeline in the months to come, and usher in better health for the cinema exhibition industry”, said Alok Tandon, CEO of INOX Leisure Ltd.
Cinema has been close on Maharasthra since March last year. According to the Multiplex Association of India closure of the Cinema Industry in Maharashtra has led to losses of approximately 400 crore rupees. Multiplex Association includes theatre from PVR and Inox.
Overall Cinema Industry in Maharashtra has incurred losses of approximately 4800 crore rupees ever since they were closed off in Maharashtra last year.