As a die-hard movie buff with decades of cinema-going experiences under my belt, I must say that the recent performance of Marcus Theatres has been nothing short of exhilarating! The 7% attendance growth and impressive increase in both ticket prices and concession revenues during Q3 are music to my ears.
During its third quarter last week, Marcus Theatres – the fourth largest movie theater chain in America after AMC, Regal, and Cinemark – announced that attendance at their cinemas increased approximately 7% compared to the same timeframe last year. This growth was largely driven by Marvel’s movies Deadpool and Wolverine.
The president of the movie theater chain, Mark A. Gramz, announced that during the last quarter, both the average ticket price and average concession revenues per customer rose by 2.6% and 7.9%, respectively, compared to the same period the previous year. In this fiscal quarter, Marcus reported a total of $68 million in theater admissions revenue, along with an additional $62 million from concessions. However, operating costs for theaters and concessions amounted to $92 million during the same timeframe.
Although the writers’ and actors’ strikes affected our performance during the first part of the year, we’re happy to see that these ongoing impacts appear to be becoming less relevant, as evidenced by the substantial enhancements in our third quarter fiscal 2024 results, according to Gramz.
Besides Deadpool, the theater chain also reported its top-performing films during the quarter as Universal/Illumination’s Despicable Me 4, Warner Bros.’ Twisters, Disney/Pixar’s Inside Out 2, and Warners’ Beetlejuice Beetlejuice. The theater chain stated that their total earnings reached $143.8 million, marking a 13.6 percent increase compared to the third quarter of 2023.
Marcus revealed its earnings simultaneously with its competitor Cinemark Theaters. In the most recent quarter, Cinemark generated a revenue of approximately $921.8 million and experienced a 5.4% growth compared to the same period last year. Cinemark, under the leadership of CEO Sean Gamble, reported an average ticket price of $7.62, with each patron contributing around $6.08 towards concession sales.
Following a day after Imax revealed revenue of $91.5 million for the most recent financial quarter, which represented a 12% decrease compared to the previous year when “Oppenheimer” was playing in theaters, the company led by Richard Gelfond confidently predicts it will generate over $1.2 billion in global box office sales by 2025.
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2024-10-31 19:26