Multiplex chain Wave Cinemas, part of the Delhi-based Chadha Group, plans to scale up its business into untapped territories of Uttar Pradesh, Punjab, Jammu, Rudrapur and Haridwar by adding 200 screens by the end of 2015.
“In next two years, we plan to add 200 screens. At present, we are establishing 15 screens every 3-6 months,” said Yogesh Raizada, corporate head, Wave Cinemas.
The cinema chain known for introducing the multiplex concept, began its commercial operations a decade back but has established just 32 screens across India. “Now we are looking at expanding our presence aggressively and our plan to enter the niche areas where the multiplex culture is not much evolved,” Raizada said.
Despite bewildered consumer sentiments and weak economy, turnover of cinema chains has grown over 30-40% in last one year. “Cinema is recession-proof business where we are growing at an average 30% per annum, where the footfall rate has gone up by 25% in last one year.” he said.