By Maryam Farooqui
Two major Hollywood films, Oppenheimer and Barbie, clashing at the box office, are turning out to be a lucrative opportunity for multiplexes in India, with occupancies touching 80 percent. At the same time, most of the Hindi films, which are usually significant contributors to the Indian box office, have only seen 25-30 percent occupancy in multiplexes.
Devang Sampat, CEO of Cinepolis India, stated that Oppenheimer and Barbie have received tremendous traction for the early shows. “Oppenheimer, in particular, recorded close to 100 percent occupancy for night shows booked on Thursday (July 20). It has sold over 1 lakh advance tickets at Cinepolis, indicating a strong interest from the audience. Barbie is also catching up quickly and garnering significant attention.
Rahul Puri, MD of Mukta A2 Cinemas, commented that the ‘Barbenheimer’ fever is real, and it is expected to be one of the best Fridays the industry has seen post-Covid for an opening weekend.
Amit Sharma, MD of Miraj Cinemas, expects Oppenheimer to have a weekend collection of over Rs 50 crore in India, while Barbie is expected to pick up pace and collect Rs 20 crore in the first three days. He mentioned that Oppenheimer is leading on the opening day in multiplexes in India, but Barbie is expected to do better over the weekend. Surprisingly, the response has been fantastic from tier I to III cities.
Analysts noted that the two films will cater to a niche category, but exhibitors are seeing traction across markets for these Hollywood ventures.
Gautam Dutta, Co-CEO of PVR Inox Limited, said they have started early shows as early as 3:45 AM for Oppenheimer and 8:00 AM shows for Barbie, which have been fully booked, especially in IMAX for Oppenheimer. Exhibitors expect strong occupancy for Oppenheimer, with occupancy rates in the range of 75-80 percent in 2D formats in big metro centers and Tier 1 and Tier 2 cities. Barbie also has promising advance ticket sales, with many cities showing houseful screenings, and occupancy rates are expected to be above 80 percent in urban centers.
PVR Inox is expecting above-average occupancies for both films, with first-day occupancies expected to close at over 60 percent. They anticipate good revenues due to the unprecedented volume of tickets booked, especially for Oppenheimer, which is released in both English and Hindi dubbed versions, appealing to audiences beyond metros.
Devang Sampat mentioned that Hollywood content has consistently struck a chord with many Indians due to increased exposure to global markets and trends. The anticipation for Oppenheimer and Barbie is high, as they are expected to follow the successful trend set by recent blockbuster films like FastX, Guardians of the Galaxy Vol 3, and MI Dead Reckoning Part 1.”
Both films are being sold at a high premium, with tickets ranging from Rs 700 to over Rs 2,000. Cinepolis brand cinemas have an average ticket price (ATP) between Rs 280 and 300 for both Oppenheimer and Barbie, while Mukta A2 Cinemas have an ATP in the range of Rs 190-210. In FY23, the average ticket price was Rs 240.
For multiplex companies like PVR Inox, the June quarter has given no positive surprises, with Hindi films performing below expectations. However, analysts expect a strong September quarter due to the upcoming lineup of films, especially Hollywood offerings, which will help improve occupancies.