(Image source from: Businessinsider.in)

The newly merged PVR INOX going to shut down nearly 50 theatres in the coming six months. 50 screens which are nearing closing are neither in the mall that reached the end of their life nor the screens that are operated in the loss. The company has reported a net loss of Rs 333 Cr for the first quarter. This is the first time PVR-INOX announcing their result after their merger. The company earlier planned of opening 150-175 screens by 2024.

Ever since the pandemic, theatres are struggling to get a full house as most of the time audiences prefer streaming platforms. The volatility in box office from the past few months is one of the main reasons. PVR INOX has expressed their confidence that the situation is doing to settle down soon.