The outlook for movie theaters, according to Cineplex CEO Ellis Jacob, is becoming increasingly optimistic due to delays in the distribution of major Hollywood films during the pandemic and the 2023 LA strikes.
According to Jacob’s statement to The Hollywood Reporter on Tuesday, the studios seem very dedicated to their release schedules. This conversation took place as Cineplex reported a profit in the fourth quarter due to increased theater attendance during the last months of 2024 for movies like Gladiator 2, Wicked, and Moana 2.
From the fourth movie in the Captain America collection, titled Brave New World, which hits cinemas this weekend, Jacob expressed optimism regarding the upcoming slate of Hollywood films set to be released this year and beyond.
Looking ahead to 2025 and 2026, the lineup appears incredibly robust for each studio on an individual level. A variety of powerful films are set to debut over the next few months, and I don’t anticipate any alterations because they seem dedicated to their planned releases, Jacob emphasized.
Despite some studio employees losing their homes due to the recent wildfires in Los Angeles, it hasn’t disrupted the filming of major Hollywood productions, as movies are filmed at various locations across North America and beyond. According to Jacob, the studios themselves continue to function.
In the final quarter, Cineplex reported positive results due to the recovery of Hollywood’s box office following the pandemic. The company moved from a loss to a profit of approximately CA$3.3 million, equivalent to 5 cents per share, contrasting with a loss of CA$9 million, or 14 cents per share, in the same period last year.
From October to December 31, 2024, our overall earnings increased by 15% to a total of CAD 362.7 million, thanks to a surge in theater attendance which reached 11.1 million patrons at our local cinema complex. This resulted in a historic high for box office revenue per patron of CAD 13.26, marking an increase of 2.8% compared to the same quarter in 2023 when the concert film “Taylor Swift: The Eras Tour” was screened at our cinemas.
Additionally, Jacob considered the potential benefits for his business arising from the shutdown of Cinema Guzzo cinemas in Montreal on February 6th. The local, family-run theater chain in Quebec was finding it difficult to meet its debt repayment responsibilities amidst legal actions by creditors in the Quebec Superior Court.
Jacob mentioned that they’ve noticed some positive changes, and he expects it to improve even more as time goes on, regarding the increase in attendance at his local cinemas in Montreal. This improvement is due, in part, to their location in relation to Cinema Guzzo establishments.
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2025-02-11 20:24