A PROJECT REPORT REPORT ON
Multiplex Report done by
Santosh Chhabria
MY SINCERE THANKS TO Mr. Talkwell Dillion (O.S.R Cinemas !t. "t#.$ Mr. Nan#a K%mar (&'& Imrastr%)t%re "t#.$ Mr. Mr. Dee*ak +an,a#her (+o*lan Cinem as$
INDESl No
arti)%lars
THE CURRENT INDUSTRY INDUSTRY SCENARIO
/
FILM EXHIBITION BUSINESS IN INDIA TREMENDOUS SCOPE
0
MULTIPLEX
1
KEY PLAYERS IN MULTIPLEX
2
GROWTH DRIVERS
3
INCREASE PRODUCTION OF HINDI MOVIES
4
HOLLYWOOD HOLLYWOOD STUDIOS STUDIO S EYE EY E BOLLYWOOD BOLLYWOOD
5
HOLLYWOOD LOOKING TO INDIA FOR POSTPRODUCTION WORK
6 MULTIPLEX MULTIPLEX BUZZ!! INCREASING CORPORATIZATION OF BOLLYWOOD / COST AND REVENUE 0 RISK AND CONCERNS 1 WAY FORWARD
THE C7RRENT IND7STRY SCENARIO India' "a#$ %&" () *a n&+ ,$$n %-((. $/0(&i+$d ,. +*$ 1Fi() E/*i,i+i&n1 ind-+". d-$ +& +*$ (a2 &% "$$n d$ni+. in +*$ &-n+". &-0($d 3i+* +*$ 0&&" 4-a(i+. &% "$$n5 1M-(+i0($/ Cin$)a1 &6$" an a(+$"na+i7$ +& +a0 +*i 0&+$n+ia( ,. 0"&7idin8 a 4-a(i+. $/0$"i$n$ +& +*$ 7i$3$" a 3$(( a $&n&)i$ +& +*$ )-(+i0($/ &0$"a+&"5 &0$"a+&"5 1Fi()1 *a ,$$n &n$ &% +*$ in+$8"a( &)0&n$n+ &% +*$ Indian $n+$"+ain)$n+ ind-+". &n+"i,-+in8 n$a"(. 9:; &% +*$ +&+a( "$7$n-$ &% +*$ $n+$"+ain)$n+ indind-+ +". ".5
B$i B$id$ d$< < () () a(& a(& &n+ &n+"i "i,,-+$ +$ +& &+*$ &+*$""
&)0 &)0&n &n$n $n+ + &%
+*$ +*$
$n+$"+ai $n+$"+ain)$n n)$n++ ind-+" ind-+". . (i2$ (i2$ )-i< )-i< +$($7ii& +$($7ii&n n and (i7$ $n+$"+ai $n+$"+ain)$n n)$n+5 +5 T*$ Indian () ind-+". i &n$ &% +*$ )&+ &)0($/ and %"a8)$n+$d na+i&na( () ind-+"i$ in +*$ 3&"(d &)0"iin8 &% a n-),$" &% "$8i&na( () ind-+"i$ (i2$ Hindi< Ta)i(< T$(-8-< Kannada and &+*$"5 T*$ Hindi () ind-+". i +*$ )&+ 0&0-(a" a)&n8 +*$)5 T*&-8* India 0"&d-$ +*$ (a"8$+ n-),$" &% () in +*$ 3&"(d =A00"&/i)a+$(. =A00"&/i)a+$(. >??? 0$" .$a"@< i+ a&-n+ a&-n+ %&" &n(. >; &% +*$ 8(&,a( () ind-+". "$7$n-$5 In 0i+$ &% ,$in8 &7$" ? .$a" &(d< +*$ Indian () ind-+". 3a a&"d$d +*$ +a+- &% ind-+". &n(. in 9???5 O7$" +*$ .$a"< +*$ Indi Indian an () () indind-+ +". ". *a *a ,$$n ,$$n *i8* *i8*(. (. -n&" -n&"8a 8ani ni#$ #$d d a () () nan nani in8 n8 3a 3a d$0$ndan+ &n 0"i7a+$ and indi7id-a( nanin8 a+ $/+"$)$(. *i8* in+$"$+ "a+$5 On(. "$$n+(.< +*$ ind-+". *a 8&+ a$ +& &"8ani#$d nan$5 Wi+* 7$"+ia( in+$8"a+i&n +a2in8 0(a$ ,$+3$$n 0"&d-$"< di+"i,-+&"< $/*i,i+&"< ,"&ada+$" and )-i &)0an. &"0&"a+i#a+i&n i n&3 +a2in8 *a0$ in +*$ Indi Indian an () () indind-+ +". ".55 W$ ,$(i ,$(i$7 $7$< $< +*a+ +*a+ &"0 &"0&" &"a+ a+i# i#a+ a+i& i&n< n< 3i(( 3i(( ,"in ,"in8 8 a,&a,&-++ +"an0a"$n.< a&-n+a,i(i+. and &n&(ida+i&n 3*i* 3i(( *$(0 +& i)0"&7$ +*$ &7$"a(( 0"&+a,i(i+. &% +*$ Indian () ind-+". a 3$(( a "$d-$ 0i"a. and ($a2 ($a2a8 a8$ $ 3*i 3*i* * 0"$ 0"$$n $n+( +(. . a& a&-n -n++ %&" %&" >; >; &% +*$ +*$ Indi Indian an () () indind-+ +". ".' ' "$7$n-$5
8I"M E-HI&ITION &7SINESS IN INDIA TREMENDO7S SCOE Fi() $/*i,i+i&n %&") +*$ )&+ i)0&"+an+ &)0&n$n+ &% +*$ Indian ()ind-+".5 A&"din8 +& +*$ KPMG= Klynveld Peat Marwick Goerdeler) "$0&"+ d&)$+i +*$a+"ia( "$7$n-$ &n+"i,-+$ :; &% +*$ +&+a( R,n () ind-+". "$7$n-$ and a"$ $/0$+$d +& 8"&3 a+ >;5 O7$"a((< +*$ Indian () ind-+". i $/0$+$d +& 8"&3 a+ >; CAGR i+ i $/0$+$d +& "$a* R>,n in 9?>95 T*$ )ain 0&2$+ %&" () $/*i,i+i&n in India a"$ D$(*i< M-),ai and S&-+* India5 D-$ +& 7a"i&- "$8i&na( (an8-a8$ () ind-+"i$ in +*$ S&-+*< i+ *a ,$&)$ an i)0&"+an+ () $/*i,i+i&n 0&2$+5 H.d$"a,ad and Ban8a(&"$ a"$ 9 &-+*$"n i+i$ 3*$"$ &-0ani$ a"$ $/$0+i&na((. *i8* a+ a"&-nd ?;:?;5
M7"TI"EIndia -""$n+(. *a >>?? $/i+in8 "$$n< 9; a"$ +anda(&n$< in8($ "$$n5 T*$$ in8($ "$$n in$)a a"$ 0&&"(. )ain+ain$d a +*$ &3n$" nd i+ di-(+ +& -08"ad$ and "$n&7a+$ +*$i" %ai(i+i$< d-$ +& -na7ai(a,i(i+. &% &"8ani#$d nan$5 T*$ d$+$"i&"a+in8 4-a(i+. &% +*$$ in$)a di-ad$d 7i$3$" and +*$. +a"+$d -in8 a(+$"na+i7$ 7i$3in8 &0+i&n5 O7$" +*$ (a+ %$3 .$a"< )-(+i0($/$ *a7$ $)$"8$d a a +"$nd in -",an India5 1M-(+i0($/$1 a"$ $$n+ia((. in$)a 3i+* &" )&"$ "$$n5 T*$. 0"&7id$ a 4-a(i+. 7i$3in8 $/0$"i$n$ and a"$ 8$n$"a((. (&a+$d a"&-nd *&00in8 )a(( +& in"$a$ %&&+%a(( in +*$$ )a((5 Ea* "$$n in a )-(+i0($/ *a )a(( $a+in8 a0ai+i$ in +*$ "an8$ &% >??? $a+ a &)0a"$d +& in8($ "$$n in$)a 3*i* *a7$ a0ai+i$ in +*$ "an8$ &% J??><9?? $a+5 Wi+* a"&-nd >>?? a+i7$ "$$n< India i -nd$" "$$n$d5 C*ina< 3*i* 0"&d-$ %a"
($$" () +*an India *a 9 "$$n 0$" )i((i&n 0&0-(a+i&n5 T*$"$ i a n$$d &% a+ ($a+ 9?>??5 T*i 8i7$ )-(+i0($/ &0$"a+&" $n&-8* "&&) +& 8"&3 a +*$ +"adi+i&na( in8($"$$n +*$a+"$ d& n&+ *a7$ +*$ nania( 3*$"$3i+*a( n&" d& +*$. $n&. +a/ in$n+i7$5
KEY "AYERS IN M7"TI"E>5 9R CINEMAS :
