Regal Entertainment Group-owner Cineworld looks poised to close around a quarter of its theaters in the UK as part of a post-bankruptcy restructuring plan.
The Hollywood Reporter’s Post
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Struggling entertainment concepts: There are now about 36,400 movie theater screens in the U.S. That is nearly 12% less screens than in 2019 when many theaters closed during or immediately after the pandemic, according to Omdia. Box office sales point to an even worse picture. The total number of movie tickets sold last year was one-third lower than during pre-Covid 2019 era, according to The Numbers, which tracks box-office data. Let me cite two examples, Cineworld Cinemas Ltd., the world’s second-largest movie-theater chain and the owner of Regal Cinemas emerged from bankruptcy last summer after closing about 75 of its 505 U.S. locations. AMC Theatres, the world’s largest theater operator, has closed 169 theaters since the end of 2019 but opened only 60 new cinemas. Because theater space is so difficult to reconfigure physically, theater operators have the upper hand when negotiating new leases or renegotiating existing leasing with their landlords. “The new (theaters) that we’re opening are far more profitable than the ones that we’re closing,” said AMC CEO Adam Aron. Why? Lower rents. Sales at theaters barely achieved $110 a square foot last year (less than a fourth of the retail space national average performance), an improvement but still about 20% below 2019 levels, according to Datex Property Solutions. But good news is expected next year, I think. Theater operators are optimistic because the film output slowdown stemming from the writers’ and actors’ strikes is expected to ebb, giving theaters more movies to show in 2025. We work with two consultants who analyze theater leases and give us real-time advice as to how landlords can restructure theater leases, whether to consider termination deals, restructuring or even new leases. Landlords, don’t make deals on heresay information. You’ll just leave money on the table. If this is an issue of concern, let’s plan to meet at ICSC Las Vegas to discuss alternatives at no cost or obligation.
Movie Theaters Have Weird Real Estate. It’s Saving Them.
wsj.com
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Hey everyone, did you hear about the news on Regal owner Cineworld considering theater closures and restructuring options post-bankruptcy? The entertainment industry is facing some major changes, and it's important to stay informed. Let's discuss the future of cinema and how it impacts us as movie lovers. Check out the full article on Hollywood Reporter and share your thoughts in the comments. #Cineworld #TheaterClosures #BankruptcySurvival https://ift.tt/1qwDhJv
Hey everyone, did you hear about the news on Regal owner Cineworld considering theater closures and restructuring options post-bankruptcy? The entertainment industry is facing some major changes, and it's important to stay informed. Let's discuss the future of cinema and how it impacts us as movie lovers. Check out the full article on Hollywood Reporter and share your thoughts in the comment...
https://www.hollywoodreporter.com
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To return the kind of revenue the corporate gatekeepers need from a film, they can only afford to make big, overproduced, overpriced movies. And to show them they will need big, overpriced cinema stadiums. Then they can charge hundreds of dollars for a ticket. We need indie films and smaller local venues, much like the ones that first displayed flickers, where indie films can thrive to keep the art of film alive. That will take some investment. So who wants to keep the true film experience alive?
As Cinemas Close, America Watches Its Moviegoing Deserts Grow
https://www.indiewire.com
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Revenue Management | Pricing Strategies | Hospitality | Retail | Customer Experience | Entertainment | Aviation Industry | MBA at EAE | Brand Category | Investments | Commercial & Finance | Market Analysis | X-Cinépolis
In the hospitality industry, enhancing the customer experience during product consumption is pivotal for maximizing revenue opportunities.
Regal and CJ 4DPLEX premium theatres bring moviegoers back to cinemas
Regal parent says this heightened movie theater experience will bring people back
foxbusiness.com
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The greatest challenge facing theaters right now is a dearth of theatrical releases, exhibitors say. Theater owners urged studio executives at CinemaCon to put more films in theaters — and not just big-budget tent poles timed for summer movie season and holiday weekends. An additional issue affecting owners of independent theaters and smaller chains is studio-imposed three-week minimum runs for major movies. Multiple exhibitors can’t afford to let one movie to take up a screen for three weeks because there simply isn’t enough population where they operate to fill seats for that long. One way that exhibitors are trying to fill the void of studio releases is by showing “alternative content” — from reissues of beloved films and screenings of TV shows to musical performances and sporting events.
