Pyramid Saimira to open 2,000 movie screens across India by 2010March 28th, 2008 - 12:01 pm ICT by admin
By Nayanima Basu
Mumbai, March 28 (IANS) Indian entertainment major Pyramid Saimira Group is planning to open a total of 2,000 movie screens, a mix of multiplex and individual ones, across India by 2010. It has also made a foray into the Chinese entertainment industry, the fastest growing in the world. The Chennai-based company, which controls about 60-65 percent of the south Indian film market, is planning to increase its presence in the exhibition space mainly in northern India while further consolidating its position in the south.
“We are planning to open 800 screens across the entire north India, out of which 500 would be multiplexes and 300 individual screens,” P.S. Saminathan, managing director of Pyramid Saimira Theatre Ltd, told IANS here.
“We may also look into buying some and converting them into multiplexes,” he said, adding that the company plans to open a total 2,000 screens by 2010.
“The remaining 1,200 would be in various corners of southern India.”
For this the company has earmarked about Rs.4-4.5 billion to be invested in phases. It also plans to achieve a turnover of Rs.7-8 billion in the current fiscal year of 2007-08, up from Rs.1 billion in 2006-07.
“For our multiplexes we will be mostly focusing on tier-II and tier-III cities as there is less competition and more management skills are required,” he added.
The company forayed into the Chinese entertainment and media industry last week for exhibition, distribution and production businesses.
“We are probably the only private sector company to operate there. It is the fastest growing entertainment industry in the world. We intend to set up the infrastructure there, create local content and look at other activities,” Saminathan said.
“The China market is an extremely regulated one but is infested with piracy. But there is less of competition for us and we have the government’s support so I am sure it will turn out to be a good business proposition.”
The group also bagged a satellite broadcasting deal with Britain-based Spize TV to venture into the broadcasting sector.
“With Spize TV agreement coupled with the Chinese foray, we plan to introduce 100 channels in the next one year,” he said.
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