Stron, o*erational *erorman)e; PVR i &n$ &% +*$ ($adin8 )-(+i0($/
&0$"a+&" 3i+* 7$". +"&n8 0$"%&")an$ &n &0$"a+i&na( 0a"a)$+$"5 T*$ &)0an. *a ,$$n a,($ +& $+a,(i* i+$(% a &n$ &% +*$ 0"$)i$" $n+$"+ain)$n+ d$+ina+i&n< 3*i* *a "$-(+$d in +*$ *i8*$+ &-0ani$< %&&+%a(( and 0$nd 0$" *$ad a &)0a"$d +& a(( &% +*$ &+*$" )-(+i0($/ &0$"a+&"5
A,,ressi!e e<*ansion *lans; PVR in+$nd +& &0$n >? "$$n in +*$
&)in8 +3& .$a"5 W$ a"$ a-)in8 a ?; di&-n+ +& +*$$ 0(an %&" &-" $+i)a+$< in &"d$" +& "-($ &-+ )a(( d$(a.5 A)&n8 +*$ n$3 "$$n< 9?? 3i(( ,$ *i8* $nd PVR P"$)i$"$ "$$n 3i+* +i2$+ 0"i$ in +*$ "an8$ &% R>? R:?5 I+ *a a("$ad. &0$n$d >: &-+ &% +*$ +&+a( ? "$$n +*a+ 3$ $/0$+ %&" FY>? >>E< +*- 0"&7idin8 )&"$ $"+ain+. +& &-" $+i)a+$5
8ora= into )o;*ro#%)tion; PVR *a< +*"&-8* PVR Pi+-"$< $n+$"$d in+& ()
&0"&d-+i&n< a%+$" i+ "+ )&7i$ )$+ 3i+* ,$8inn$" (-25 I+ *a )&7i$ (in$d -0 %&" FY>?E and in+$nd +& "a)0 i+ -0 +& J>? )&7i$ in FY>>>9E5 W$ $/0$+ +*$ )&7i$ ,-in$ +& &0$"a+$ a+ >; EBITDA )a"8in and &n+"i,-+$ >; +& +*$ +&+a( "$7$n-$ ,. FY9?E5
"ea#in, M%lti*le< o*erator: 9R i &n$ &% +*$ ($adin8 )-(+i0($/ *ain in
India 3i+* 9: "$$n -nd$" &0$"a+i&n in : i+i$ a+ 0"$$n+5 PVR *a ,$$n -$%-( in ,-i(din8 a (i%$+.($ $n+$"+ain)$n+ ,"and ,$a-$ &% i+ %&- &n
-+&)$" $"7i$ and 4-a(i+. &% $/0$"i$n$5 B$a-$ &% +*$ +"&n8 ,"and and 0"$$n$ a+ 0"i)$ (&a+i&n< PVR *a %&-nd a 7$". $n&-"a8in8 "$0&n$ %"&) +*$ -+&)$"5 I+ a++"a+$d >J )i((i&n 0a+"&n 3i+* &-0an. "a+i& &% ; in FY?< ,&+* +*$ *i8*$+ n-),$" a)&n8 a(( +*$ )-(+i0($/ 0(a.$"5 T&da.< i+ &n+"i,-+$ >?; 0(- +& +*$ +&+a( d&)$+i ,&/ &$ &(($+i&n in +*$ &-n+".< *&3in8 a ($a" d&)inan$5
9R remiere to in)rease ATs: T*$ C&)0an. *a "$$n+(. +a"+$d a
*ain &% (-/-". in$)a ,"and$d a PVR P"$)i$"$ 3*i* 3i(( ,$ 0"$$n+ &n(. in +*$ )$+"& and &+*$" a-$n+ i+i$5T*$$ "$$n 0"&7id$ a 7$". *i8* 4-a(i+. di8i+a( in$)a 7i$3in8 $/0$"i$n$ in (-/-"i&- $++in85 A7$"a8$ +i2$+ 0"i$ %&" +*$$ "$$n i in +*$ "an8$ &% R>?R:?< a &)0a"$d +& +*$ n&")a( +i2$+ 0"i$ &% R:?R9?5 F"&) 9 "$$n a+ 0"$$n+< PVR P"$)i$"$ 3i(( "$a* ? "$$n ,. FY>9E 3*i* 3i(( *$(0 in"$a$ +*$ &7$"a(( +i2$+ "$7$n-$5 >9 with Ma?or Cine*le< to stren,then *resen)e: PVR *a %&")$d a
> V 3i+* Ma&" Cin$0($/< +*$ (a"8$+ $/*i,i+i&n 0(a.$" in T*ai(and< +& %-"+*$" +"$n8+*$n i+ 0"$$n$ in +*$ (i%$+.($ $n+$"+ain)$n+ 0a$5 T*$ $n+i+.< ,"and$d a PVR B(-O En+$"+ain)$n+< 3i(( &0$n ,&3(in8 a(($.< 2a"a&2$ $n+$"< i$2a+in8 "in2 and 8a)in8 #&n$ a"& +*$ &-n+".5 W$ ,$(i$7$ +*a+ +*i 7$n+-"$ i a 3$(( +*&-8*+ &-+ )&7$ and &)0($)$n+ 3$(( PVR' 0&i+i&nin8 a a ($adin8 &-+ &% *&)$ $n+$"+ain)$n+ 0"&7id$"5 Wi+* a +"&n8 and $/0$"i$n$d V 0a"+n$" (i2$ Ma&" Cin$0($/< $/$-+i&n 3i(( ,$ %a+ 0a$d5 H&3$7$"< d-$ +& a "$$n+ +a"+< 3$ a"$ n&+ %a+&"in8 in an. &% +*$ +"a+i&n %"&) +*i ini+ia+i7$ a &% n&35
Entertainment ta< b%r#en to #e)line PVR +a"+$d i+ &0$"a+i&n %"&)
+*&$ +$""i+&"i$ 3*$"$ $n+$"+ain)$n+ +a/ $/$)0+i&n 3a n&+ a7ai(a,($< $585 D$(*i NCR< Ka"na+a2a< Ta)i( Nad-< AP "$8i&n5 A+ 0"$$n+< i+ 0a. E+a/ &n 99 &-+ &% a +&+a( &% 9J 0"&0$"+i$5 E+a/ a ; &% 8"& +i2$+ "$7$n-$ i a)&-n+ +*$ *i8*$+ %&" +*$ &)0an. a+ 9; in FY?:5W$ $/0$+ E+a/ ; +& &)$ d&3n +& 9; in FY>9E and 99; in FY>E d-$ +& )&"$ "$$n addi+i&n in a"$a
3*$"$ E+a/ $/$)0+i&n i a7ai(a,($ (i2$ P-na,< W$+ B$n8a( and M-),ai5 R$$n+(.< D$(*i 8&7$"n)$n+ *a (&3$"$d +*$ $n+$"+ain)$n+ +a/ "a+$ +& 9?; %"&) +*$ $a"(i$" ?; ($7$(5 T*i 3i(( *$(0 PVR +*$ )&+ a i+ &0$"a+$ "$$n in +*a+ "$8i&n5
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E<*ansion in tier I an# tier II )ities to be !al%e a))reti!e; In&/ *a
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To* /2 )ites ; )om*ellin, ,rowth stories C"ii( R$$a"* *a id$n+i$d 9
i+i$ 3*$"$ &n-)0+i&n 0&+$n+ia( i *i8* d-$ +&+*$ +"&n8 $&n&)i 8"&3+* and in"$ain8 -",ani#a+i&n5 Ta2in8&"8ani#$d "$+ai( )a"2$+ i#$ a a 0"&/. %&" %-+-"$ 8"&3+* 0&+$n+ia(< +*$. *a7$ id$n+i$d 9 (&a+i&n +*a+ *a7$ +*$ 0&+$n+ia( +& ,$&)$ *i8* &n-)0+i&n $n+$" in +*$ n$/+ .$a"5 T*i &),in$d 3i+* +*$ 0a+ $/0$"i$n$ &% +*$ &)0an. *&3 +*a+ +*$"$ i a (&+ &% "&&) %&" ($i-"$ &n-)0+i&n a+ +*$$ $n+$" and *$n$ +*$ )&7$ in+& +*$$ i+i$ 3i(( ,$ 7a(-$ a"$+i7$5
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Mo!e to )reate !al%e or the )om*an=: W$ ,$(i$7$ +*a+ +*$ $/0ani&n in
+*$$ (&a+i&n i a 3$(( +*&-8*+ &-+ )&7$ and 3i(( "$a+$ 7a(-$ %&" +*$ &)0an.5 W*i($ i+' +"-$ +*a+ +*$ a7$"a8$ +i2$+ 0"i$ in +*$$ (&a+i&n a"$ (&3$" +*an +*&$ in +*$ )$+"&< i+ 8$+ &)0$na+$d 3i+* %a" (&3$" "$n+a( and +a6 $/0$n$ &n +*$ &+ id$5 M&"$&7$"< i+ 8i7$ +*$ &)0an. a$ +& 0"i)$ (&a+i&n in +*$$ i+i$ 3*i* 0"&7id$ a-"$d %&&+%a(( 8"&3+* *a +*$ &)0an. *a $$n in +*$ 0a+5
