Optimism in the theatre industry has increased significantly: Cineplex CEO
Cineplex says its box office sales are approaching pre-pandemic levels this spring as franchise films draw people to the theatre.
The movie theatre chain provided an update on its second-quarter revenues on Tuesday, reporting that the period of April 1 to June 11 saw box-office revenues of $134.9 million, or 88 per cent of the same period in 2019.
The first 11 days in June have already beat box office revenues for the same period in 2019, Cineplex said, reporting $26.1 million in ticket sales.
June’s strong numbers so far were attributed largely to the success of ‘Spider-Man: Across the Spider-Verse,’ “which established a record for the highest opening for the first weekend in June,” the company said.
“Successful film franchises continue to display the influence blockbuster films have on consumer demand and have been excellent at drawing guests to our premium offerings,” CEO Ellis Jacob said in a written statement.
“In addition to strong consumer demand, we are pleased with the quantity and quality of compelling films scheduled for June and beyond.”
The company says that May came in at $47.5 million, or 69 per cent of the total from 2019. Cineplex noted that May 2019 was a record month for the company with the release of ‘Avengers: Endgame,” the second-highest grossing film of all time.
April of this year saw $61.2 million in box office sales, Cineplex reported, or 96 per cent of what was reported in the same month of 2019.
The company also highlighted franchise films ‘The Flash’ and ‘Indiana Jones and the Dial of Destiny’ are to be released in June and could provide a boost to ticket sales.
Last month, Cineplex reported narrowing losses of $30.2 million in its first-quarter earnings for 2023 and revenues of $341.2 million, up from the $228.7 million reported in the first quarter of 2022.