SPI Cinemas
{{Short description|Indian multiplex cinema chain}}
{{Use dmy dates|date=May 2018}}
{{Use Indian English|date=May 2018}}
{{Coord|13.056355|N|80.259151|E|display=title}}
{{Infobox company
| name = SPI Cinemas
| logo =
| type =
| industry = Entertainment
| area_served = India
| key_people =
| products =
| revenue =
| net_income =
| num_employees =
| parent = PVR INOX Limited
| foundation = {{Start date and age|1974|04}}
| location_city = Royapettah, Chennai
| location_country = India
| locations = 6
| homepage = {{URL|www.pvrcinemas.com}}
}}
SPI Cinemas was an Indian multiplex chain originally owned by the SPI Group, headquartered in Chennai, Tamil Nadu. The company was often lauded for its premium quality and inexpensive pricing.{{Cite web |date=31 October 2012 |title=Hollywood praise for Sathyam Cinemas! |url=http://behindwoods.com/tamil-movie-news-1/oct-12-05/ang-lee-life-of-pi-31-10-12.html |url-status=live |archive-url=https://web.archive.org/web/20140620181755/http://behindwoods.com/tamil-movie-news-1/oct-12-05/ang-lee-life-of-pi-31-10-12.html |archive-date=20 June 2014 |access-date=22 April 2014 |website=Behindwoods}}{{Cite news |date=15 April 2014 |title=Palazzo inaugurated |work=The Hindu |url=https://www.thehindu.com/news/cities/chennai/palazzo-inaugurated/article7935004.ece |url-status=live |access-date=19 December 2021 |archive-date=19 December 2021 |archive-url=https://web.archive.org/web/20211219112259/https://www.thehindu.com/news/cities/chennai/palazzo-inaugurated/article7935004.ece }} Its theatres, primarily PVR Sathyam Cinemas at Royapettah are often used by filmmakers for film premieres and audio launch events.{{Cite news |last=Srinivasan |first=Lata |date=1 November 2012 |title=Ang Lee praises Sathyam Cinemas |work=The Times of India |url=http://timesofindia.indiatimes.com/entertainment/tamil/movies/news-interviews/Ang-Lee-praises-Sathyam-Cinemas/articleshow/17044020.cms |url-status=live |access-date=22 April 2014 |archive-url=https://web.archive.org/web/20180327052142/https://timesofindia.indiatimes.com/entertainment/tamil/movies/news-interviews/Ang-Lee-praises-Sathyam-Cinemas/articleshow/17044020.cms |archive-date=27 March 2018}} Popcorn served at SPI Cinemas had received considerable praise from film goers and the media.{{Cite news |last=Srinivasan |first=Sudhir |date=14 May 2015 |title=Chennai's corny tradition |work=The Hindu |url=http://www.thehindu.com/features/metroplus/Food/chennais-corny-tradition/article7206244.ece |url-status=live |access-date=23 September 2015 |archive-url=https://web.archive.org/web/20170427101556/http://www.thehindu.com/features/metroplus/Food/chennais-corny-tradition/article7206244.ece |archive-date=27 April 2017}} In August 2018, PVR Cinemas completed the acquisition of SPI Cinemas.
