Cinemark saw positive first-quarter box office restoration across all film categories as the theater chain tried to avoid the long-term effects of the pandemic.
Except for the momentum generated by hit movies like Spider-Man: No Way Home s bat Mansaid Cinemark sonic the hedgehog 2 The theater network gave the biggest opening weekend in a decade.
“Nearly every movie released in 2022 has met or exceeded expectations from the pandemic, benefiting from favorable opening results and long weekend delays that have often surpassed historical trends,” said Sean Gamble, president and CEO of Cinemark.
Gamble said he believes smaller and mid-range films will increase over time as broader categories of viewers have already started to return to theaters.
However, the film’s release schedule for the three months ending March 31 continued to be influenced by COVID-19 as release dates from 2022 to 2023 were changed due to production delays. The company said it expects 2022 to remain below pre-pandemic levels due to shale reduction.
Cinemark was exploring the possibility of bringing in more movies from streaming providers like Netflix to help fill any gaps in the fine-film release schedule.
In the three months ending March 31, Cinemark reported revenue of $460.5 million, up 303% from the previous quarter. The company reported a net loss of $74 million, down from the prior-year loss of $208.4 million.
In the first quarter, the theater chain reported revenue from 33.1 million customers, earning revenue of $235.8 million and benefit income of $173 million. The average ticket price in the United States was $9.27, slightly up from $9.25 in the previous quarter.
The theater chain has been a positive performer in recent quarters, and Gamble attributes this in part to the fact that the theater chain was one of the first to open during the pandemic, which he said created “enormous goodwill” among the spectators. .
Cinemark continues to invest in its theaters and plans to come full circle globally. Cynical laser projection. During the pandemic, Cinemark also saw users constantly Choose upgrades for larger-format screens and look for other upgrades as part of the cinematic experience, as Cinemark has seen its cinemas with reclining chairs recover faster than without.
Since the government lifted restrictions on theaters around the world, Cinemark has resisted the industry’s continued recovery.
Dr. Strange in many worlds of madness It had a “massive” box office opening on Thursday night, Gamble said, to celebrate Opening of the 4th biggest pre-show of a cinema chain in the USA and Cinemark is also looking to release famous movies like jurassic world domination, Shaza! wrath of the gods s Avatar: Path of Water To help achieve box office results by 2022.
After attending CinemaCon recently, Cinemark executives said they were encouraged by the ongoing relationship between studios and exhibitions and the continued focus on the “strategic utility” of the theatrical release.
“This observation underscores how streamlined and acclaimed a theatrical exhibition can be, not unlike what it has been over the years for DVD, pay-TV and broadcast TV,” said Gamble.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
