Mukesh Dhirubhai Ambani, the Chairman of Reliance Industries Ltd(RIL), audacious plan to home deliver movies on the day of their release could transform movie-watching and reshape India’s Rs 10,000 crore multiplex industry, provided Jio manages to deftly navigate a landscape of producers, exhibitors and top actors, key stakeholders in the entertainment industry.
Ambani said premium users of JioFiber, a feature-rich wired broadband service, will get to watch the latest movies on the first day itself, shares of multiplex operators plunged. On the BSE, shares of PVR Ltd and Inox Leisure Ltd, India’s largest and second-largest multiplex operators with 800 and 600 screens, respectively, fell more than 4% each. JioFiber will start offering the First Day First Show service from mid-2020.
RIL shares surged 9.72% on Tuesday, the biggest jump since February 2017, even as the benchmark Sensex shed 1.66% to 36,958.16 points. In separate statements, both PVR and Inox said, producers, will need to choose between theatrical release and other platforms in the early days of a release.