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Fa)$ India =Fa)$@ i &n$ &% +*$ )a(($" )-(+i0($/ &0$"a+&" a)&n8 +*$ (i+$d
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$+a,(i* a 0anIndian 0"$$n$5
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-""$n+(. &0$"a+i&na(> 0"&0$"+i$ a"$ i+-a+$d in M-),ai< 3i+* +*"$$ )&"$ (in$d -0 ,$%&"$ Ma"'?5 T*i +"an(a+$ in+& M-),ai a&-n+in8 %&" a 3*&00in8 9; &% +*$ &)0an.' 0"&0&$d $a+ &-n+ =,. Ma"'?@5 In %a+< +*$ +3& W$+$"n +a+$ &% Ma*a"a*+"a and G-a"a+ a"$ (i2$(. +& a&-n+ %&" :; &% +*$ &)0an. $a+ &-n+ ,. Ma"'?5 T*i 2$3 +&3a"d Ti$"I i+i$ i (i2$(. +& +"an(a+$ in+& )a"8ina((. i)0"&7in8 ATP in +*$ n$a"+$") &n a %-((.$a" ,ai %"&) FY? &n3a"d5 Fa)$ -""$n+(. &))and an ATP &%R:< a di&-n+ &% 9>; and 9; +& +*a+ &% In&/ and PVR "$0$+i7$(.5
S)ale to brin, in mar,in e<*ansion tri,,ers: Fa)$ i a)&n8 +*$
)a(($+ $/*i,i+&" in +*$ )-(+i0($/ 0a$ -""$n+(.5 A &% FY?< Fa)$ &))and %ai"(. (&3 EBITDA )a"8in $$n+ia((. ,$a-$ &% a (&3 a($ &% &0$"a+i&n5 Gi7$n +*$ *i8* d$8"$$ &% &0$"a+in8 ($7$"a8$ =*a"a+$"i+i &% +*$ ,-in$@< 3$ ,$(i$7$ +*a+ EBITDA )a"8in 3&-(d i)0"&7$ &n$ +*$ &)0an. i a,($ +& $/0and i+ "$$n and $a+ &-n+5
2. Relian)e Me#ia orks "t#. &i, Cinemas (AD"A&S 8I"MS$
Inte,rate# la= on the Me#ia ' Entertainment Se)tor: Bi8 Cin$)a i
+*$ &n(. 0(a.$" a+ 0"$$n+ +*a+ *a 0"$$n$ in a(( &% +*$ +*"$$ )a&" $8)$n+ in )&7i$ i5$5 0"&d-+i&n< di+"i,-+i&n and $/*i,i+i&n5 T*$ in+$8"a+$d )&d$(
ad&0+$d ,. Bi8 Cin$)a 8i7$ i+ a &)0$+i+i7$ $d8$ &7$" &+*$" in +$") &% a0+-"in8 7a(-$ a+ $a* ($7$( &% +*$ 7a(-$ *ain5 H&3$7$"< i+ a(& $/0&$ +*$ &)0an. +& )&"$ "i2 a "i2 &% &n$ $8)$n+ a"$ 0"&n$ +& di+-", +*$ &+*$" $8)$n+5
E
a+ 9 0"&0$"+i$ -nd$" &0$"a+i&n a+ 0"$$n+< )a2in8 i+ ,. %a" +*$ (a"8$+ 0(a.$" in +*$ $/*i,i+i&n 0a$5 I+ *a a +3& 0"&n8$d +"a+$8. &% $/0ani&n &0$nin8 )-(+i0($/$ a+ +*$ 0"i)$ (&a+i&n in +*$ )$+"& and &+*$" i+i$ and $/0andin8 +*"&-8* "$n&7a+in8 $/i+in8 in8($ "$$n +*$a+"$ in +*$ +i$" II and III i+i$ 3*i* *a *$(0$d +*$ &)0an. add )&"$ +*an >?? "$$n in +*$ (a+ +3& .$a"5
E<*ansion thro%,h a)B%isitions: Sin$ ADAG 8"&-0 *a 0i2$d -0 +*$
)a&"i+. +a2$ in +*$ &)0an.< i+ *a *&3n $7$n )&"$ a88"$i&n in i+ $/0ani&n 0(an ,. a4-i"in8 Ra7$ Cin$)a< *ain &% )-(+i0($/$ in India and L&+- Fi7$ +a"< an $/*i,i+i&n 0(a.$" in Ma(a.ia5 B&+* &% +*$$ a4-ii+i&n *a7$ 8i7$n Bi8 Cin$)a a *$ad +a"+ in i+ $/0ani&n 0(an a &)0a"$d +& &+*$" 0(a.$"
8%t%re lans: Bi8 *a %&"a.$d in+& 0"&d-+i&n and di+"i,-+i&n &% () and
TV &n+$n+ in$ 9??5 I+ 0(an +& "$($a$ : )&7i$ 0$" .$a" 3i+* 7a".in8 8$n"$ and ,-d8$+5 On +*$ T5V5&n+$n+ id$< i+ *a 0"&d-$d J *&3 addin8 -0 +& 9> *&-" &% 0"&8"a))in8 in FY?J5 In +*$ n$/+ .$a"< i+ 0(an +& (a-n* > *&3 &n &))ii&n ,ai5
8ilm ro)essin, ; "ea#er )ontrollin, 46 o market share; Bi8 =RMWL@
+a"+$d a an ad () 0"&$in8 %ai(i+.5 T*$ &)0an. *a )ad$ %a+ +"id$ in +*i ,-in$ and +&da. &n+"&( :?; &% +*$ () 0"&$in8 )a"2$+ in +*$ W$+$"n 0a"+ &% +*$ &-n+".5 I+ *a $+ -0 () 0"&$in8 %ai(i+i$ in C*$nnai and K&(2a+a +& +a0 8"&3in8 "$8i&na( )a"2$+ +*$"$5 T*$ &)0an. *a ,$$n a3a"d$d K&da2 I)a8$ a"$ P"&8"a) N$8a+i7$ P"&$in8 A"$di+a+i&n "$$n+(.5 T*i $+a,(i*$ +*$ () 0"&$in8 di7ii&n a)&n8 &)$ &% +*$
*i8*(. $4-i00$d -ni+ 8(&,a((.< +*- &0$nin8 d&&" %&" ,-in$ %"&) &+*$" &-n+"i$5 T*$ () 0"&$in8 di7ii&n i a *i8* )a"8in ,-in$ &n+"i,-+in8 :?; +& +*$ +&+a( EBIT in ?MFY>?5 Wi+* +*$ 8"&3in8 %&(d &% +*$ &)0an. in () $n+$"+ain)$n+ ,-in$< +*i di7ii&n i $/0$+$d +& ,$n$+ in +*$ &)in8 .$a"5
8ilm ro#%)tion ' Distrib%tion: Ad(a, Fi() $n+$"$d +*$ 0"&d-+i&n
,-in$ in 9?? +*$ &)0an. "$($a$d i+ "+ *&)$ 0"&d-+i&n &*nn. Gaddaa"5 Ad(a, =RMWL@ *a i8n$d (&n8 +$") &n+"a+ 3i+* 2$. B&((.3&&d +a($n+ (i2$ Vi0-( S*a*< RGV< Ha"". Ba3$a< A2*a. K-)a"< and A*&2 A)"i+"a5 I+ 0(an +& "$($a$ : )&7i$ 0$" .$a" 3i+* 7a".in8 8$n"$ and ,-d8$5 On +*$ di+"i,-+i&n %"&n+< i+ i 0"$$n+ in M-),ai< Ma*a"a*+"a< G-a"a+< D$(*i< UP< P-na,< B$n8a(< Ta)i( Nad-< H.d$"a,ad and M.&"$ +$""i+&"i$5 T*$$ +a+$ &n+"i,-+$ a"&-nd J?; +& +*$ d&)$+i ,&/ &$ &(($+i&n5 S&)$ &% +*$ )&7i$ di+"i,-+$d ,. +*$ &)0an. in(-d$ Ki+$< idi&+< Ra7aan< 3$(( d&n$ a,,a< I+ *a $+ -0 +"&n8 &7$"$a di+"i,-+i&n n$+3&"2 +*"&-8* i+ US and UK -,idia"i$ In addi+i&n +& +*i< +*$ &)0an. *a )anda+$ +& di+"i,-+$ a(( () 0"&d-$d ,. R$(ian$ En+$"+ain)$n+ L+d5
T.9. Content ro#%)tion: R$(ian$ ada 8"&-0 a4-i"$d a >; +a2$ in
S.n$"8. C&))-nia+i&n< 3*i* i a 3$(( 2n&3n &n+$n+ 0"&d-+i&n *&-$ %&" +$($7ii&n< a&ia+$d 3i+* %a)&- 8a)$ *&3 (i2$ Ka-n Ban$8a C"&"$0a+i< Ma+$")ind
and
Bi8
B&<
Bi8
M&n$.5
T*$
di7ii&n
0"&d-$
&n(.
