In advance of the announcement of their full-year 2021 results, to be made in March, Cineworld has released financial data about the final six months of the year, indicating steady growth driven by blockbuster titles as the world’s second-largest chain climbs out of the Covid pandemic.
In the United States—where Cineworld operates as Regal—July 2021 saw the chain earn 45 percent (in box office and concessions) of the same period in pre-pandemic 2019. By December 2021, Regal was earning 91 percent of its what it earned in December 2019, propelled by the blockbuster success of Spider-Man: No Way Home.
In the U.K., Ireland, and the other seven countries in which Cineworld operates, the chain’s high water mark came in October. A key factor was the U.K. and Ireland’s late September release of No Time to Die, which helped Cineworld draw box office and concessions revenue 127 percent higher than what they earned in October 2019.
All told, in December 2021 Cineworld earned 88 percent of its December 2019 take, in spite of Covid-related restrictions in place in several countries in which Cineworld operates.
Said Mooky Greidinger, Cineworld CEO, in a statement:
“We are pleased to see continued strong demand amongst audiences for cinema experiences, supported by a slate of high-quality and high-performing movies. This demonstrates that fans are continuing to choose the unrivalled theatrical experience. We have seen recovery in theatre attendances across our geographies, which generated a positive cashflow performance for Q4. Spider-Man: No Way Home has shown the importance for studios of cinematic releases. Whilst there are challenges ahead, we are excited to welcome customers to our cinemas to enjoy the highly anticipated slate of movies throughout 2022. We are continuing to implement guidelines to ensure our cinemas are a safe environment for our customers, and I want to thank everyone across our team who make it possible for our customers to experience the best place to watch a movie.”
On the organizational side of things, Cineworld today announced the creation of a new Environment Committee of the Board, chaired by Non-Executive Director, Ashley Steel. Joining Steel on the Environmental Committee are Renana Teperberg (Cineworld’s Chief Commercial Officer) and Camela Galano (independent Non-Executive Director). The purpose of the committee, said Cineworld in their official statement, is “to provide oversight, on behalf of the Board, in relation to the Group’s environmental strategy and activities, which will include overseeing the Company’s environmental reporting and disclosures.”
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