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Popcorn is believed to be one of the world’s oldest snacks. Evidence —6,700-year-old cobs with puffed kernels-excavated by archaeologists in Peru suggests exactly that. For most of the time since antiquity, the humble popcorn did not cause any ruckus. ET Year-end Special Reads Take That: The gamechanger weapon's India acquired in 2024 10 big-bang policy moves Modi government made in 2024 How governments tried to rein in the social media beast Until last week, that is, when it caused significant online chatter, after the Indian gover nment decided to increase the goods and services tax (GST) on caramel popcorn from 5% to 18%. Nowhere was this conversation louder than among movie-goers. There are two kinds of people in the world. Those who watch movies in silence, and those who need the crunch of a fistful of popcorn to engage their taste buds as they stare at the silver screen. Large multiplex chains have since clarified that the change in tax structure is applicable only to packaged popcorn and that it will be business as usual for those freshly popped tubs. 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Why exactly is movie food such an expensive experience? And are alternatives popping up? POPPING MONEY Both multiplexes and audiences have valid arguments on the pricing of items that are available for a fraction of the money outside the cinemas. Though single-screen theatres attempted to make money from almost every inch of space, audiences never felt they got a raw deal, as they do in multiplexes now. With good reason, too. Navendra Singh, AGM at a leading real estate firm, says, “Today, I am paying more than two times the money I incur on ticket prices, on food and beverages. I have to plan my theatre outing carefully. It is no longer a weekend ritual.” According to various estimates, movie ticket prices in multiplexes could be in the range of Rs 260-350, depending on a film’s budget, star cast and the response the film’s trailer has received. A medium-size tub of popcorn could cost anywhere between Rs 300 and Rs 500, higher than the average ticket price in multiplexes, which in the case of PVR Inox , the segment leader among multiplexes, was Rs 257 last quarter. Soft drinks may be charged in the range of Rs 200-300, with combopacks starting at Rs 600. This means, for a middle-class family of four, the entire movie-hall experience can be prohibitively expensive. The result? Along with the increasing supply of mediocre and unentertaining films and the proliferation of streaming platforms, audiences have got one more reason to reduce the frequency of going to the movies. This is reflected in a fall in footfalls. According to mall developers, multiplexes used to generate 10% of footfalls in malls. This has fallen to 6-7% in recent years. The total admissions (footfalls) in PVR Inox properties fell to 38.8 million in the September 2024 quarter, from 48.4 million in the same period in 2023. Yogesh Parker, a banking professional with a leading money transfer platform, says, “Today’s audience weighs an outing in multiplexes in terms of a trade-off.” The trade-off he is referring to is whether the cost of an outing in a multiplex can be used to offset the subscription amount of streaming platforms, since most films are available on streaming platforms within two months of theatre release. EXHIBITION EQUATION There are close to 8,500 screens in India. Of these, less than 6,500 are operational after the pandemic. There are 3,500 multiplex screens and the remaining are single screens. PVR Inox, which has 1,747 screens, has recorded a higher growth in revenues from F&B than from the sale of tickets in the past four years; the former has grown at a compound annual growth rate (CAGR) of 15.3% to Rs 1,958 crore in FY24. In the same period, revenues from the sale of movie tickets grew at a CAGR of 13.6% to Rs 3,279 crore. This has resulted in the share of F&B in total revenues for PVR Inox increasing to 31.5% in FY24 from 27.8% in FY20. While the share of movie ticket revenues has grown in the same period—from 50.1% to 52.8%—F&B has been outpacing it. That, along with the higher margins from F&B, goes a long way in explaining why multiplexes price it high. Producer and film business expert Girish Johar says, “Operating profit margins in the food & beverage segment are much higher.” Estimates suggest F&B in a cinema costs more than three times outside it. F& B is a stable source of revenue for multiplexes. Girish Wankhede, a movie trade analyst, says, “Exhibitors share revenues from the sale of movie tickets with distributors. Also, they must pay taxes on the sale of tickets. But food and