&))ii&n$d 0"&8"a))$" and *a 0"&d-$d J *&3 addin8 -0 +& 9>*&-" &% 0"&8"a))in8 in FY>?5 In +*$ n$/+ .$a"< i+ 0(an +& (a-n* > *&3 in(-din8 Aa0 Ki Ka*$*"i< Binda C*a)0< K.a Aa0 Pan*7i Pa S$ T$# Hai< An8"$#i M$in K$*+$ Hain5
3. CINEMACin$)a/ India =Cin$)a/@ i &n$ &% +*$ )a(($+ )-(+i0($/ $/*i,i+&" 3i+*in
+*$ (i+$d 0a$ 3i+* : "$$n a"& ? 0"&0$"+i$< a )a&"i+. &% +*$) &n$n+"a+$d in +*$ M-),ai +$""i+&".5 T*$ &)0an. *a a 0"$d&)inan+
0"$$n$ in +*$ W$+$"n "$8i&n and i +*$ (a"8$+ $/*i,i+&" in +*$ M-),ai +$""i+&". 3i+* a ; *a"$ &% +*$ )-(+i0($/ "$$n in M-),ai5 Cin$)a/ i n&3 %&-$d &n $/0andin8 i+ 0"$$n$ a"& +*$ "$+ &% India and i $$2in8 +& a88"$i7$(. add a0ai+. a"& &+*$" "$8i&n
A,,ressi!e )a*a)it= a##ition *lans: T*$ )ana8$)$n+ a+ Cin$)a/ *a
8-id$d %&" addin8 >"$$n d-"in8 FY?E %&((&3$d ,. :9 "$$n d-"in8 FY>?E5 T*$ &)0an. $)0(&. +3& "i+$"ia %&" $($+i&n &% 0"&0$"+i$ a 0a.,a2 0$"i&d &% ($ +*an .$a" and a +a"8$+ R&E &% >J9?;5
Ta**in, an)illar= re!en%e streams: Cin$)a/ *a ,$$n a+i7$(. $$2in8
)$an +& +a0 ani((a". "$7$n-$ +"$a) ,. %&"a.in8 in+& +*$ ,"and$d %&&d &-"+ ,-in$ and +*$ 8a)in8 ,-in$5 In an $6&"+ +& "$d-$ i+ &7$" d$0$nd$n$ &n +i2$+ a($ =+*a+ -""$n+(. &n+"i,-+$ :?; &% +*$ &0$"a+in8 "$7$n-$@< +*$ &)0an. i %&-$d &n addin8 &+*$" ani((a". "$7$n-$ +"$a) +& ,&(+$" +*$ 0$nd$" *$ad %"&) -""$n+ ($7$(5 Cin$)a/ i +a"8$+in8 FB &n+"i,-+i&n 3i+*in &7$"a(( "$7$n-$ +& in"$a$ ,. a,&-+ ??,0 %"&) -""$n+ ($7$( &% >;5
"ease# o*eratin, mo#el to hel* im*ro!e mar,ins: A)&n8 +*$ >
0"&0$"+i$ +*a+ Cin$)a -""$n+(. &0$"a+$ =a &% -n'?J@< J a"$ &3n$d 3*i($ +*$ &+*$" > a"$ &0$"a+$d &n +*$ ($a$d )&d$(5 Wi+* )&"$ 0"&0$"+i$ ,$in8 add$d &n +*$ ($a$d )&d$(< +*$ 0"&0&"+i&n &% &3n$d 0"&0$"+i$ 3i+*in +*$ &7$"a(( )i/ 3&-(d "$d-$5 T*i *i%+ i (i2$(. +& 0-* +*$ "$n+a( -0 ,. a,&-+ ??,0 =%"&) J; &% +*$ +&0(in$@< 3*i* i (i2$(. +& ,$ &6$+ ,. an $4-i7a($n+ d$(in$ in &7$"*$ad -* a 0$"&nn$( &+ and ad)ini+"a+i7$ $/0$n$5
8%t%re e<*ansion *lans: On +*$ $/*i,i+i&n %"&n+< Cin$)a/ in+$nd +& add
:9 "$$n d-"in8 FY>?E5 T*$ &)0an. *a a(& %&"a.$d in+& +*$ )&7i$ di+"i,-+i&n 0a$ 3i+* 'Ki)a+ K&nn$+i&n'< 3*i* i *$d-($d %&" an a(( India "$($a$ &n >J+* -('?J5 Cin$)a *a a4-i"$d +*$ di+"i,-+i&n "i8*+ %&" +*$
M-),ai and P-na, +$""i+&"i$5 T*$ &)0an. a(& in+$nd +& %&") a $0a"a+$ SPV %&" )&7i$ 0"&d-+i&n 3i+* a +&+a( in7$+)$n+ &-+(a. &% R>,n &7$" +*$ n$/+ +3& .$a"5 Cin$)a/ 0(an +& "ai$ R>,n %&" +*i ini+ia+i7$ &% 3*i* R:??)n 3i(( ,$ 0$n+ +&3a"d 0"&d-+i&n and +*$ "$+ +&3a"d di+"i,-+i&n5 A+ i+ CMP &% RJ:< +*$ +&2 i -""$n+(. +"adin8 a+ >J/ i+ %-((. di(-+$d FY?J EPS &% R5>5 e #o not ha!e a ratin, on the sto)k
ro*ert= sele)tion )riteria: Cin$)a/ a00(i$ +3& "i+$"ia %&" $($+i&n and
addi+i&n &% 0"&0$"+i$ +& i+ $/i+in8 &-n+5 Fi"+(.< +*$ &)0an. +a"8$+ an R&$ in +*$ "an8$ >J9?;5 S$&nd(.< Cin$)a +a"8$+ a 0a.,a2 0$"i&d &% ($ +*an .$a" %&" $($+i&n d$ii&n5 T*$ )ana8$)$n+ *a 8-id$d %&" +*$ %&((&3in8 $a+ 0"&0$"+. )a+"i/ &7$" +*$ n$/+ .$a"5
4. 8%n Cinemas (Essel +ro%*$ In +*$ .$a" 9???:< F-n M-(+i0($/ P7+5 L+d =FMPL@ "$8i+$"$d +*$ %a+$+ "a+$ &% 8"&3+* in +$") &% n-),$" &% n$3 "$$n +*a+ 3$"$ )ad$ &0$"a+i&na(5 T*$ a)$ #$+ i +i(( +*$"$ a +*$ &)0an. ai) +& "$a* &7$" >?? "$$n in )&"$ +*an 9? i+i$ ,. 9?>>5 O% +*$$< >: "$$n a"$ &0$"a+i&na( in J: i+i$ and >:? addi+i&na( "$$n a"& 9 i+i$ *a7$ ,$$n i8n$d +& ,$ )ad$ &0$"a+i&na( ,. 9??5 T*$ +"a+$8. *a ,$$n ,-i(+ -0&n &-" ,$(i$% a,&-+ +*$ ,-in$ &00&"+-ni+. in in$)a $/*i,i+i&n in India5 FMPL ,$(i$7$ +*a+ +*$"$ i n& 1&n$ i#$ + a((1 &(-+i&n
in
+*$
&)0($/<
&"8ania((.
$7&(7$d<
-(+-"a((.
di7$"$
and
(in8-i+ia((. di7id$d in$)a $/*i,i+i&n ind-+".5 H$n$< FMPL and i+ -,idia".< ECi+. Di8i+a( *a7$ $7&(7$d a ($7$( +"a+$8. +& )a/i)i#$ 7a"i&- &00&"+-ni+i$ 3i+*in +*i 0a$F-n Cin$)a =Li%$+.($ ,"and@< Ta(2i$ T&3n =Va(-$ ,"and@ and ECi+. Di8i+a( =Di8i+a((. 0"&8"a))$d "$$n@ 8%n Cinemas Ta"8$+ ?? "$$n ,. 9?>>
