ITV

Category: Movies

  • Inox predicts suboptimal operations in future due to lower discretionary spending

    Inox predicts suboptimal operations in future due to lower discretionary spending

    MUMBAI: Multiplex chain operator Inox Leisure Ltd was amongst movie chains that were badly hit due to the pandemic. Nearly three months later there is no sign of when cinema halls will resume functioning. Inox said, in a BSE filing, that to ensure smooth functioning of operations, Inox has cut costs across all the functions and departments. 

    It has strengthened engagement with business partners, developers and distributors and producers. It requested the state and central government for support while invested more time in planning in order to utilise its resources better resumption of operations.

    The company has increased liquidity by adding additional lines of funding through short/ long term debts. The company's management believes that these certain measures ensure that the company has sufficient liquidity to fund the business operations for at least the next six months and will further add liquidity by the additional term debts from banks. For now, it has enough liquidity to continue its operations and does not expect to face any liquidity crunch.

    INOX believes that normalcy could be gradually restored during the financial year ending 31 March 2021. Gradually, over time, it will be able to resume and continue its operations for the foreseeable future.  However, it will be unable to operate at optimal capacity even in the future, considering social distancing norms imposed by the government.

    Inox highlights that it has adhered to all recommended precautions/guidelines in its operations, which includes sanitisation and hygiene, providing work from home facility to all employees, maximising audio and video-conferencing and minimising contact. It also closed employee travel and followed all government directions on the subject. However, it points out that once the lockdown ends, the company will be able to open all its offices, cinema halls adhering to the guidelines as specified by the government and will comply with all safety measures to safeguard its stakeholders from Covid2019.

    Its worry is that there could be future impact on its operations if there is a prolonged lockdown situation, inability to operate at optimal capacity due to distancing norms and customers’ change in priorities and postponing discretionary spending.

    Cinema chains tend to have added products and services that go along with its main movie offering. Inox expects there to be pent-up demand for its products and services but it could estimate the amount. For Q4 2020, it saw, loss after tax of Rs 2 crore.

    Apart from this, the company has performed a sensitivity analysis on the assumptions used and based on economic information and assessment, with its help the company expects to recover the carrying amount of these assets. The report also mentions that it will continue to closely monitor any material changes to future economic conditions.

  • INOX revenue up by 12% in FY2020 despite Covid2019 impact

    INOX revenue up by 12% in FY2020 despite Covid2019 impact

    MUMBAI: INOX Leisure Ltd reported financials for the fourth quarter and the financial year ending 31 March 2020. While Covid2019 eroded the last quarter, the company claims to have made a substantial increase in its yearly performance.

    EBITDA for Q4 2020 stands at Rs 40 crore, quarterly loss after tax was at Rs 2 crore. Total revenue for Q4 is Rs 376 crore.

    On the other hand, for FY2020, it saw revenue up by 12 per cent to Rs 1915 crore, EBIDTA growth by seven per cent to touch Rs 347 crore, PAT growth at six per cent to hit Rs 141 crore. Additionally, the company release says that it saw a footfall of 66 million this year. The spend per head showed eight per cent growth annually and stood at Rs 80.

    The Covid2019 pandemic impacted its ad revenue. The recessionary slowdown and Covid-induced fear psychosis towards the end of the FY led to a flat trajectory with just one per cent growth, said the company.

    INOX Group director Siddharth Jain said, “Despite the advent of Covid2019, we managed to continue our uninterrupted streak of revenue growth. The advent of Covid2019 has left a serious mark on our fourth quarter performance and will remain a cause of concern in the subsequent months as well. With a clear priority on safety and well-being of our guests as well as our employees, we are preparing ourselves with the wherewithal which would help us see through this phase. Our SOPs have been tailored to offer a safe, reliable and a seamless movie watching experience once we resume operations. We are confident that the signature INOX experience, which has become synonymous to movie watching in our country, will remain intact, and will continue to delight our patrons on the other side of Covid2019. We are banking on our inherent passion and our robust balance sheet, which would help us emerge stronger and faster from this pandemic situation and deliver a remarkable turnaround, delighting all our stakeholders.” 

