(Toronto) Canadians are returning to theaters after more than two years of COVID-19 health restrictions, driving increased revenue for the country’s largest theater chain.
Updated yesterday at 4:02 p.m.
Cineplex said Friday that moviegoer spending on tickets and snacks propelled its first-quarter revenue to 228.7 million, up more than 450% from 41.4 million in the first three months of 2021.
Box office revenue per customer reached a record high of $12 for a first quarter. These had been $9.20 a year earlier. Foodservice revenue hit an all-quarter record high of $8.82 per customer, compared to $6.12 in the first quarter of last year.
“There’s a real desire, on the part of our customers, to have the whole experience, and what I mean by that is they want to have popcorn and drinks, hang out with their families , and we see it continuing to improve,” Cineplex CEO Ellis Jacob noted in an interview.
Mr Jacob’s observations come as movie theaters prepare for a resumption, now that pandemic health measures have been lifted. The latter forced cinemas to close for long periods, required visitors to be vaccinated, and in some areas banned the consumption of food in theaters.
For the first time in more than two years, Cineplex’s full slate of sites is open without restrictions, but some uncertainty remains for the industry about the long-term impact of pandemic habits.
The health crisis has prompted many studios to release films on streaming platforms, bypassing or minimizing their theatrical releases, and even inspired US giant AMC Theaters to start raising the price of admission for moviegoers. films that are in their first week of screening, as he did for The Batman.
Jacob said he hadn’t looked too closely at AMC’s model, but admitted his company faced similar pressures.
Improved results
Cineplex posted a first-quarter loss of 42.2 million, or 67 cents per share, on Friday, more than half the loss of 89.7 million, or $1.42 per share, in the same period. last year.
These figures include 29.1 million in wage and rent subsidies offered by governments during the pandemic, compared to 11.3 million in the fourth quarter and 28.2 million in the first quarter of 2021.
As those subsidies dwindle and Cineplex scrambles to recoup its losses, Jacob said the company will look to automation and artificial intelligence to streamline processes and improve workforce management. work.
Next, it intends to optimize its properties by converting some excess space into cinemas to provide “additional entertainment experiences” which could include gaming and dining areas.
“It is also possible [de quitter] some locations that are underperforming,” Jacob continued on a conference call with analysts.
The channel welcomed a total of 6.7 million viewers in the most recent quarter, compared to 415,000 in the first three months of 2021, marked by pandemic-related closures.
Several of them went to see actor Robert Pattinson in The Batmanas well as the movie BTS Permission to Dance on Stage – Seoul: Live Viewingwhich features the Korean pop group, but the biggest craze was the one surrounding Spider-Man: No Way Homewhich was responsible for 20.4% of Cineplex’s box office revenue for the first quarter.
Mr. Jacob believes the company’s results will continue to improve as a series of anticipated films – Top Gun: Maverick, Elvis and Lightyear – are set to hit theaters this spring and summer.