A report issued today by Cinema United highlights that the North American exhibition industry re-invested more than $1.5 billion in their theaters in the past year, demonstrating a financial commitment to creating the premium entertainment experiences that fans of movies on the big screen crave. This industry total includes re-investment of $920 million from the eight largest circuits in the United States and Canada. A year ago, those same eight circuits alone pledged their commitment to invest more than $2.2 billion to modernize and upgrade theaters of all sizes over a three-year period.
From Cinema United, the trade association representing nearly 64,000 screens worldwide, the Cinema Investment Report (available in full here) highlights the overall depth and breadth of these investments across the industry and the impact they have on communities of all sizes. From upgrading projectors, sound equipment, and screens (there are nearly 6,000 premium large-format screens worldwide) to adding dynamic food and beverage options (dine-in cinemas represent 10% of the North American box office), cinemas today sit at the forefront of the experiential economy, driving local business and providing positive financial growth for a myriad of industry partners, including construction, architecture, marketing and advertising, retail and dining. More than 100,000 jobs around the world are directly related to the innovation and investments highlighted in this report.
“Exhibition is a Main Street industry,” says Michael O’Leary, president and CEO of Cinema United. “Theater owners aren’t just re-investing in their facilities; they are investing in cities and towns of all sizes across the United States and Canada. The beneficiaries of this commitment will, of course, be movie fans of all ages but also local businesses and the talented contractors and craftspeople who help bring these renovations to life.”
In addition to showcasing the capital investments being made in theaters, the report also highlights the local vendors who led construction and renovation efforts that movies fans everywhere will enjoy.
“Movie theaters provide an unmatched entertainment experience for people around the world, but they are also important cornerstones in their communities. The re-investment and innovation underway at theaters of all sizes will bolster local economies by driving revenue and creating jobs,” says Bob Bagby, CEO of B&B Theatres and chair of Cinema United. “Every day, movie theaters create jobs, partner with local vendors and attract movie fans who also support surrounding businesses.”
Cinema United members featured in this report include AMC, B&B Theatres, Cinemark, Cineplex, Cinépolis, Golden Ticket Cinemas, Harkins Theatres, Marcus Theatres, Ojai Playhouse, Penn Cinema, Phoenix Theatres (headquartered in Detroit), Regal, and Santikos Entertainment.
Partners mentioned also include Clarksville Area Chamber of Commerce (Clarksville, Tenn.), GastingerWalker (architecture firm in Kansas City, Mo.), Joplin Area Chamber of Commerce (Joplin, Mo.), Kinectiv (advertising/marketing firm in Lancaster, Pa.), KEPH Construction (Dadeville, Ala.), Kupiec Architects (Santa Barbara, Calif.), Prosser Wilbert (construction company in Kansas City, Mo.), and Speedwell Construction (Manheim, Pa.).
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