    *Excludes impact of Ind AS 116

  • Covid2019 pushes PVR to take one-time write off of perishable inventory worth Rs 183 lakh

    Covid2019 pushes PVR to take one-time write off of perishable inventory worth Rs 183 lakh

    MUMBAI: PVR Ltd, on Monday, announced its audited standalone and consolidated financial results for the fourth quarter.  Consolidated revenues for the quarter stood at Rs 662 crore witnessing a 22 per cent drop compared to corresponding period of last year due to outbreak of Covid2019 in the last month of the quarter. 

    “Since all the cinemas are shut, company is not generating any revenue from operations while we continue to incur committed cash outflows, including employee salary pay-outs, overheads as well as payments for older working capital. This has had and will continue to have significant negative impact on profitability and liquidity during lockdown and even thereafter till business comes to normalcy,” it said in an investor presentation.

    While PVR started closing its screens beginning 11 March, its revenue and cash flow generation may be impeded further once operations are allowed to reopen as cinemas may not be able to operate at normal capacity utilisation due implementation of social distancing measures as well as health concerns that the patrons may have. Talking about financial impact, it mentioned that it has taken one-time write off of perishable inventory of Rs 183 lakh in March, on account of spoilage due to closure of cinemas pursuant to Covid2019. 

    The company is taking decisive actions to mitigate the adverse impact of Covid2019 by implementing cost reduction strategies, enhancing liquidity and cash-flows management. It has stated that it has cut salary across various levels and laid off employees. 

    “As on 31 March 2020, company had almost Rs 316 crore in liquid assets. Further, company is considering steps to further augment its liquidity position through fresh borrowings and equity issuance. With respect of the same, the board of directors of the company has given an in-principle approval for a rights issue for an amount of upto Rs 300 crore as “confidence capital” to shore up capital base,” it added in a statement. 

    It reported a consolidated net loss of Rs 74.61 crore for the fourth quarter while it had posted a net profit of Rs 46.75 crore in the January-March quarter a year ago. 

  • Watch action-thriller, Gerard Butler starrer ‘Den of Thieves’ on Lionsgate Play

    Watch action-thriller, Gerard Butler starrer ‘Den of Thieves’ on Lionsgate Play

    This June, Blockbuster Friday series by Lionsgate Play brings you American heist action-thriller, Den of Thieves. The film written, directed, and produced by Christian Gudegast, starring Hollywood heartthrob and action hero Gerard Butler along with, Curtis "50 Cent" Jackson, Pablo Schreiber, O'Shea Jackson Jr., Evan Jones, Dawn Olivieri, Mo McRae, and Max Holloway. The film revolves around an elite group of County Sheriff Deputies look to stop a gang of thieves planning to rob the Federal Reserve in Los Angeles. The film will be available on partnered telecom platforms of Lionsgate Play – Vodafone Play, Airtel Xstream, Idea Movies and TV on Friday, 5th June 2020.

    The film follows a group of thieves and Police officers. A gang of thieves led by Ray Merriman takes the hostage of the Federal Reserve to rob 30$ million that was planned to be shredded and their records were to be deleted. This action flick takes interesting twists and turns till the last scene, keeping its viewers attached to their seats. The film garnered great reviews across the globe and did well at the box office.
     

  • Lionsgate India acquires exclusive streaming rights for Hollywood Blockbusters from PVR Pictures

    Lionsgate India acquires exclusive streaming rights for Hollywood Blockbusters from PVR Pictures

    MUMBAI: Hollywood content leader Lionsgate has acquired streaming rights of multiple blockbuster movies from PVR Pictures for Lionsgate Play. Lionsgate Play is one of the leading Hollywood content curator platforms in the country with various critically and commercially acclaimed films in its database.