T& "$7&(-+i&ni$ +*$ )&7i$ ,-in$ +*"&-8* -$ &% di8i+a( +$*n&(&8.< +*$"$,. in"$ain8 +*$ &0$nin8da. "$a* %&" di+"i,-+&"< in"$ain8 ,&/ &$ &(($+i&n %&" $/*i,i+&"< $(i)ina+in8 $((-(&id 0"in+ &+< -",in8 0i"a. and i)0"&7in8 &7$"a(( a-di&7i-a( $/0$"i$n$5 &%siness Ob?e)ti!e T& &n&(ida+$ +*$ 0&i+i&n &% ECi+. V$n+-"$ a a +&+a( &(-+i&n 0"&7id$" in +*$ )&+i&n 0i+-"$ $/*i,i+i&n ind-+".5 T& "$a+$ in"$)$n+a( ,&/ &$ "$7$n-$ %&" +*$ ind-+".< in"$ain8 +*$ 0"&d-+i7i+. &% a () ,. a 8"&3+* in +*$ n-),$" &% da. and da+$ "$($a$ $n+$"< +$*n&(&8. ,$in8 +*$ $na,($"5 T*$"$%&"$< +& "$a+$ 8"$a+$" 3$a(+* in +*$ ind-+".5 &%siness 8oot*rints In&"0&"a+$d in A0"i( 9?? a ECi+. Di8i+a( Cin$)a P7+5 Li)i+$d< a 3*&((. &3n$d -,idia". &% F-n M-(+i0($/ P7+ L+d5< i+ d$(i7$" () 7ia a+$((i+$< +& an. 8i7$n "$)&+$ in8($ "$$n +*$a+"$ in India5 A &n -(. ?J< ECi+. V$n+-"$ &0$"a+$ )-(+i0($/ "$$n and di8i+a( "$$n +&+a(in8 +& :???? $a+5 ECi+. Di8i+a( 3&-(d "&(( &-+ >??? "$$n ,. 9?>>< +&+a(in8 ECi+. V$n+-"$ "$$n &-n+ +& >?? "$$n ,. +*$ .$a"5 T*$ ini+ia( %&- 3a +& di8i+i#$ "$$n in +*$ B&),a. () +$""i+&". =&ni+in8 &% 3$+$"n Ma*a"a*+"a< G-a"a+ and 0a"+ &% Ka"na+a2a@5 B-+ $$in8 +*$ &00&"+-ni+i$ and 8"&3+* in +*$ 0"$$n+ Indian )&7i$ -00(.*ain $na"i&< +*$ &)0an. *a n&3 $+ -0 &$ in D$(*i< Ni#a)< CP< CI Raa+*an5 F-+-"$ "&((&-+ 0(ann$d in Ta)i( Nad-< K$"a(a and W$+ B$n8a( +$""i+&"i$ and i &nd$n+ &% a*i$7in8 +a"8$+ %"&) &0$"a+in8 in +*$$ +$""i+&"i$5 O**ort%nities T&da.< &n an a7$"a8$< +*$ ?? )-(+i0($/ "$$n &n+"i,-+$ a()&+ >?>; &% a(( (an8-a8$ +*$a+"ia( &(($+i&n *&3$7$"< +*$ )-(+i0($/ "$$n *a7$ 8ain$d 8"$a+$" i)0&"+an$ a %a" a +*$ Hindi () ,-in$ i &n$"n$d5 B-+< +*$
"$)ainin8 >99?; &% a ()' 0"&d-+i&n ,-d8$+5 Di8i+a( in$)a 3i(( a(& $(i)ina+$ 0"in+ d$8"ada+i&n ="a+*$ and ,-"n&-+@5 P"&8"a))in8 an ,$ )ani0-(a+$d 3i+* a+-a( d$)and5 Di8i+a( in$)a d&$ n&+ *a7$ +*$ -),$"&)$ (&8i+i and &6$" 0"$i$ *$d-(in8 &% )&7i$ in .n 3i+* +*$ ,-in$ 0&+$n+ia(5 P(-< n& +"an0&"+a+i&n &% ,-(2. () an5
S+"&n8 a%$8-a"d a8ain+ 0i"a.5 E7$". *&3 an *a7$ a 3a+$")a"2 india+in8 +*$a+"$< +i)$ and da+$< )a2in8 i+ a -+&)i#$d &0."i8*+ 0"&0$"+.5 C&n+$n+ $/i,i(i+. +*"&-8* )-(+i0($ (an8-a8$ &-nd +"a2 and -,+i+($5 P"&8"a))in8 %"$$d&) 3i+* )-(+i0($ )&7i$ in a in8($ "$$n 3i+*&-+ () 0"in+ a4-ii+i&n< "$-(+in8 in *i8*$" &-0ani$5 Ma2$ di+"i,-+i&n &+ 7a"ia,($ a +*$ d$(i7$". )$*ani) i 0&in+ +& )-(+i0&in+ -in8 a+$((i+$5 D&$ n&+ *a7$ +& &"d$" () 0"in+ a+ a /$d &+ ,$%&"$ $+i)a+in8 +*$ d$)and5 Wi+* di8i+a( in$)a< +*$ &+ i 7a"ia,($5 8or E
8or A%#ien)es G$+ da. and da+$ "$($a$ in +*$i" a+*)$n+5 G$+ ad7an$d 0i+-"$ and &-nd 4-a(i+.5 Can n&3 $n&. a 7a"i$+. &% &n+$n+ &n ,i8 "$$n5 Can 8$+ +& 3a+* 0&"+ and $7$n+< ,$a)$d "$a(+i)$ +*"&-8* a+$((i+$5 ECi+. Di8i+a(' %&- i &n in$)a $/*i,i+i&n and di8i+a( +$*n&(&8. i -+ an $na,($"5 ECi+. Di8i+a( a(& *a a &)0$+i+i7$ ad7an+a8$ and $/0$"+i$ in $/*i,i+i&n ,-in$5 T*$ &)0an. n&+ &n(. di8i+i#$ +*$ in8($ "$$n ,-+ a(& i "$0&ni,($ %&" 0"&8"a))in8 +*$) "$8a"d($ &% +*$ ,-in$ a""an8$)$n+5 The )om*an= *ra)ti)es a h=bri# b%siness mo#el:
T*$a+"$ Hi"$ECi+. Di8i+a( 3i(( *a7$ (&n8+$") +*$a+"$ *i"$ &n+"a+ 3i+* +*$ $/*i,i+&"< 3*$"$in +*$ &)0an. 3i(( 0a. /$d 3$$2(. +*$a+"$ *i"in8 *a"8$ +& +*$ $/*i,i+&"5 T*$ +$n-"$ &% +*$ &n+"a+ 3i(( ,$ %&" a )ini)-) 0$"i&d &% .$a"< 3i+* +*$ "i2 and "$3a"d +& ,$ ,&"n$ ,. ECi+. Di8i+a(5 R$7$n-$ S*a"in8ECi+. Di8i+a( *a(( *a7$ a (&n8+$") "$7$n-$ *a"in8 -nd$"+andin8 3i+* +*$ $/*i,i+&"5 T*$ n$+ ,&/&$ "$7$n-$ 3i(( ,$ *a"$d &n 0"$a8"$$d +$")5 T*$ +$n-"$ &% +*$ &n+"a+ 3i(( ,$ %&" a )ini)-) 0$"i&d &% .$a"< 3i+* +*$ "i2 and "$3a"d 0"&0&"+i&na+$(. *a"$d 3i+* +*$ $/*i,i+&"5 S$"7i$ C&))ii&nECi+. Di8i+a( i a(& a+i7$ in +*$ ,-in$ &% "$+"&++in8 and "$%-",i*in8 +*$a+"$ 3i+* di8i+a( in%"a+"-+-"$ %&" a $"7i$ %$$5 T*$ &0+i&n &% *i"$0-"*a$ i a(& a7ai(a,($< 3*$"$ ECi+. Di8i+a( 3i(( &n+in-$ +& 3&"2 &n a &))ii&n +"-+-"$< 3i+* a&-n+a,i(i+. +&3a"d &0$"a+i&n and )ain+$nan$5
+ROTH DRI9ERS A+ a +i)$ 3*$n in8($"$$n +*$a+"$ a"$ d.in8 d-$ +& (a2 &% %&&+%a((< 0$&0($ a"$ 4-$-in8 -0 a+ )-(+i0($/$ +*a+ $(( +i2$+ a+ a()&+ +i)$ +*$ 0"i$ 0"$7ai(in8 in in8($"$$n +*$a+"$5 T*i %a+ 0"&7id$ a)0($ +$+i)&n. +& +*$
in"$ain8 0"&0$"i+. a 3$(( a +*$ Indian &n-)$" 3i((in8n$ +& 0a. %&" -0$"i&"4-a(i+. $n+$"+ain)$n+5 Gi7$n +*$ 0"$7ai(in8 d$)and-00(. d.na)i< 3$ ,$(i$7$ +*a+ +*$ $+&" &6$" *i8* 7ii,i(i+. %&" +$ad. a* &35
S%**l= si#e ; Im*ro!in, #=nami)s On +*$ -00(. id$< 3$ (&&2 a+ &n+$n+ -00(i$"< "$a( $+a+$ -00(i$" and +*$ 0"$7ai(in8 "$8-(a+&". $n7i"&n)$n+ in &"d$" +& -d8$ +*$ 7ii,i(i+. &% "$7$n-$ %"&) +*$ $+&"5
Content s%**l= set to boom M-(+i0($/$ a"$ in $/i+$n$ ,$a-$ 0$&0($ 3an+ +& 3a+* )&7i$ in a 4-a(i+. a),i$n$5 H$n$< a a di"$+ &"&((a".< )&"$ %&&+%a(( 3i(( ,$ 8$n$"a+$d 3i+* )&"$ )&7i$ ,$in8 "$($a$d5 In +*i $n$< +*$ )-(+i0($/ &0$"a+&" an d& n&+*in8 ,-+ d$0$nd &n +*$ -00(i$" &% &n+$n+ =)&7i$ 0"&d-$" and di+"i,-+&"@ %&" a "$8-(a" and *i8*4-a(i+. -00(. &% &n+$n+ +& 8$n$"a+$ *i8*$" n-),$" &% %&&+%a((5 C&n+$n+ -00(. i $+ +& ,&&) in +*$ &)in8 .$a" )ain(. ,$a-$ &% +*$ %&((&3in8 %a+&"
