MUMBAI: Punit Goenka, a renowned entrepreneur and leading exponent of the Media & Entertainment industry; today announced his decision to acquire a majority stake in Maverick Media.
Leveraging his sharp business acumen and rich understanding of the consumers’ content consumption patterns, Goenka has made the investment in his personal capacity, to revive and enrich the single-screen experience for cinema viewers and fans across the country. The investment will enable Maverick Media to unlock the potential of under-screened markets across the country, by building single-screen theatres in tier II and tier III cities.
Commenting on his decision, Punit Goenka said, “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 the bridge for Indian entertainment to the World and has also helped address sensitive social aspects to drive societal change. 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. The potential of single screen cinemas across several tier II & 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 a culturally diverse market like India, cinema viewing goes beyond cherishing entertainment content on the big screen and is akin to an out-of-home family experience. Theatres have been amongst the biggest drivers of family viewing across the country, with weekly releases generating a new opportunity to create memories and bonds. Goenka’s belief is in line with this thought, as he contributes towards the enhancement of the infrastructure of cinema chains in smaller cities to enrich the overall family viewing experience.
Goenka has made this investment in his personal capacity and the same has no bearing on the company that he leads.