    The deal includes several titles that are premiers and some marquee library titles with huge box office behind them.  Lionsgate Play is constantly adding to its already-robust movie catalogue to bring the best of Hollywood to the Indian consumers. The Lionsgate Play portfolio already includes hit Hollywood films across genres such as action-thriller to comedy and drama and has seen very promising response from Indian consumers.

    The newly acquired cinema collection has films which have witnessed enormous global box office numbers. To name a few, Brad Pitt starrer Fury earned 200+ Million Dollars; Arnold Schwarzenegger, Sylvester Stallone-starrer The Tomb Aka Escape Plan which earned approximately 150 Million Dollars; and Vin Diesel, Karl Urban-starrer Riddick which earned about 100 million Dollars, among many others. The films will be released in batches; this June Lionsgate Play will release Bandidas, a Western action comedy film starring Salma Hayek and Penélope Cruz and Jet Li’s Kiss Of The Dragon as part of its Friday blockbusters series.

    The rollout will continue through 2020. Recognizing the growing demand for Hollywood films in local Indian languages the OTT player will be dubbing some of these films in Hindi, Tamil, Telegu and more in the near future.

    This partnership with PVR enables Lionsgate Play to offer world-wide quality content to their audiences. With the changing times and the country being under lockdown due to the global pandemic the demand for content has only gone up. This is the first of many such deals to be announced, Lionsgate is constantly investing into exclusive premiere titles for its platform.

  • Viacom18 relaunches Rishtey Cineplex

    Viacom18 relaunches Rishtey Cineplex

    MUMBAI: The powerhouse of holistic movie entertainment, Rishtey Cineplex, is set to return starting 5 June 2020. Staying true to its brand promise ‘Filmein Must Hai’, the channel will air a slew of choicest movies spanning across different genres and films dubbed in Hindi from regional markets. The 500 + robust movie library will be available on DD Freedish and soon after on major cable and DTH platforms. 

    Relaunching after 15 months, Rishtey Cineplex, in its erstwhile avatar, enjoyed immense popularity and was ranked number 1 amongst the top Hindi movie channels [*BARC India Data : HSM (U+R) 2+, Wk 50’18 to Wk 9’19].  Targeted at HSM markets, Rishtey Cineplex aims to satiate the audience’s movie palette with a mix of Telugu, Tamil, Kannada, Malayalam, Punjabi and Bhojpuri movies dubbed in Hindi. Strengthening its content repository, it will be armed with a movie library of 1500+ hours, including 500+ unique titles and plans to host two movie festivals and a premiere every month.

    With Rishtey cineplex’s relaunch, Viacom18 will further expand its movie portfolio gaining a significant presence in the Hindi Movie space, with a unique set of movie catalogues for both COLORS Cineplex and Rishtey Cineplex.  Tune in to Channel 38 on DD Freedish for a ‘Filmein Must Hai’ experience starting 5th June 2020.  

  • Netflix buys Hollywood’s classic Egyptian Theatre

    Netflix buys Hollywood’s classic Egyptian Theatre

    MUMBAI: Netflix has just bought a classic edifice from Hollywood’s Golden Age, the Egyptian Theatre, reinforcing the streaming giant’s interest in the movie industry.  

    The historically significant Egyptian Theatre is a classic and esteemed movie palace originally built in 1922 during the silent film era. Located in Hollywood, the movie palace was the site of the first-ever Hollywood movie premiere, of Robin Hood, starring Douglas Fairbanks.  At the premiere, Fairbanks was joined by Charlie Chaplin, Cecil B. DeMille, Jesse L. Lasky, and Mary Pickford. Other notable silent-era premieres held at the Egyptian include: Cecil B. DeMille’s The Ten Commandments (1923), Charlie Chaplin’s The Gold Rush (1925) and Don Juan (1926) starring John Barrymore and Mary Astor.

    The storied theatre was owned and operated by a member-based cultural outfit named American Cinematheque between 1998 and 2020.