In)reasin, in!estment in lm *ro#%)tion Fi() 0"&d-+i&n i 0"$$n+(. 8&in8 +*"&-8* a 3&nd$"%-( 0*a$ a %a" a -00(. &% %-nd i &n$"n$d5 T*i 0a$ *a ,$$n a++"a+in8 a (&+ &% a++$n+i&n ,$a-$ &% i+ in*$"$n+(. +"&n8 %-nda)$n+a(5 A n-),$" &% 0(a.$" 3i+* d$$0 0&2$+ *a7$ $n+$"$d +*i 0a$< 3*i* *&-(d 2$$0 +*$ &n+$n+ 0i0$(in$ "&,-+ &7$" +*$ &)in8 .$a"5 In +*i .$a" & %a"< an in7$+)$n+ 0i0$(in$ &% >5:,n *a ,$$n ann&-n$d in +*i 0a$ =in7$+i,($ &7$" +*$ n$/+ 9 .$a"@5 P"&d-$" a"$ n&3 -* 3i+* a* and a"$ n& (&n8$" &7$"(. d$0$nd$n+ &n in%&")a( &-"$ &% %-ndin85 W$ ,$(i$7$ +*a+ +*i +"$nd 3i(( &n+in-$ in +*$ )$di-)+$") and -00(. &% &n+$n+ 3i(( n&+ ,$ a 0"&,($) %&" )-(+i0($/$5
M&"$&7$"< +i2$+ a($ "$0&"+in8 i %a" )&"$ +"an0a"$n+ in )-(+i0($/$ +*an in in8($"$$n +*$a+"$5 T*i "$-(+ in *i8*$" () "$7$n-$ %&" 0"&d-$"< 3*i* an ,$ 0(&-8*$d ,a2 in+& )&7i$ 0"&d-+i&n5
Re#%)in, shel lie o mo!ies makin, m%lti*le< the I#eal ormat or #istrib%tors T*$ *$(% (i%$ &% a )&7i$ *a d"a)a+ia((. "$d-$d %"&) a %$3 )&n+* $a"(i$" +& )$"$(. a >9 3$$2 3ind&3 n&35 T*i *a i8nian+(. "$d-$d +*$ +i)$ 3ind&3 3i+*in 3*i* "&d-$"di+"i,-+&" an )&n$+i#$ +*$ )&7i$ and "$&7$" +*$i" &+5 M-(+i0($/$< 3i+* )-(+i0($ "$$n< *a7$ %a" )&"$ $/i,i(i+. in *$d-(in8 &% )&7i$< 3*i* $na,($ +*$) +& $/*i,i+ )-(+i0($ *&3 &% a in8($ )&7i$ i)-(+an$&-(.< +*$"$,. *$(0in8 di+"i,-+&" "$&7$" a )a&"i+. &% +*$ an+ii0a+$d "$7$n-$ %"&) +*$ () d-"in8 +*$ "+ 3$$2 i+$(%5 F&" in+an$< > *&3 &% +*$ )&7i$ 'Ra$' 3$"$ *&3n &n a in8($ da. ,. a )-(+i0($/ &0$"a+&" in M-),ai5 T&da.< )-(+i0($/$ a"$ &n+"i,-+in8 ?; +& +*$ &7$"a(( d&)$+i ,&/ &$ &(($+i&n 3i+* ($ +*an ; &% +*$ +&+a( "$$n -nd$" &0$"a+i&n5 W$ ,$(i$7$ +*a+ +*$ %&")a+ i *i8*(. "$($7an+ %&" +*$ di+"i,-+&" and n&n$ &% +*$) an a6&"d +& ,.0a i+ and +i(( )a2$ )&n$. &n ()5
Holl=woo# lms ,ainin, ,ro%n# ; more )ontent S%**l=
H&((.3&&d () a"$ in"$ain8(. ndin8 a$0+an$ in India< )a2in8 India +*$ %+*(a"8$+ )a"2$+ &% H&((.3&&d () in Aia and +*$ >+* (a"8$+ )a"2$+ %&" H&((.3&&d 8(&,a((.5 An in"$ain8 n-),$" &% H&((.3&&d () a"$ ,$in8 "$($a$d in India in )-(+i0($ (an8-a8$ 3i+* 8"$a+$" n-),$" &% 0"in+5 F&" in+an$< Si7ai 3a "$($a$d 3i+* ?? 0"in+ in (an8-a8$5 T*$ () 3a a ,(&2,-+$" &n +*$ Indian d&)$+i i"-i+< (&2in8 5)n d-"in8 +*$ &0$nin8 3$$2$nd5 W$ ,$(i$7$ +*a+ +*$ n-),$" &% %&"$i8n () "$($a$d in India i $+ +& 8"&3< $0$ia((. 3i+* (a"8$ +-di& -* a R$(ian$ Bi8 En+$"+ain)$n+ and Ya* Ra Fi() %&"a.in8 in+& %&"$i8n () di+"i,-+i&n5 W$ $/0$+ +*i +"$nd +& ,$n$+ +*$ )-(+i0($/ ind-+". in +$") &% $n-"in8 a +$ad. +"$a) &% &n+$n+5
Real Estate S%**l= M-(+i0($/$ a"$ &%+$n "$8a"d$d a +*$ %&&+%a(( )a8n$+ %&" )a((5 T*$ &n$0+ &% *&00in8-)dinin8 -)$n+$"+ain)$n+ &-+in8 i 8ainin8 0&0-(a"i+. a)&n8 +*$ -",an 0&0-(a$< 3*$"$ )-(+i0($/$ in )a(( ,$&)$ +*$ )&+ "$($7an+ d$+ina+i&n *&i$5 A()&+ a(( -0&)in8 )a(( *a7$ a )-(+i0($/ &0$"a+&" a an an*&" +$nan+5 H$n$< 3$ ,$(i$7$ +*a+ +*$ -00(. &% "$a( $+a+$ 3i(( n&+ ,$ an i-$ %&" +*$ $+&"< $7$n +*&-8* +*$ 0a$ )i8*+ ,$ (&3 d-$ +& d$7$(&0)$n+ d$(a.5 India i 0"$$n+(. 3i+n$in8 a "$+ai( "$7&(-+i&n 3i+* )an. ,i8 0(a.$" %&"a.in8 in+& &"8ani#$d "$+ai( and )an. )a(( d$7$(&0)$n+ 0(an ,$in8 ann&-n$d in &"d$" +& a+$" +& +*$i" $/0ani&n 0(an5 T*$ 0a$ &% )a(( d$7$(&0)$n+ 3i(( -"$(. $n-"$ a7ai(a,i(i+. &% 4-a(i+. "$a( $+a+$ %&" )-(+i0($/ &0$"a+&"5
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a00"$ia+$ and -nd$"+and +*$ n$$d +& "a+i&na(i#$ E+a/ ($7$( and *a7$ 0"&7id$d %&" $i+*$" $n+$"+ain)$n++a/ $/$)0+i&n %&" )-(+i0($/ &0$"a+&" &" "$d-+i&n &% $+a/ +& )&"$ a6&"da,($ ($7$(5
Deman# Si#e ; Stron, *%ll D$)and id$ $n7i"&n)$n+ *a n$7$" ,$$n ,$++$" %&" +*$ 3*&($ )$dia $n+$"+ain)$n+ ind-+". in 8$n$"a( and )-(+i0($/ $+&" in 0a"+i-(a"5 A (&+ &% d$)&8"a0*i *an8$ &-0($d 3i+* $+&" %-nda)$n+a( a"$ $/0$+$d +& %-$( d$)and id$ &% +*$ +&". %&" +*$ $+&"5
ros*erit= to #ri!e #is)retionar= s*en# India i a *i8*(. %a7&"a,($ &-n+". %&" &n-)$" ind-+"i$ 3i+* a(( +*$ 2$. india+&" 0&in+in8 +&3a"d *i8*$" &n-)$" 0$nd in +*$ &)in8 .$a"5 I+ *a $$n i+ 0$" a0i+a in&)$ d&-,(in8 in +*$ (a+ .$a"< i+ *a )&"$ +*an ?; &% i+ 0$&0($ -nd$" +*$ a8$ &% ?< -",ani#a+i&n and $/0&-"$ +& 3$+$"n (i%$+.($ i "iin8< a(( ($adin8 +&3a"d in"$ain8 &n-)$"i) in +*$ &)in8 d$ad$5 In +*$ ,-&.an+ +i)$ 0$&0($ +$nd +& 0$nd )&"$ &n +*$ ($i-"$ ,a$d &n-)0+i&n5 F&" +*$ )-(+i0($/ $+&"< +*$ +a"8$+ 8"&-0 i in +*$ a8$ 8"&-0 &% >? .$a" &% a8$< 3*i* 7ii+ +*$ +*$a+$" )&"$ &%+$n +*an &+*$"5
here will =o% wat)h themF India i an $n+$"+ain)$n+ *-n8". na+i&n< and +*$ )a&" &-"$ &% $n+$"+ain)$n+ a"$ "i2$+ and B&((.3&&d5 M&"$ +*an 5,n +i2$+ a"$ &(d in India ann-a((.< +*i )a2$ - +*$ )&+ in$)a 8&in8 0&0-(a+i&n in +*$ 3&"(d5 E7$n
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=Sana.
