New Delhi: Punit Goenka, a prominent figure in the media industry, has announced the acquisition of a majority stake in Maverick Media. This strategic investment, made in his personal capacity, aims to rejuvenate the single-screen cinema experience across India, particularly in tier II and tier III cities.
Goenka’s decision reflects his deep understanding of consumer content consumption and his commitment to enriching the cinematic experience. By investing in Maverick Media, he aims to unlock the potential of underserved markets by establishing and revitalizing single-screen theatres in smaller towns and cities.
In a statement, Goenka emphasized the cultural significance of cinema in India, saying, “Cinema has played a crucial role in shaping our nation, reflecting and celebrating our rich culture, legacy, and traditions. Through the magic of viewing entertainment content on the big screen, cinema has served as a bridge for Indian entertainment to the world and has also helped address sensitive social aspects to drive societal change.”
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Goenka, who is well-known for his leadership in the media sector, made it clear that this investment is a personal endeavor and does not impact his professional commitments. He stated, “While my professional commitments continue to remain a priority, I believe that as key members of the fraternity, it is our collective responsibility to enhance the growth opportunities for all segments in the media value chain, and hence I have taken this decision in my personal capacity.”
Highlighting the potential of single-screen cinemas, Goenka added, “The potential of single-screen cinemas across several tier II and III cities is immense, and it is imperative to revive this infrastructure, keeping its fabric and cultural essence intact. I am confident in the ability of the team at Maverick to achieve its vision and grow the single-screen cinema business. I truly hope this step enables an economically viable opportunity for cinema exhibition operators across key growth markets in the country.”
In India, cinema viewing is more than just an entertainment activity; it is a cherished out-of-home family experience. Theatres have been pivotal in driving family viewership, with weekly releases providing opportunities for families to create lasting memories and bonds. Goenka’s investment aligns with this sentiment, as he seeks to enhance cinema infrastructure in smaller cities to enrich the overall family viewing experience.
Goenka’s move to acquire a majority stake in Maverick Media underscores his dedication to supporting and growing the cinema exhibition sector, ensuring that the cultural and economic fabric of single-screen cinemas remains vibrant and sustainable. This investment is poised to bring significant growth opportunities for cinema operators in India’s emerging markets, fostering a renewed interest in the single-screen cinema tradition.
