Cineplex is reducing its first-quarter loss at the box office amid recovery

Cineplex CEO Ellie Jacobs doesn’t see Hollywood studios returning anytime soon to pitch their tents in theaters and at home on the same day.

“I would say all studios are pretty good, as long as we say that even if we have streaming content, it would be better to release it in theaters,” Jacobs said. the hollywood reporter After returning from CinemaCon in Las Vegas.

Following the release of Cineplex’s first-quarter financial results on Friday, following smaller losses at its Canadian theaters and an increase in theater revenue, Jacobs said it has overcome a major studio experiment with day-and-date releases to boost its services. of streaming. Exclusive theatrical window with its traditional roof.

“We are the locomotive that moves the trains. So it helps the studios and increases their profits, and Disney said that yesterday when the results were released,” he added. And multiplexes have a constant pull for moviegoers as they return to movie theaters as the pandemic subsides.

“How do people remember content?” That’s because of the theaters. “You’re not talking about the movies they watch while they’re on air,” Jacob said. During the last financial quarter, Cineplex saw its rise in Canadian theaters as customers flocked to watch. bat Man s Spider-Man: No Way Home.

Cineplex halved its first-quarter loss to $42.2 million in the last quarter, compared to a loss of $89.7 million a year earlier. And total revenue increased 450% to $2,28.7 million compared to $41.4 million in the same period in 2021.

The movie giant saw its theater share rise to 6.7 million in the first quarter from 415,000 a year earlier, as Cineplex faced widespread theater closures in response to the COVID-19 crisis and limited capacity.

As Hollywood ramped up test releases, box office receipts per sponsor jumped 30% to $12, up from $9.20 in 2021, as visitors were treated to premium screens with higher ticket prices in the US. last financial quarter. And discounted revenue per user reached $8.82, up 44% from $6.12 a year earlier, when Cineplex relied on discounted tickets and classic movies to lure moviegoers to the local cinema.

Jacobs announced a powerful Hollywood channel for the rest of the year, including Tom Cruise, after he reported the earnings to analysts during a morning call. Top Gun: Maverick s Avatar: Path of Water 3D continuation, As proof of cash register expansion in 2022 and next year.

He said he opened the Cineplex screens to Marvel Studios last week. Dr. Strange in many worlds of madness It was the sixth largest company. “In 2019, we reached 125% of the comparable box office period,” added Ellis, emphasizing how families return to multiplexes to see more movies like this one. sonic the hedgehog 2 and adventure comedy bad Boys.

The owner of Cineplex also informed investors of a breach of contract action brought by an Ontario court in favor of Cineworld Group PLC, owner of Regal. Jacobs said the Regal owner’s appeal against the Canadian court’s decision, which includes damages in the form of a lost transaction of $1.236 billion in lost synergies and $5.5 million in transaction costs, will be considered from 12 to June 13th.

And after Cineplex played the final episode of HBO Game of thrones In select theaters for 2019, Jacobs said his company is in talks with more streaming platforms to show more series on their screens as part of its event film initiatives.