The group was notable for being the first multiplex operator in India to equip its screens with the Dolby Atmos and Auro 11.1 sound systems.{{Cite web |last=Almeida |first=Aaron |date=5 December 2012 |title=Dolby launches its Dolby Atmos audio platform in India |url=http://www.moneycontrol.com/news/technology/dolby-launches-its-dolby-atmos-audio-platformindia_790953.html |url-status=live |archive-url=https://web.archive.org/web/20140201183838/http://www.moneycontrol.com/news/technology/dolby-launches-its-dolby-atmos-audio-platformindia_790953.html |archive-date=1 February 2014 |access-date=23 March 2013 |website=Firstpost}}{{Cite web |last=Mead |first=Bill |date=25 November 2013 |title=Technology in review: Asia embraces digital, 3D and immersive sound |url=http://www.filmjournal.com/filmjournal/content_display/news-and-features/features/technology/e3ic47fe60809de59b805f8be4b00e9284e |url-status=live |archive-url=https://web.archive.org/web/20131225102435/http://www.filmjournal.com/filmjournal/content_display/news-and-features/features/technology/e3ic47fe60809de59b805f8be4b00e9284e |archive-date=25 December 2013 |access-date=8 April 2014 |website=Film Journal International}}
== History ==
Sathyam Cinemas was originally named the "Royal Theatre Complex" and was built by Raja from Venkatagiri in April 1974.{{Cite news |last=Ramakrishnan |first=N. |date=27 December 2013 |title=Chennai has a big role to play |work=Business Line |url=http://www.thehindubusinessline.com/industry-and-economy/chennai-has-a-big-role-to-play/article5508782.ece |url-status=live |access-date=9 April 2014 |archive-url=https://web.archive.org/web/20140413145924/http://www.thehindubusinessline.com/industry-and-economy/chennai-has-a-big-role-to-play/article5508782.ece |archive-date=13 April 2014}}{{Cite news |date=27 June 2007 |title=Sathyam Cinemas Selects Qube for All Screens of Its Flagship Multiplex at Chennai, India |work=Business Wire |url=http://www.businesswire.com/news/home/20070627006306/en/Sathyam-Cinemas-Selects-Qube-Screens-Flagship-Multiplex#.U0VgvKiSxmw |url-status=live |access-date=9 April 2014 |archive-url=https://web.archive.org/web/20140413143852/http://www.businesswire.com/news/home/20070627006306/en/Sathyam-Cinemas-Selects-Qube-Screens-Flagship-Multiplex#.U0VgvKiSxmw |archive-date=13 April 2014}} With a capacity of 1,255 seats, it was the largest multiplex built in Chennai at the time.{{Cite news |last=Menon |first=Nitya |date=27 November 2013 |title=The changing scene |work=The Hindu |url=http://www.thehindu.com/features/metroplus/the-changing-scene/article5397171.ece |url-status=live |access-date=13 April 2014 |archive-url=https://web.archive.org/web/20140414175637/http://www.thehindu.com/features/metroplus/the-changing-scene/article5397171.ece |archive-date=14 April 2014}}
Kiran Reddy, the former CEO of SPI Group, revealed in a 2012 interview with The Hindu that the Sathyam theatre complex was acquired by his family "from someone" in the 1980s. It was acquired for real estate purposes with no intention of continuing the theatre business. He claimed, "The intent was to demolish the theatre complex. The theatre wasn't a viable business if you looked at the value of the land." However, when he got involved in the business, the family had made several improvements to the theatre.{{Cite news|last=Muthalaly|first=Shonali|date=23 February 2012|title=Reddy Made In Chennai|work=The Hindu|url=http://www.thehindu.com/features/metroplus/reddy-made-in-chennai/article1567894.ece|url-status=dead|access-date=9 April 2014|archive-url=https://web.archive.org/web/20140413145954/http://www.thehindu.com/features/metroplus/reddy-made-in-chennai/article1567894.ece|archive-date=13 April 2014}} Reddy had taken over the business in 1999 and continued developing the theatre, adding three more screens and refurbishing the existing three.{{Cite news |last=Pillai |first=Sreedhar |date=15 December 2006 |title=And now, the multiplex mania |work=The Hindu |url=http://www.hindu.com/fr/2006/12/15/stories/2006121500730100.htm |url-status=dead |archive-url=https://web.archive.org/web/20061217042859/http://www.hindu.com/fr/2006/12/15/stories/2006121500730100.htm |archive-date=17 December 2006}}
Acquisition by PVR Cinemas