    “The Egyptian Theatre is an incredible part of Hollywood history and has been treasured by the Los Angeles film community for nearly a century,” said Netflix Films head Scott Stuber.  “We’re honoured to partner with the American Cinematheque to preserve the theatre’s storied legacy and continue providing remarkable film experiences for audiences. We look forward to expanding programming at the theatre in ways that will benefit both cinema lovers and the community.”

    Netflix, which did not reveal the quantum of money in the deal, will invest in the theatre’s renovation and will use the revitalized space for special events, screenings and premieres during the week.

    “This collaboration will enable the non-profit American Cinematheque to expand the scope and diversity of its widely praised movie and event programming, its filmmaker-centric festivals and its educational outreach at the beloved theatre,” said a Netflix press release.

    Established in Los Angeles in 1984 as a non-profit, member-supported cultural organisation, the American Cinematheque creates spaces where both the public and members of the film industry come together as a community with the common language of film.  The Egyptian Theatre will remain the home of the American Cinematheque with the organisation’s celebrated curation team continuing to autonomously program Friday, Saturday and Sunday. 

    “The American Cinematheque was honoured to bring the Egyptian back to life in 1998, and together with Netflix we are thrilled to continue this stewardship by restoring it once again for a new generation of film fans to experience movies on the big screen,” said American Cinematheque chairman Rick Nicita.  “The Egyptian Theatre remains our Hollywood home and we are grateful to both the City of Los Angeles and the Attorney General of the State of California as we accept this incredible opportunity that will greatly benefit the American Cinematheque.”

    “Love for film is inseparable from L.A.’s history and identity,” said mayor Eric Garcetti. “We are working toward the day when audiences can return to theatres –– and this extraordinary partnership will preserve an important piece of our cultural heritage that can be shared for years to come.” 

    "The Netflix and American Cinematheque partnership at the Egyptian Theater is a win-win for film, historic preservation, and the arts,” said council member Mitch O’Farrell, Los Angeles city council 13th District.  “The collaboration ensures the cultural destination remains in the Heart of Hollywood for decades to come."

    Moviegoers’ destination

    The historic venue remains to this day an ultimate destination for moviegoers, where it has hosted groundbreaking film festivals and incredible cinematic experiences over the near-century it has been in Hollywood, the movie-making capital of the world.  In 1996, the City of Los Angeles sold the building to the American Cinematheque as part of the City’s Hollywood Revitalization project.  The Cinematheque then raised the extensive funds to renovate and restore the theatre to its original grandeur and reopened it as a movie theatre showcasing the long-time organisation’s celebrated public programming.

    In 2016, with the generous support of the Hollywood Foreign Press Association, Turner Classic Movies and The Film Foundation, the projection booth at the Egyptian Theatre was retrofitted to begin screening 35mm nitrate film and is now one of only four theatres in the United States capable of showing this rare, ultra-fragile and flammable film stock. Part of the new plans include upgrading equipment to enhance the audience experience, and renovating and restoring the theatre.

    The Cinematheque will continue to programme and operate a second historic theatre, the Aero in Santa Monica.

     

     

  • IMPPA sets shooting guidelines in Maharashtra

    IMPPA sets shooting guidelines in Maharashtra

    MUMBAI: The Indian Motion Picture Producers’ Association (IMPPA) has written a letter to Maharashtra chief minister Uddhav Thackeray about resuming shoots of films, TV serials and web originals with proper SOP in place.

    This document suggests steps to be adopted to avoid contagion during shoots. It notes down detailed precautionary measures that will be followed by the cast and crew after the permission is granted.

    The report talks about carrying out a daily drill session with the  staff members so that it should be implemented in a proper manner. Crew, artists, technicians and participants will have to report 45 minutes before the shoot. Complete studio will be sanitised daily before the shoot.

    Floor markings need  to be in place so that people maintain social distance. Going forward priority will be given to portable chairs over standard benches.

    The report suggests no physical greetings, handshakes, hugs and kisses and amongst other measures.Wearing triple layer masks and gloves is mandatory. Infact, an alternative to face masks is also provided. “A protective half mask with inhalation and exhalation filter will ensure lower costs, as the number of filming days will gradually increase. It would be specifically worn  by actors and crew members having a negative Covid2019 test.”

