Cineworld (CINE): UK and Ireland audiences higher than before Covid-19
07:56, 15 November 2021
British cinema chain Cineworld saw its revenues in summer 2021 almost reach pre-pandemic levels, the company’s trading update published on Monday, shows.
Cineworld has theatres at 752 sites across 10 countries and box office and concession revenue performance for the whole group in October 2021 was 90% of that in the same month in 2019.
The UK and Ireland part of the business even outperformed pre-Covid19 performance, with revenues climbing to 127% compared to two years ago.
Cineworld credited the impressive recovery to its ‘excellent slate’ of movies including Black Widow, Shang-Chi and the Legend of the Ten Rings, Venom, No Time to Die and Dune.
More major blockbusters incoming
The cinema chain added that there are still ‘major blockbusters’ to be released in 2021, including Ghostbusters: Afterlife, Encanto, Spider-Man: No Way Home, The King’s Man, Sing 2 and The Matrix Resurrections, which it ‘anticipates to perform very well subject to there being no deterioration in the Covid-19 situation’.
Commenting on the company’s upbeat performance, Cineworld CEO Mooky Greidinger said: “We are thrilled to see audiences returning in significant numbers. Our partnerships with the studios are as strong as ever and with the incredible movie slate to come, there are real grounds for optimism in our industry. I would especially highlight the great performances we saw from our newly refurbished cinemas in the US.
“These new cinemas clearly support our strategy to enhance the cinema experience for all our customers. I am really proud of the extraordinary efforts that everybody in the business has made to manage this company during an unprecedented time.”
Cineworld is the world’s biggest cinema chain, with AMC in the top spot.
Read more: Cinemas are bouncing back as film releases ramp up
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