After the on-and-off negotiations for years, the cinema chain was finally acquired by PVR Cinemas in August 2018.{{Cite news |date=17 August 2018 |title=PVR completes acquisition of 71.6% stake of SPI Cinemas |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/stocks/news/pvr-completes-acquisition-of-71-6-stake-of-spi-cinemas/articleshow/65443395.cms?from=mdr |url-status=live |access-date=15 October 2019 |archive-url=https://web.archive.org/web/20210421060700/https://economictimes.indiatimes.com/markets/stocks/news/pvr-completes-acquisition-of-71-6-stake-of-spi-cinemas/articleshow/65443395.cms?from=mdr |archive-date=21 April 2021}} In August 2019, the National Company Law Tribunal (NCLT) New Delhi-branch approved the amalgamation of SPI Cinemas into PVR Cinemas with effect from the appointed date of 17 August 2018, PVR said in the exchange filing.{{Cite news|date=23 August 2019|title=SPI cinemas amalgamated with PVR effective 17 August 2018|work=PVR Cinemas|url=https://static1.pvrcinemas.com/pvrcms/pvrspimerger/Scheme_of_Amalgamtion_Final_Certified_Order_23_08_2019.pdf|url-status=live|access-date=5 November 2019|archive-url=https://web.archive.org/web/20191105210424/https://static1.pvrcinemas.com/pvrcms/pvrspimerger/Scheme_of_Amalgamtion_Final_Certified_Order_23_08_2019.pdf|archive-date=5 November 2019}}{{Cite news |date=17 October 2019 |title=SPI Cinemas Amalgamation |work=Business Today |url=https://www.businesstoday.in/current/corporate/pvr-q2-profit-jumps-35-to-rs-4767-crore-revenue-surges-37/story/385237.html |url-status=live |access-date=5 November 2019 |archive-url=https://web.archive.org/web/20191105210419/https://www.businesstoday.in/current/corporate/pvr-q2-profit-jumps-35-to-rs-4767-crore-revenue-surges-37/story/385237.html |archive-date=5 November 2019}} With the acquisition, PVR became the largest multiplex operator in Tamil Nadu with 14 properties (including Puducherry) (as of 2018) and more in the pipeline.{{Cite news |last=Kandavel |first=Sangeetha |date=23 January 2020 |title=PVR to open five screens at Chennai airport |work=The Hindu |url=https://www.thehindu.com/news/cities/chennai/pvr-to-open-five-screens-at-chennai-airport/article30619677.ece |url-status=live |access-date=19 December 2021 |archive-date=19 December 2021 |archive-url=https://web.archive.org/web/20211219112319/https://www.thehindu.com/news/cities/chennai/pvr-to-open-five-screens-at-chennai-airport/article30619677.ece }}{{Cite news |date=30 January 2019 |title=Market of India: New landmark in North Chennai at a cost of Rs 5,500 crore |work=The New Indian Express |url=https://www.newindianexpress.com/cities/chennai/2019/jan/30/market-of-india-new-landmark-in-north-chennai-at-a-cost-of-rs-5500-crore-1931754.html |url-status=live |access-date=19 December 2021 |archive-date=19 December 2021 |archive-url=https://web.archive.org/web/20211219112300/https://www.newindianexpress.com/cities/chennai/2019/jan/30/market-of-india-new-landmark-in-north-chennai-at-a-cost-of-rs-5500-crore-1931754.html }}{{Cite news |date=25 September 2020 |title=SPR City raises capital from LIC Housing for residential project |work=The Hindu Business Line |url=https://www.thehindubusinessline.com/news/real-estate/spr-city-raises-capital-from-lic-housing-for-residential-project/article32698675.ece |url-status=live |access-date=19 December 2021 |archive-date=19 December 2021 |archive-url=https://web.archive.org/web/20211219112259/https://www.thehindubusinessline.com/news/real-estate/spr-city-raises-capital-from-lic-housing-for-residential-project/article32698675.ece }} In 2021, PVR Cinemas mentioned that is looking to expand further in South by opening more screens in South Indian cities like Bengaluru, Mysore, Chennai, Hyderabad, Coimbatore and Vizag.{{Cite news |last=Jha |first=Lata |date=25 January 2021 |title=Multiplexes on track to expand footprint in South India |work=Mint |url=https://www.livemint.com/news/india/multiplexes-on-track-to-expand-footprint-in-south-india-11611556357496.html |url-status=live |access-date=19 December 2021 |archive-date=19 December 2021 |archive-url=https://web.archive.org/web/20211219112320/https://www.livemint.com/news/india/multiplexes-on-track-to-expand-footprint-in-south-india-11611556357496.html }} In January 2021, PVR started the integration and rebranding of all the acquired properties in a phased manner. They also mentioned that all the future projects will be branded as PVR including the upcoming properties in the state of Tamil Nadu as well.