Fun Cinemas leaves its peers behind!
E-City Ventures promoted Fun Cinemas ? one of India?s leading multiplex players ? has re-emphasized its commitment of taking world-class cinema to smaller cities in India. Fun Cinemas has become India?s fastest growing multiplex chain and has seen tremendous growth of 176% in just a year, is now opening. Having grown from 17 screens to 47 and entered into new markets like Chandigarh, Panipat, Jaipur, Gulbarga, Agra and Lucknow ahead of peers, Fun Cinemas and its sub-brand Fun Junction have managed to occupy some of the most prominent and sought after properties.
With plans to enter in the near future in tier II & III cities including Gwalior, Indore, Guwahati, Ambala, Kota and Baroda, besides Kolkatta and Bangalore, and further expanding its presence in cities like Mumbai, and Hyderabad, Fun Cinemas aims to maintain this unprecedented growth and solidify its position as one of the leading players in the cinema exhibition and entertainment industry.
Says Atul Goel, CEO, E-City Ventures, ?We?ve read the writing on the wall. Our growth strategy is clearly focused towards tier 2 and tier 3 cities. The markets in those cities are just waiting to explode. We have already committed Rs. 500 crore for this unique nationwide expansion strategy.?
The Indian film exhibition business is one of the most transformed segments of the Indian entertainment industry as a result of the explosion of multiplexes. The superior economics of multiplexes along with mall-powered consumerism has led to a significant increase in the number of multiplexes in India. Improvements in projection and sound technology, too, are resulting in the infrastructure of conventional single-screen theatres becoming outdated. In fact, the conventional single screens are increasingly becoming an investment option for the multiplex players to convert into multiplexes. That way, the multiplex chains cash-in on the trend while creating a genuinely better cinema and entertainment infrastructure.
Mr. Vishal Kapur, COO Fun Cinemas, says, ?Fun Cinemas has had a national focus since the beginning. Unlike other multiplex players, we entered new markets which had huge potential. Since there was a lot of scope to improve the existing cinema infrastructure in these cities Fun Cinemas wanted to establish itself as the progressive creator of the best out-of-home entertainment and lifestyle experiences. In addition, Fun Cinemas plans to operate another 300 screens by the end of FY 2011 in 23 cities.?