The demonetization of high notes hits the Telugu film Industry. Cinema business across the two Telugu states has slowdown. People are roped in front of banks and ATMs for exchange or drawing money.
They have been spending most of the time in-front of banks, ATMS and Post offices, no one has time and money to get relaxes in the theaters. The box office continues to slowdown as daily revenues from single screen theatres, which have larger occupancy than the multiplexes, has dipped drastically. Per day revenue for single screen theatres has dipped form Rs 15,000 to Rs 4,500.the occupancy rate in week days is 60 to 70 percent and weekend’s single theatres gets houseful. The film distributors are worried that the occupancy rate is less than 10 percent on weekdays while 10 to 20 percent on weekends. The abolition of old notes has also taken a toll on movie releases, as some of them have been postponed. Meanwhile producers rue that if the movie is not released on time they have to pay additional interest on their borrowings.