{{Cite news|title=PVR Le Reve Cinemas, Globus Mall, Bandra, Mumbai, Maharashtra|work=PVR Cinemas|url=https://www.pvrcinemas.com/cinemasessions/Mumbai/PVR-Le-Reve-Bandra-Mumbai/190|url-status=live|access-date=5 November 2019|archive-url=https://web.archive.org/web/20191105210420/https://www.pvrcinemas.com/cinemasessions/Mumbai/PVR-Le-Reve-Bandra-Mumbai/190|archive-date=5 November 2019}}{{Cite news|title=PVR Haseen Cinemas, Bhiwandi, Mumbai, Maharashtra|work=PVR Cinemas|url=https://www.pvrcinemas.com/cinemasessions/Mumbai/PVR%20S2%20Haseen%20Bhiwandi%20Mumbai/194|url-status=live|access-date=7 February 2020|archive-url=https://web.archive.org/web/20210421060655/https://www.pvrcinemas.com/cinemasessions/Mumbai/PVR%20S2%20Haseen%20Bhiwandi%20Mumbai/194|archive-date=21 April 2021}} PVR has also launched its private movie screening experience{{Cite news|title=PVR Private Screening|work=spicinemas.in|url=https://www.spicinemas.in/private-screening|url-status=dead|access-date=19 December 2021|archive-url=https://web.archive.org/web/20211219112306/https://www.spicinemas.in/private-screening|archive-date=19 December 2021}} and its loyalty program 'PVR Privilege' across all the acquired properties.{{Cite web|title=PVR Privilege Loyalty Program|work=PVR Cinemas|url=https://www.pvrcinemas.com/loyalty|url-status=live|access-date=18 December 2021|archive-url=https://web.archive.org/web/20211217212755/https://www.pvrcinemas.com/loyalty|archive-date=17 December 2021}}
In February 2023, PVR merged with its rival INOX Leisure to create largest multiplex chain in India.{{Cite web|title=PVR merges with Inox to create India's biggest multiplex chain|work=PVR Cinemas|url=https://www.livemint.com/market/stock-market-news/pvrinox-merger-record-date-for-share-allotment-to-inox-shareholders-announced-11675757168173.html|access-date=9 May 2023|archive-date=9 May 2023|archive-url=https://web.archive.org/web/20230509125323/https://www.livemint.com/market/stock-market-news/pvrinox-merger-record-date-for-share-allotment-to-inox-shareholders-announced-11675757168173.html|url-status=live}} All the new properties opened after the merger with Inox will be branded as 'PVR Inox'.{{Cite web|title=PVR becomes PVR INOX as name change takes effect|work=PVR Cinemas|url=https://www.zeebiz.com/companies/news-pvr-inox-name-change-merger-ratio-details-date-impact-latest-news-231624|access-date=9 May 2023|archive-date=9 May 2023|archive-url=https://web.archive.org/web/20230509125323/https://www.zeebiz.com/companies/news-pvr-inox-name-change-merger-ratio-details-date-impact-latest-news-231624|url-status=live}} The existing properties will continue to carry 'PVR' and 'Inox' branding respectively.{{Cite web|title=PVR-Inox merger approved by Mumbai NCLT|work=PVR Cinemas|url=https://www.livemint.com/companies/news/pvrinox-merger-approved-by-mumbai-nclt-11673519127223.html|access-date=9 May 2023|archive-date=9 May 2023|archive-url=https://web.archive.org/web/20230509125322/https://www.livemint.com/companies/news/pvrinox-merger-approved-by-mumbai-nclt-11673519127223.html|url-status=live}} Before the Inox merger came into effect, PVR effectively rebranded all SPI properties except Sathyam, Escape and Palazzo as PVR Cinemas thereby getting rid of other acquired brands. Sathyam, Escape and Palazzo Cinemas were rebranded as 'PVR Sathyam', 'PVR Escape' and 'PVR Palazzo' respectively. PVR currently is in process of creating a unified rewards system in place of PVR Privilege and Inox Rewards that will be used across both PVR and Inox properties. A unified booking portal and app will also be launched soon in place of PVR and Inox websites and apps. Post the merger with Inox, with effect from 1 September 2023, the SPI iOS/Android app and website will no longer be available for booking and the customers will be redirected to {{URL|www.pvrcinemas.com}}.{{Cite news |date=8 August 2023 |title=SPI Cinemas website and app phased out from 1st Sept 2023 |work=SPI Cinemas Social Media |url=https://www.facebook.com/spicinemasindia/posts/pfbid02bJuAmhQo26nRymvh1xQF8mZhhiQgJHzVHQw6GfCJ83e3kRXW75zZ9zQ92egU5jiMl?locale=en_GB }}
Locations
References
{{Reflist}}
External links
- {{official website|http://www.pvrcinemas.com/}}
{{Cinema Chains in India}}