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M7"TI"E-ES 8EEDIN+ INDIAGS MO9IE MANIA Indian
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"&"$ =R J5 ,i((i&n@ and i $/0$+$d +& 8"&3 a+ a &)0&-nd ann-a( 8"&3+* "a+$ &% >J 0$" $n+ =*i8*$" +*an +*$ $+i)a+$d > 0$" $n+ CAGR &% +*$ d&)$+i ,&/ &$ &(($+i&n@< a&"din8 +& +*$ (a+$+ PWC "$0&"+5 F&" in+an$< Mi"a Nai"' )-* a(ai)$d )&7i$ T*$ Na)$a2$ 3a &0"&d-$d ,. UTV M&+i&n Pi+-"$ and FOX S$a"*(i8*+5 I% +*a+ 3an'+ $n&-8*< UTV M&+i&n Pi+-"$ and 9?+* C$n+-". F&/ "$$n+(. ann&-n$d +*$i" +"a+$8i +i$-0 %&" +*$ &0"&d-+i&n &% di"$+&" Man& Ni8*+ S*.a)a(an' %&"+*&)in8 H&((.3&&d +*"i(($" DEVIL D5 T*$ )&7i$ *a a ,-d8$+ &% : )i((i&n5 UTV and F&/ 3i(( &0"&d-$ and $n&. 8(&,a( "$7$n-$ $4-a((.5 Said UTV' CEO R&nni$ S"$37a(a< 1T*$ 2$. +& a -$%-( in+$"na+i&na( &0"&d-+i&n i +*a+ .&*a7$ 8(&,a( di+"i,-+i&n 0a"+n$" %"&) da. &n$ and +*a+ 0a"+n$" n$$d +& ,$ a &0"&d-$"51 UTV *a 7$ %&"$i8n &0"&d-+i&n -0 i+ ($$7$ 3i+* +-di& -* a S&n. C&(-),ia< 9?+* C$n+-". F&/ and Din$.5 C&0"&d-+i&n a((ian$ a"$ )ain(. +& )a2$ -$ &% &n$ an&+*$"' ,-in$ n$+3&"2
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+*"$$ 7$"+ia(< &0"&d-+i&n &% B&((.3&&d ()< 0"&d-+i&n &% Indian in$)a and )&7i$ di+"i,-+i&n5 C&n$4-$n+(.< (a+ )&n+* i+ *a na)$d D$,&"a* S*ind($" a +*$ 0"$id$n+ &% In+$"na+i&na( M&+i&n Pi+-"$ P"&d-+i&n and Ga"$+* Wi8an =7i$*ai")an &% S&n.' C&(-),ia T"iS+a" M&+i&n Pi+-"$ G"&-0@ +& *$ad +*$ n$3 in+$"na+i&na( )&7i$ di7ii&n5 T*$ n$3(. "$a+$d 3in8 3i(( %ai(i+a+$ 'in"$ain8 0"&d-+i&n in India' and &+*$" &-n+"i$5 1A+ +*$ )&)$n+< &-" %&- i &n Saa3a"i.a5 T*$ )&7i$ 3i(( )a"2 +*$ ,$8innin8 &% +*$ +a+$ 3$ in+$nd +& d$7$(&0 in India5 W$ 3i(( (&&2 a+ i)i(a" 7$n+-"$ in +*$ n$a" %-+-"$5 H&3$7$"< a4-i"in8 di+"i,-+i&n "i8*+< &0"&d-+i&n and 0"&d-+i&n a"$ &n &-" a8$nda<1 aid Uda. Sin8*5 S&n. Pi+-"$ in +*$ 0a+ *a di+"i,-+$d n$a"(. 9? Hindi )&7i$ -* a M&n&&n W$ddin8 ; B$nd i+ (i2$ B$2*a) , M" M" I.$" a)&n8 &+*$" .A-di$n$ ,a$ and a(& +*$ &0$ &% 0"&d-+i&n *&-$<1 aid () ana(.+ Ta"an Ada"*5
HO""YOOD "OOKIN+ TO INDIA 8OR OST;ROD7CTION ORK I)0"$$d 3i+* +*$ (&3,-d8$+ and 8&&d 0"&d-+i&n 4-a(i+. B&((.3&&d ()? &" 9? 0$" $n+ &% +*$ &+ +*a+ H&((.3&&d an d&5 I% H&((.3&&d i 0$ndin8 >?? )i((i&n d&((a" a )&7i$< 3$ )a2$ +*$ a)$ 2ind &% )&7i$ %&" >? +& 9? )i((i&n d&((a" ,-d8$+ in India<1 L-((a< 3*& "$$n+(. 3&n +*$ BDO S+&. Ha.3a"d B-in$ &% +*$ Y$a" A3a"d a+ +*$ Ea+$"n E.$ Aian ,-in$ a3a"d %-n+i&n< +&(d +*$ T*$ Dai(. T$($8"a0*5
ROCED7RE O8 SETTIN+ 7 A
M7"TI"E T*$ 0"&$d-"$ &% $++in8 -0 a )-(+i0($/ i di7id$d in+& 0*a$ a%+$" +*$ )-(+i0($/ &0$"a+&" *a d$id$d +*$ (&a+i&n &% +*$ )-(+i0($/ and $n+$"$d in+& +*$ a8"$$)$n+ 3i+* +*$ )a(( d$7$(&0$"5 De!elo*ment o *ro*ert= In +*i +a8$ +*$ )a(( d$7$(&0$" d$7$(&0 +*$ 0"&0$"+. a&"din8 +& +*$ 0$ia+i&n a8"$$d -0&n ,. +*$ )-(+i0($/ &0$"a+&" and +*$ )a(( d$7$(&0$"5 T*$ )a(( d$7$(&0$" *a +& 8$+ $"+ain a00"&7a( %"&) 7a"i&- a-+*&"i+i$5 A%+$" +*$ )a(( d$7$(&0$" &)0($+$ d$7$(&0)$n+ and 8$+ a00"&7a(< +*$ 0"&0$"+. i *and$d &7$" +& +*$ )-(+i0($/ &0$"a+&"5 8it o%ts: A%+$" +*$ 0"&0$"+. *a ,$$n *and$d &7$" +& +*$ )-(+i0($/ &0$"a+&"< +*$ in+$"i&" a"$ d&n$ -0 ,. *i)5 T*i in(-d$ i7i( and a"*i+$+-"a( 3&"2< d$i8nin8< $a+in8< a"0$+in8< 0-++in8 -0 +*$ "$$n $+5 T*i +a8$ n&")a((. +a2$ ,$+3$$n 9 )&n+* d$0$ndin8 &n +*$ i#$ and a($ &% +*$ 0"&$+5 A**ro!als: A%+$" + &-+ a"$ &)0($+$d< +*$ )-(+i0($/ &0$"a+&" *a +& 8$+ 7a"i&- a00"&7a( ,$%&"$ *$ an &))$n$ &0$"a+i&n5 On an a7$"a8$ +*i +a8$ +a2$ a"&-nd )&n+* d$0$ndin8 &n +*$ +a+$ a *$ *a +& 8$+ a00"&7a( %"&) +*$ "$ d$0a"+)$n+< $($+"ia( d$0a"+)$n+< *$a(+* d$0a"+)$n+ and 7a"i&- &+*$" (i$n$5
M7"TI"E- &7 The nation's multiplex industry is all set for an unprecedented boom buoyed by positive regulatory changes and booming consumerism. Multiplexes /megaplexes have been instrumental in contributing 28 percent of the total theatrical sales for the film industry according to a report by Systematix Institutional esearch. Industry experts estimate that top six multiplex chains have plans of !""#$"" screens each by %.
()%* a leading real estate player in the country* plans to invest +S, 2-8.2 million for
the expansion of its multiplex business. The company has planned to add at least $"" screens in the next four to five years across the country.
ntertainment conglomerate ig 0inemas has dra1n up a plan to build 2 megaplexes
in India 1here you can not only see movies but also cricet and soccer matches on screen.
Multiplex chain 34 0inemas* 1hich currently has "8 screens* is also planning to add
over $" screens across India* staggered over a period of three years from 2""-#2""* 1ith a total investment outlay of around +S, 5.$$ million. 0inemax India* the multiplex chain
1hich currently has $$ screens over 5 properties across the country is planning to scale up its presence to 2-- screens across about "" properties by fiscal 2""
A+E ISE DISTRI&7TION
INCREASIN+ CORORATIATION O8 &O""YOOD Fi() 0"&d-+i&n *i+&"ia((. *a ,$$n a %"a8)$n+$d $8)$n+< d&)ina+$d ,. a %$3 %a)i(. 0"&d-+i&n *&-$ and indi7id-a( 0"&d-$"5 R$$n+(.< +*$ $8)$n+
*a ,$8-n a++"a+in8 &"0&"a+$ %-ndin8 and a(&n8 3i+* +*a+ a &"0&"a+$ +.($ &% 0"&$+ )ana8$)$n+5 B$++$" 0(annin8 and dii0(in$ in +*$ 0"&d-+i&n 0"&$ 3i(( ,"in8 in *i8*$" $i$n.< +*$"$,. "$d-in8 0"&$+ d$(a. and &+ &7$""-n5 C&"0&"a+i#a+i&n &% B&((.3&&d *a a+-a((. 3id$n$d +*$ an7a %&" )&7i$ 0"&d-$"5 M&7i$ a"$ ,$in8 0"&d-$d &n a )-* (a"8$" a($ 3i+* (a"8$" ,-d8$+< $)0(&.in8 )&"$ &0*i+ia+$d +$*n&(&8.5
