Mediaboss Marketing

UFO Movieztoday announced its financial results for the quarter and nine months ended December 31, 2021.Theatrical revenues of the company have witnessed a steady uptick from November 2021 onwards led by the release of Bollywood movies. Advertisement revenues, however, as aniticipated continued to remain subdued and is expected to grow only gradually.

The company reports Rs 52.1 crore consolidated revenue in Q3 FY22 as compared to Rs 27.4 crore in Q3 FY22. EBITDA Loss has narrowed to Rs 2 crore compared to Rs 22.7 crore last year. Moreover, net loss has dropped to 13 crore from 28.2 crore.

Towards the end of December 2021, major metropolitan cities in India were under the grip of the 3rd wave of COVID-19 led by the Omicron variant. Because of this surge and ensuing restrictions, theatres in Delhi, Haryana, Bihar, Tripura and Himachal were once again fully closed while certain other states re-imposed seating restrictions. However, in a recent announcement, theatres in Delhi are allowed to re-open and operate with 50% occupancy. Theatres in Haryana and Tripura has also opened up.

During the quarter under review, the financial performance of the Company witnessed recovery led by steady release of movies across genres and languages,said Kapil Agarwal, Joint Managing Director.The release and success of Sooryavanshi in November was a defining moment as it restored everyones conviction in Cinema as a social entertainment avenue. Other releases like Annaathe, Spiderman, Eternals, Pushpa: The Rise, and 83 also performed extremely well at the box office. However, towards the end of December, the third wave of COVID-19 led by the Omicron variant resulted in temporary restrictions yet again in select states. As a result, many movie producers decided to delay their releases. Nevertheless, the impact of the third wave of COVID-19 is expected to be short-lived as majority of Indias population is vaccinated, cases have also begun to decline and restrictions are being eased in various states. In light of easing restrictions and the release slate being extremely robust, we expect big movies to start releasing in theatres soon, thus resuming the Industrys full recovery.

Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)

Continued here:
UFO Moviez consolidated revenue increases to Rs 52.1 crore in Q3 FY22 - Exchange4Media