beverage revenues go entirely to the multiplex.” Multiplexes cite the high costs of operations (real estate, staff salaries and various overheads) as a reason for high F&B prices. Rahul Dhyani, founder of Connplex Cinemas, a miniplex (75- seat theatre) chain, says, “Today, a family spends more on dinner at a restaurant than in a multiplex. So, we don’t think F&B costs are very high.” CHANGE IS IN THE AIR But not all multiplexes are sticking to the script. Some are trying to disrupt the established pricing regime in a bid to trigger demand, especially at a time when most Hindi films are failing. Recently, multiplex chain Mukta A2 Cinemas capped its F&B prices at Rs 99. Ask Satwik Lele, COO, Mukta A2 Cinemas why they shifted their strategy and he says, “Our strategy of capping F&B prices under Rs 99 has effectively increased three times our items per head (IPH).” Essentially, Mukta is trying to play the volume game. But can focusing on volume rather than value be a sound strategy? An analyst, who did not wish to be named, says, “Even if a multiplex caps its F&B cost at Rs 99, it will make an operating profit margin in the range of 50-75% from the food and beverages segment.” Multiplexes must now choose between value strategy—high ticket prices and F&B rates but low footfalls—and volume strategy— affordable ticket and F&B prices but high footfalls. Ameya Naik, founder of Fantasy Films, an event management company, is in the latter camp, arguing that more people coming into the movies is the need of the hour. He says there is a large audience seeking affordable movie-going experience. “The audiences who prefer premium services in multiplexes are irregular and smaller in number as they are clear about what they want to watch in theatres,” he says. This strategy can have a broader impact. If F&B costs are relatively affordable, even an average film may do reasonably good business at the box office. So which way will your neighbourhood multiplex swing? Nominations for ET MSME Awards are now open. The last day to apply is December 31, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )FBI director Christopher Wray has said he plans to resign at the end of President Joe Biden’s term in January, an announcement that came a week and a half after President-elect Donald Trump announced his intention to nominate loyalist Kash Patel for the job. At a town hall meeting with the bureau workforce, Mr Wray said he would be stepping down “after weeks of careful thought”. Mr Wray’s intended resignation is not unexpected considering that Mr Trump had picked Mr Patel for the role in his new administration. Mr Wray had previously been named by Mr Trump and began the 10-year term — a length meant to insulate the agency from the political influence of changing administrations — in 2017, after Mr Trump fired then-FBI director James Comey. Mr Trump had demonstrated his anger with Mr Wray on multiple occasions, including after Mr Wray’s congressional testimony in September. “My goal is to keep the focus on our mission — the indispensable work you’re doing on behalf of the American people every day,” Mr Wray told agency employees. “In my view, this is the best way to avoid dragging the bureau deeper into the fray, while reinforcing the values and principles that are so important to how we do our work.” Mr Wray continued: “It should go without saying, but I’ll say it anyway — this is not easy for me. I love this place, I love our mission, and I love our people — but my focus is, and always has been, on us and doing what’s right for the FBI.” Mr Wray received a standing ovation following his remarks before a standing-room-only crowd at FBI headquarters and some in the audience cried, according to an FBI official who was not authorised to discuss the private gathering and spoke on condition of anonymity to The Associated Press. Mr Trump applauded the news on social media, calling it “a great day for America as it will end the weaponisation of what has become known as the United States Department of Injustice” and saying that Mr Patel’s confirmation will begin “the process of Making the FBI Great Again”. If confirmed by the Senate, Mr Patel would herald a radical leadership transformation at the nation’s premier federal law enforcement agency. He has advocated shutting down the FBI’s Washington headquarters and called for ridding the federal government of “conspirators”, raising alarm that he might seek to wield the FBI’s significant investigative powers as an instrument of retribution against Mr Trump’s perceived enemies. Mr Patel said in a statement Wednesday that he was looking forward to “a smooth transition. I will be ready to serve the American people on day one”.

