Things are extremely bad for theater business. Situation is particularly bad for the Single Screen theaters. Even before the COVID19, the theatre business was facing many problems, and the lockdown has only aggravated the situation.
With increasing losses, the exhibitors are offloading their properties to other businesses. While some are totally selling them off, some are leasing them for a steady income guaranteed for a longer lease period.
According to the latest information we have, at least fifteen theaters have decided to shut the shop and look at other business avenues.
The theaters are going to transform into warehouses, function halls, etc. Amba (Mehedipatnam), Galaxy (Tolichowki), Sai Raja (Musheerabad), Sri Rama (Bahadurpura), Shanti (Narayanaguda), Sree Mayuri (RTC X Roads), Venkatadri (Dilsukhnagar), Megha (Dilsukhnagar), and Sushma (Vanasthalipuram) are some of the theaters.
We have reliably learned that the bloodbath is not going to stop. More theater managements are in talks to finalize deals and by the time the theaters open, more will be added to the list. This is despite the fact that only a few days ago, the Government had announced several sops to save the theater business