Capital18, the venture capital and private equity arm of Network18, is foraying into the cinema screening business with plans to open a chain of multiplexes across India under the name ‘Glitz’. The initiative is expected to kick off in the next two weeks, with the first one opening in Delhi. Capital18 is focused on making investments in media, entertainment and technology.
A company official revealed, “The Group has created a separate entity ‘Stargaze’ and the entire project would be funded by its financial arm Capital18. Glitz would be the consumer face and would be run by Sumant Bhargav, CEO, Stargaze. We at Glitz want to give consumers a superior experience and are going to have several economic models for Tier II and Tier III cities.”
The plan is to nationally roll out multiplexes, which would have cinema screens and food courts, besides other entertainment zones.
The company has already started working on the branding part of the initiative. M&C Saatchi is the creative agency handling the Glitz account. Sources said that the promotion activities would kick off shortly.
Besides catering to the niche and premium crowd in the metros, the company is also actively looking at making entertainment more affordable. It is expected to devise different pricing models for different markets.
With the new move, Capital18 would be joining the list of the existing multiplex chains such as PVR Cinemas, Cinemax, Inox Leisure, Pritish Nandy Communications, Shringar, Fun Cinemas, Pyramid Saimira Theatres, Sathyam Cinemas, Wave Cinemas and Adlabs.
Network18 is has interests in television, Internet, film entertainment, mobile content and allied businesses. It already has a production division, Studio 18, which was launched in 2006. It operates business news channels CNBC TV18 and CNBC Awaaz through holding company Television Eighteen India (TV18). It also runs an Internet company Web18 and real time news terminal provider, Newswire18. Through Global Broadcast News (GBN), Network18 operates in the general news and entertainment space.