Lady Raiders win two more in Thanksgiving Classic

The AP Top 25 men’s college basketball poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . LAFAYETTE, La. (AP) — Michael Gray Jr. had 19 points and Byron Ireland made two free throws with 6 seconds left to rally Nicholls to a 76-75 victory over Louisiana on Saturday night. Gray shot 6 for 11, including 5 for 10 from beyond the arc for the Colonels (4-4). Jamal West added 15 points and nine rebounds. Jaylen Searles hit three 3-pointers and scored 15. Ireland also finished with 15 points. The Ragin’ Cajuns (1-7) were led by Kyran Ratliff’s 25 points, 13 rebounds and two steals. Mostapha El Moutaouakkil added 19 points and six rebounds. Christian Wright had 12 points. The loss is the sixth in a row for the Ragin’ Cajuns. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .For years, the Lummi Youth Canoe Family helped connect Lummi Tribal members to their culture and other Pacific Northwest Indigenous communities by facilitating canoe journeys throughout the Salish Sea. Eleven people filled a canoe and paddled hundreds of miles over many days between coastal tribes — a voyage meant to unify and empower native youth. That program disbanded in 2019. But now, a pair of brothers from the Lummi Nation— who found purpose paddling with the canoe family when they were teenagers — have plans to revitalize it. “We were introduced to our homelands in a really interesting way being on the canoe paddling around,” said Free Borsey, one of the brothers, in an interview with The Bellingham Herald. “We want to make sure those same benefits and opportunities provided by that program are provided for the next wave of up-and-coming youth.” The twin brothers, 27-year-olds Free and Raven Borsey, have been environmental advocates for years and were recently recognized as emerging leaders of conservation and environmental justice efforts in the Pacific Northwest by the Washington Conservation Action Education Fund, a nonprofit advocacy organization that fights for environmental progress. “Committee members recognized their passion — combining traditional ecological knowledge, youth empowerment, and conservation and environmental justice into a plan with tangible impacts for their community and the Pacific Northwest,” WCA said in an announcement about the award. The group named them the winners of the 18th annual Bullitt Prize, a $100,000 award. The brothers intend to use a portion of the prize to restart and improve the Lummi Youth Canoe Family. “It’s interesting being a part of the canoe family, you don’t really notice in the moment what’s going on — what you’re learning and what you’re really a part of as a youth — you’re more embracing it. But as you get older, you see the implications of what that work means to the community,” Raven Borsey told The Herald. The Bullitt Prize is granted annually to an individual or collaborative group, from an underrepresented community, 35 years or younger, who demonstrate academic, professional, or grassroots leadership advancing the environmental movement, according to the organization. WCA recognized the brothers particularly for their ability to do such impactful advocacy work while persevering through the various challenges in their lives, according to the nonprofit. Free and Raven Borsey grew up on the Lummi Reservation. They say they faced adversity early in their lives when they entered foster care and continued to push through barriers growing up. “We were very fortunate to have been raised in the Lummi community because there’s a lot of Lummi and native youth who haven’t had that same privilege and opportunity. But we also share the rough sides of growing up on the reservation with the implications caused by historical and generational trauma,” Free Borsey said. The brothers say pulling with the canoe family as teenagers gave them the support they needed to channel strength and believe in themselves. They eventually both pursued higher education, to which they attribute much of their success. “Every student brings their own story into the classroom. I think the instructors lift the students’ stories up so that at the end of the educational journey, everybody is bringing their best version of themselves,” Northwest Indian College Native Environmental Science Department Chair Emma Norman told The Herald. “An investment in one student at Northwest Indian College goes into a family and from a family into a community and from a community into a nation. So we are in the business of nation-building at the college, one student at a time.” The brothers say the support they’ve received from their community growing up has propelled them forward and helped encourage them to continue in environmental advocacy work. “I have the privilege to be an aunt to these two young men, hold the story of the last generation, and be able to know that the last generation did everything they did for them and all the young people of Lummi. They had a dream and my mom always said, ‘You’re standing in your grandmother’s dream,'” said family friend of the Borsey brothers and Northwest Indian College wellness advocate Heather Jefferson. Now, the Borsey brothers want to give back and ensure other at-risk youth have the same opportunities to be successful. “We fortunately found some healthy outlets in our teenage years — education and sports at school,” Free Borsey said. “Another outlet for us was the Lummi Youth Canoe Family.” The canoe has been out of commission since 2019 and needs to be refurbished before the Lummi Youth Canoe Family can get back out on the water. Once that work is complete, the brothers hope to inspire their community to participate in the canoe family. “Even though the youth may not know what they’re a part of — they’re in a safe environment, they’re learning what they need to learn and they’ll understand why they’re learning it later on,” Raven Borsey said.

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The Chairman of the Northern States Governors’ Forum and Governor of Gombe State, Muhammadu Inuwa Yahaya, CON, has felicitated with the President of the Senate, Senator Godswill Akpabio, on the occasion of his 62nd birthday. Governor Inuwa Yahaya praised the Senate President’s exemplary leadership, describing him as a statesman whose commitment to the progress of the legislative arm of government has been both impactful and inspiring. The Governor noted that the Senate President’s extensive political career, spanning decades, has been defined by an uncommon commitment to public service and a passion for uplifting the Nigerian people. “On behalf of the Northern States Governors’ Forum, as well as the government and people of Gombe State, I join millions of Nigerians in celebrating a distinguished leader and patriot. Your steadfast commitment to nation-building and good governance is admirable. “As Senate President and Chairman of the National Assembly, your visionary leadership has fostered legislative harmony and significantly advanced our democracy,” Governor Inuwa Yahaya remarked. The Governor commended Senator Akpabio’s remarkable achievements, particularly during his tenure as Governor of Akwa Ibom State, where his impactful leadership and infrastructural development left an enduring legacy. He prayed for the Senate President’s continued good health, wisdom, and strength to effectively discharge his responsibilities, urging him to sustain his commitment to Nigeria’s unity and prosperity. “Your commitment to legislative excellence and nation-building is exemplary. I pray that Almighty God grants you more wisdom and grace to serve the country with even greater vigour,” the NSGF Chairman added.

Still looking for their first pennant win in over two-and-a-half decades, the San Diego Padres are bringing in a guy who was part of one a few years ago. Agent Joe Rosen announced to social media this week that his client, infielder Mike Brousseau, has signed with the Padres in free agency. Brousseau is reportedly getting a minor-league deal from San Diego. The 30-year-old Brousseau, a righty hitter, had his heyday with the Tampa Bay Rays, hitting .302 during the 2020 season and also delivering a playoff series-winning home run against the New York Yankees to help the Tampa Bay advance to the World Series that year. But Brousseau has struggled in the years since, batting .238 from 2022-23 with the Milwaukee Brewers. Brousseau actually spent last season out of MLB altogether but hit a respectable .276 with 15 homers and 41 RBIs in 93 games for Triple-A Syracuse (the affiliate of the New York Mets). The Padres have multiple infielders (including Ha-Seong Kim and Donovan Solano) who are free agents this winter and could trade away a couple of others as well . While Brousseau has a low ceiling, he may be able to get some meaningful at-bats for San Diego in 2025. This article first appeared on Larry Brown Sports and was syndicated with permission.Purdue Fort Wayne earns 77-57 win against Texas A&M-Commerce

Premier Kinew and Mayor Gillingham face off in friendly hockey game for Winnipeg’s 150th anniversary