RED7CIN+ SHE"8 "I8E O8 MO9IES MAKIN+ M7"TI"E- THE IDEA" 8ORMAT 8OR DISTRI&7TORS T*$ *$(% (i%$ &% a )&7i$ *a d"a)a+ia((. "$d-$d %"&) a %$3 )&n+* $a"(i$" +& )$"$(. a >9 3$$2 3ind&3 n&35 T*i *a i8nian+(. "$d-$d +*$ +i)$ 3ind&3 3i+*in 3*i* 0"&d-$"di+"i,-+&" an )&n$+i$ +*$ )&7i$ and "$&7$" +*$i" &+5 M-(+i0($/$< 3i+* )-(+i0($ "$$n< *a7$ %a" )&"$ $/i,i(i+. in *$d-(in8 &% )&7i$< 3*i* $na,($ +*$) +& $/*i,i+ )-(+i0($ *&3 &% a in8($ )&7i$ i)-(+an$&-(.< +*$"$,. *$(0in8 di+"i,-+&" "$&7$" a )a&"i+. &% +*$ an+ii0a+$d "$7$n-$ %"&) +*$ () d-"in8 +*$ "+ 3$$2 i+$(%5 F&" in+an$< > *&3 &% +*$ )&7i$ 'Ra$' 3$"$ *&3n &n a in8($ da. ,. a )-(+i0($/ &0$"a+&" in M-),ai5 T&da.< )-(+i0($/$ a"$ &n+"i,-+in8 ?; +& +*$ &7$"a(( d&)$+i ,&/ &$ &(($+i&n 3i+* ($ +*an ; &% +*$ +&+a( "$$n -nd$" &0$"a+i&n5 W$ ,$(i$7$ +*a+ +*$ %&")a+ i *i8*(. "$($7an+ %&" +*$ di+"i,-+&" and n&n$ &% +*$) an a6&"d +& ,.0a i+ and +i(( )a2$ )&n$. &n ()5
RE9EN7E &REAK7 T*$ "$7$n-$ ,"$a2-0 i di7id$d in+& +*"$$ di+in+ 0a"+ na)$(. # Ti2$+ 3*i* 8$n$"a+$ ; &% +*$ "$7$n-$ # F&&d and B$7$"a8$ i ($a$d &-+ +& a8$ni$ 3*i* 8$n$"a+$ >; &% +*$ "$7$n-$5 T*$$ in(-d$ 7a"i&- +a(( (i2$ &(d d"in2< -i$< *&&(a+$ and 7a"i&- &+*$" na25 # Ad7$"+i$)$n+ a a 3*&($ 8$n$"a+$ >9; &% +*$ "$7$n-$5 C&nd-+i&n %$$ a 2$. 0a"+ &% +*$ "$7$n-$ ,"$a2-0 8$n$"a+$ "$7$n-$ 3i+* a+i7i+i$ "$(a+$d +& +*$ &nd-+i&n
&% a 0a"+i-(a" *&35 C&)0ani$ +&da. a"$ 0-++in8 in i))$n$ $6&"+ +& +". and $/0and +*$i" &0$"a+i&n in 0"i)$ i+i$ (i2$ M-),ai55 C&)0ani$ a"$ a(& %&-in8 &n in"$ain8 %&&d and ,$7$"a8$ 0$nd ,. in+"&d-in8 n$3 i+$) and &6$"in8 a++"a+i7$ 0a2a8$ (i2$ %&&d &),&' and 0"&7idin8 addi+i&na( %ai(i+i$ (i2$ a 8a)in8 #&n$ 3*i* a++"a+ *-8$ n-),$" &% 2id +*$"$,. 8$n$"a+in8 )&"$ "$7$n-$ %&" +*$ &)0ani$5
8RANCHISE MODE" T*$ &)0an. &0$"a+$ +3& )-(+i0($/$ -nd$" +*$ %"an*i$ )&d$( PVR SRSin Fa"ida,ad = "$$n< :: $a+@ and PVR S0i$ in N&ida =J "$$n< >$a+@5 Und$" +*i )&d$(< +*$ 0"&0$"+. +*$ &)0an. $(( i+ $/0$"+i$ in d$7$(&0in8 and )ana8in8 +*$ &0$"a+i&n &% +*$ )-(+i0($/ +& +*$ )a(( d$7$(&0$"5 PVR ad7i$ +*$ )a(( d$7$(&0$" &n d$i8n 0$ia+i&n< ,-in$ 0(an and +*$ nania( and &0$"a+i&na( %$ai,i(i+. &% +*$ )-(+i0($/5 PVR )ana8$ +*$ &0$"a+i&n &% +*$ )-(+i0($/ and -$ i+ ,"and na)$ +& a++"a+ 0a+"&n5 F&" +*$$ $"7i$< PVR i $n+i+($d +& a "$7$n-$ *a"$ %"&) +*$ )-(+i0($/5 In +*$ a$ &% PVR SRS< PVR *a"8$ ; &% +*$ n$+ "$7$n-$ &% +*$ )-(+i0($/ a )ana8$)$n+ %$$5 F&" PVR S0i$< +*$ )ana8$)$n+ %$$ i a(-(a+$d a ; &% +*$ n$+ "$7$n-$ and ; &% +*$ n$+ 0"&+ &% +*$ )-(+i0($/5 T*$ %"an*i$ )&d$( i a 8&&d +"a+$8. %&" +*$ &)0an. in 0(a$ 3*$"$ +*$. 3an+ +& +a2$ (i)i+$d "i2 &" in a"$a 3*$"$ +*$ &)0an. 3an+ +& +a2$ $/0&-"$ ,-+ +*$ )a(( d$7$(&0$" d$i"$ +& &3n and &0$"a+$ +*$ )-(+i0($/5
COST &REAK7
T*$ &+ a"$ di7id$d in+& di+in+ 0a"+< na)$(. Di"$+ C&+ 3*i* i %-"+*$" di7id$d in+& 7a"i&- -, 0a"+
Di+"i,-+&" *a"$T*i "$%$" +& a +i0-(a+$d a)&-n+ 3*i* n$$d +& ,$ 0aid +& +*$ di+"i,-+&" %&" di+"i,-+i&n a 0a"+i-(a" )&7i$ +& +*$ )-(+i0($/5
En+$"+ain)$n+ Ta/ 3*i* i a )anda+$ +a/ 3*i* n$$d +& ,$ 0aid and i *a"8$d +& +*$ 7i$3$" 3i+*in +*$ &+ &% +*$ a+-a( +i2$+ 0-"*a$d ,. *i)5
F&&d and ,$7$"a8$ &+ "$%$" +& +*$ &+ in-""$d ,. +*$ in *&-$ ,"and +& 0"&d-in8 &" )a2in8 a 0a"+i-(a" 0"&d-+ &" i+$) a7ai(a,($ %&" +*$ $nd &n-)$"5
P$"&nn$( C&+ "$%$" +& +*$ &+ in-""$d "i8*+ %"&) +*$ 3$$0$" and +*$ $-"i+. 8-a"d "i8*+ -0 +& +*$ )ana8$" &% +*$ )-(+i0($/5
D$0"$ia+i&n "$%$" +& +*$ 3a"$ and +a"$ &% a 0a"+i-(a" )a*in$". &7$" a 0$"i&d &% +i)$ 3*i* an +*i a$ "$%$" +& +*$ 0"&$+&" and 7a"i&- &+*$" a$+ ,&-8*+ +& &))$n$ +*$ *&35
In+$"$+ "$%$" +& +*$ a)&-n+ 3*i* n$$d +& ,$ 0aid &n +*$ B&""&3$d a0i+a( ,. +*$ &)0an.5
RISKS AND CONCERNS Slow#own in )ontent s%**l=
A )-(+i0($/$ a"$ +*$ &n-)$" &% &n+$n+< +*$. *a7$ n& &n+"&( &7$" +*$ -00(. 4-a(i+. and 4-an+i+.5 M-(+i0($/$ +*"i7$ &n "iin8 %&&+%a(( 3*i* in +-"n d$0$nd &n +*$ ,$++$" -00(. &% () %"&) 0"&d-$"5 H$n$< an. di"-0+i&n &n +*$ -00(. id$ 3i(( d$ni+$(. *a7$ a n$8a+i7$ i)0a+ &n +*$ )-(+i0($/ 0(a.$"' 8"&3+*5
Alternati!e entertainment a!en%es M&7i$ &)0$+$ %&" -+&)$" a++$n+i&n 3i+* &+*$" %&") &% $n+$"+ain)$n+ 7i#5 DVD< TV< "i2$+< %$+i7a( $+5 An in"$a$d a$0+a,i(i+. &% +*$$ a7$n-$ 3i(( di7$"+ %&&+%a(( a3a. %"&) )-(+i0($/$5 H&3$7$"< 3$ ,$(i$7$ +*a+ +*$"$ i $n&-8* "&&) %&" a(( +& $/i+ and 8"&3 i)-(+an$&-(.5 A a$ in 0&in+ i US< 3*$"$ a()&+ a(( %&") &% $n+$"+ain)$n+ a"$ 0"$$n+ and *a7$ ,$$n 3$(( "$$i7$d ,. +*$ &n-)$"5 E7$n +*$n< %&&+%a(( 8"&3+* *an'+ *a(+$d &7$" +*$"$5 M&"$&7$"< +*$"$ )i8*+ ,$ 0&i,($ .n$"8i$ a)&n8 +*$$ %&")a+ 3*i* )i8*+ ,$n$+ )-(+i0($/$< $585 *&3in8 &% IPL )a+*$ &n in$)a "$$n5
Mall #e!elo*ment #ela=s S-00(. &% 4-a(i+. "$a( $+a+$ *a ,$$n a 0"&,($) in +*$ 0a+ %&" )-(+i0($/ 0(a.$"5 Ma(( d$(a. d-$ +& 7a"i&- "$a&n 3i(( *-"+ $/0ani&n 0(an &% +*$ &)0ani$5 W$ a"$ ,-i(din8 in a ?; d$(a. in )a(( *and&7$" +& +*$ )-(+i0($/$ in &-" ana(.i5 An. d$(a. )&"$ +*an +*i 3i(( *-"+ %-+-"$ 8"&3+* &% )-(+i0($/$5
7n)ertaint= o!er entertainment ta< En+$"+ain)$n+ +a/ in India i a)&n8 +*$ *i8*$+ in +*$ 3&"(d ($adin8 +& a )-* *i8*$" O-0an. ($7$( "$4-i"$d %&" ,"$a2 $7$n &% )-(+i0($/$5 E7$n +*&-8* +a+$ 8&7$"n)$n+ *a7$ ann&-n$d +a/ %"$$ 3ind&3 %&" +*$$ 0(a.$"< -n$"+ain+. (&&) &7$" +*$ 7ia,i(i+. &% )-(+i0($/$ a%+$" +*$ 3ind&3 $/0i"$5 W$ ,$(i$7$ +*a+ +*$ ($7$( $n+$"+ain)$n+ +a/ 3i(( &)$ d&3n in +*$ %-+-"$<
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