    Lightman or anyone handling other equipment has to be provided industrial hand gloves with proper training about their usage. Construction department and other designated individuals must wear protective gloves. Crew members leaving the filming location (e.g. production, drivers or runners, etc.) must be equipped with protective gloves to prevent contamination of the filming area.

    A main element  of the report is the hair and make-up protocol. Artists will remain in their rooms until required on set. Hair and make-up personnel will be wearing masks and gloves, which will be mandatory to wear during the entire shoot.

    The guideline recommends single-use or disposable items; cleaning of hair wigs/ extensions before and after use; use of own make-up; and, most importantly, using a face shield, rather than a mask, once make-up has been applied.

    The guild has also advised production units to avoid crew above the age of 60 years at least for three months from the date of shooting as and when it starts and cast above the age of 60 years should be judicially used.

    As far as costumes used on the sets are concerned, the guild suggested that “every talent will use clothes allocated to him/her and they can never exchange clothes without having them properly disinfected beforehand.” In case of stuntmen, specialists and precision drivers they are to use their own clothes.

    More importantly, every daily wage worker has to be paid their wages daily.

  • Stakeholders meet Maharashtra state official on shooting SOP

    Stakeholders meet Maharashtra state official on shooting SOP

    MUMBAI: Major stakeholders of the media and entertainment industry attended a zoom meeting with Maharashtra state cultural affairs secretary Sanjay Mukherjee on 28 May and talked about SOPs for production resumption.

    The meeting was truly encouraging and there were a lot of fruitful co,nclusions regarding the future of the entertainment Industry, said a press release by Federation of Western India Cine Employees.

    In the zoom meeting, The Producers Guild of India was represented by Apoorva Mehta and Madhu Bhojwani. Federation of Western India Cine Employess (FWICE) was represented by Ashoke Pandit chief advisor, B N Tiwari, president, and Ashok Dubey, general secretary. Indian Motion Pictures Producer's Association (IMPPA) was represented by T P Aggarwal.

    Western India Film Producer's Association (WIFPA) was represented by Sangram Shirke and Dharam Mehra. Marathi Chitrapat Mahamandal (MCM) was represented by its president Meghraj Bhosale. Aadesh Bandekar also attended the meeting.

    The following points were discussed in the meeting:

    1. Post-production activities should immediately start in line with all the health, safety and security norms and guidelines issued by the government.

    2. A proper financial package has to be worked out by the state government to facilitate the entertainment industry.

    3. State government should call for all the insurance companies to come up with new ideas for designing suitable policies for the members of the entertainment industry to cope with the Covid2019 disease.

    4. Premises owned by the state government should be given free of cost to the producers and the production houses for carrying out shoots along with a facility of single window permission.

    5. There should be no rental on sets that are erected in the Film City which are lying unused due to the lockdown. After the lockdown, the premises in Film City should be given to producers and production houses at subsidised rate so as to cope with the losses incurred due to the lockdown.

    6. Chief secretary Sanjay Mukherjee will review the SOPs already submitted by the stakeholders and present to the government.

  • Rucha Pathak joins Excel Entertainment as producer

    Rucha Pathak joins Excel Entertainment as producer

    MUMBAI: Rucha Pathak has joined Excel Entertainment as producer. She was chief creative officer at Fox Star Studios.

    Excel Entertainment is strengthening its team in preparation for their 2021-2022 slate of films and shows.

    As a producer Rucha Pathak has been actively backing innovative scripts and developing new concepts.

    Rucha used to head creative and development at Fox Star Studios, where she had spearheaded successful and critically acclaimed films like Neerja, Jolly LLB 2, and Phillauri, to name a few.

    She made her mark as a producer at Disney/UTV Studios and has a list of successful films to her credit: Barfi, ABCD, Paan Singh Tomar, Dev D, No One killed Jessica, etc. Many of these films were a part of the UTV Spotboy brand which she helped build.