October’s global box office rebound pushed Cineworld, the world’s second largest exhibitor, to positive cash flow. Cineworld, parent company of Regal Cinemas, operates a total of 9,9193 screens across 752 locations in 10 countries.
The circuit reports a competitive landscape for its global business, with box office and concessions revenue returning to 80 percent or more of their 2019 levels in the month of October. The UK and Ireland exceeded its 2019 earnings in October by 27 percent, while the group as a whole its global business return to 90 percent of its pre-pandemic levels.
In a statement, Cineworld cited theatrical releases including Black Widow, Shang-Chi and the Legend of the Ten Rings, Venom, No Time to Die, and Dune as catalysts to the recovery.
Mooky Greidinger, CEO of Cineworld, commented: “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. Whilst there are challenges ahead, I believe these efforts have positioned us for great success in the future and we are all looking forward to continuing to welcome our customers to the best place to watch a movie.”
Box office and Concession revenue(1) performance vs. 2019 were as follows:
|2021 vs 2019||Jul||Aug||Sep||Oct|
|UK and Ireland||54%||76%||72%||127%|
|Rest of the World||79%||70%||78%||84%|
(1) Constant currency revenue