Reliance Industries Limited (RIL) Chairman Mukesh Ambani announced the company’s broadband service Jio Giga Fiber at the 42nd AGM. He said that from mid-2020, Jio GigaFiber’s premium customers will be able to watch the movie on the first day first show shows in their devices. Currently, RIL’s announcement saw 10 percent and 8 percent fall in shares of multiplex chain operators PVR and Inox Leisur during intraday.
It is believed that this may cause an uproar in the cinema or multiplex market. However, companies such as PVR and Inox, which operate multiplexes in the country, have expressed confidence in the growth of theaters business in the coming years. PVR, the country’s largest multiplex company, shows films across 800 screens across the country. PVR says that the experience of watching a movie in a cinema hall and watching a movie at home is different and has its own experience and significance.
Similarly, Inox Leisur, who shows the movie on 600 screens, said that there is a mutual agreement between the film producers, distributors and multiplex owners in the country right now. Under this, after the film is released in theaters, it is not released on any other medium or platform for up to eight weeks. So theaters get a special time to screen the film for eight weeks. Ambani said, “For the first time in the country, we have brought the concept of upheaval to the market of watching new movies. Premium customers of Jio Fiber will be able to enjoy watching the film in their homes from the mid-2020s on the day of its release. ”
In the information given to the stock market, the company said that the producer of a film is its real owner. In such a situation it is his right which platform he uses for distribution. Inox said that the special time model of filming in theaters is adopted internationally. It is beneficial for all the people working in this field and this model has been adopted in India. It would be interesting to see the craze of Jio Giga Fiber in India after its release. The base price of the plan will be for 800 rupees.