Posted on 10/17/2022 6:28:50 PM PDT by MinorityRepublican
Ailing exhibition giant Cineworld Group, which is currently finalizing a reorganization plan having filed for Chapter 11 bankruptcy in the U.S. earlier this month, has released encouraging interim results for the six months to June 30, 2022.
Overall revenue rose to $1.5b against $292.8m in the same period in 2021, for an adjusted EBITDA of $364.2m (against -$21.1m in 2021) and an operating profit of $57.3m, against an operating loss of $208.9m in the same period last year.
The company’s debt position worsened, however, standing at $5,2b on June 30, against $5.03b on December 30, 2021.
The exhibitor, which operates 747 sites and 9,139 screens in 10 territories worldwide, led by the U.S. and the U.K., said admissions had started to recover over the period as final Covid-19 restrictions were lifted but warned it did not expect the box office to return to pre-pandemic levels in 2023 and 2024.
Detailing admissions, it said that after a slow start in Q1 due to a lack of major releases and customer concerns around the Omicron variant, total admissions had strengthened to come in at 82.8m in the six months ended 30 June 2022, split between 33.6m in Q1 and 49.2m in Q2, for a total box office of $833.6m.
This represented 68.7m admissions more, or a 487% jump, than the same period in 2021, in which there were 14m admissions for a box office of $140.4m.
The figure was still down on 2021 levels, representing approximately 61% of the admissions achieved in the first six months of 2019, the last full financial year unaffected by the pandemic.
(Excerpt) Read more at deadline.com ...
And just like the 20 years prior to the pandemic, i won’t be going to the movies or giving hollywood any of my money
Pandemic has nothing to do with it. Hollywood stopped making good films and now they are all woke and propaganda for gay and diversity and everyone gets offended.
Hollyweird’s Dem heroes have assured that most folks can no longer afford to go to the movie theatre. for a lot of folks now, it’s a luxury.
I haven't set foot in a theater in 10+ years. I almost went to a nearby IMAX theater to see Top Gun but didn't. I'll wait until it comes out in 4K.It's hard for me to imagine setting foot in a theater ever again.
i think you can stream it for $5.99, but not sure that’s the 4K version ...
Top Gun was good. Not too many good films. I liked 1917 before the pandemic. So you're right.
You should have.
I don’t see my family going out to the movies any time in the near or far future. Streaming services and giant, flat screen televisions have killed the movie theater as far as I’m concerned.
Yes,I’ve heard that it was amazing. However,there’s another reason why I don’t go to theaters...sound volume. Unless I’m mistaken Top Gun would have a sound track that,at times,shakes the walls of the theater. That kind of thing bothers me enormously. When Top Gun comes out on 4K disc I’ll watch it for the visual effects...the fighter jet scenes...with the volume down low.
US box office success hasn’t been a priority for the last couple of decades. In the early 2000s it was DVD releases and foreign box office were the goal. Now it’s streaming movies and foreign box office are king. You didn’t think all of those anti-American movies over the last several years were made to sell here?
Wakanda Forever. Barf.
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