'Wicked' spectacles, merger gossip and movie industry woes at CinemaCon 2024
latimes.com
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"Barbenheimer," the cultural phenomenon that has captured the world's attention, proves that opposites can indeed attract and result in a surge of foot traffic in theaters worldwide... In his latest MarketWatch article, James Rogers delves into how these blockbuster releases are elevating the moviegoer experience and revitalizing cinemas with a much-needed boost. Check it out below ↓ and a big thank you to James for including us in the feature! Jesse Kent Derring-Do Inc.
AMC, Cinemark and Regal saw major ‘Barbie’ and ‘Oppenheimer’ foot traffic boost, research shows
marketwatch.com
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"AMC Theatres, Regal Cinemas and Cinemark all reported a bigger year-over-year share of visitors who went to a movie at least twice in the third quarter, according to Placer.ai, a Los Altos, California-based company that tracks foot traffic. The data shows that blockbusters still drive people to physical theaters despite overall ticket sales remaining lower than pre-pandemic numbers." The success of three box office hits—“Barbie,” “Oppenheimer,” and Taylor Swift's concert film—during the third quarter highlights the resurgence of cinema attendance, marking a positive development for traditional theater owners. CoStar News' Nicole Shih and Jack Witthaus features Placer.ai's "Blockbusters Drive Movie Theater Comeback" in their recent article. Learn more here: https://lnkd.in/egzB7jgv #foottraffic #foottrafficanalytics
Here's How Taylor Swift Helped ‘Barbie’ and ‘Oppenheimer’ Fill Cinemas
costar.com
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Marketing Director | Brand Strategy, Growth, Leadership | I Help Media Entertainment Companies Drive Brand Growth with $680M+ in Sales Success & Counting
Is Hollywood Returning to Its Roots with Sony's Acquisition of Alamo Drafthouse? This week, Sony Pictures Entertainment made headlines by acquiring Alamo Drafthouse Cinemas, signalling a return to Hollywood's old studio system. With the Department of Justice having lifted a decades-old ban on studios owning theatres, this move brings back vertical integration in the film industry. 🍿 Why does this matter? For decades, the Paramount Decree prevented film studios from controlling both production and exhibition, fostering a diverse landscape of independent theatres and studios. Sony's acquisition, following the sunset of these regulations, is a clear commitment to the theatrical experience, even as streaming dominates the market. 🎥 Alamo Drafthouse, known for its unique movie-going experience, will now be part of Sony Pictures Experiences. Amid post-lockdown struggles, this move aims to rejuvenate cinemas and ensure theatres remain central to film enjoyment. 🎉 Could this spark a resurgence in theatre attendance, or will streaming continue to dominate? How might this reshape the film industry landscape? What are the potential benefits and drawbacks of studios owning theatres again? Share your thoughts below! 🎬 Sony Pictures Entertainment, Prime Video & Amazon MGM Studios, Netflix, Warner Bros. Discovery, The Walt Disney Company, NBCUniversal, Paramount Pictures, Cineplex, AMC Theatres #FilmIndustry #SonyPictures #Entertainment #Cinema #Hollywood #VerticalIntegration #Streaming
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As studios continue to upend the entire entertainment business model with streaming and new tech while abandoning their biggest collaborators, (ahem, creators in SAG/WGA and movie theaters) there’s a white space here for smaller theaters to compete against brands like AMC by cashing in on these kinds of consumer-driven behaviors in organic ways. For example, one big debate online is which movie to see first, which has led to people creating in-depth itineraries for the double feature event, like going to a karaoke bar after Barbie or drinking black coffee before Oppenheimer. What if theaters offered a localized version of this itinerary with nearby restaurant recommendations or even low-budget merch like a pink and black pin to give out in the lobby for those participating in the double feature? If hardcore movie lovers are the ones filling up theater seats, why aren’t more theaters doing more for the movie lover community beyond a subscription-based pricing model? (I’m a proud AMC stubs member don’t get me wrong, but they can be doing more!) Last year, it was teen boys dressing to the nines to go see the Minions movie. This year, it’s Barbenheimer. I’ll be excited to see when theaters start taking advantage of these consumer-driven marketing tactics and take back some power as a player in the film industry.
AMC Theatres, the world’s largest cinema chain, is reporting that more than 20,000 AMC Stubs members have purchased tickets to see “Barbie” and “Oppenheimer” on the same day. https://bit.ly/3NNZUcQ
AMC Theaters Says More Than 20,000 Moviegoers Have Already Booked ‘Barbie’-‘Oppenheimer’ Double Features
https://variety.com
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From The Guardian: Cineworld Cinemas Ltd is reportedly considering closing a quarter of its #UK #cinemas as part of a wide-ranging restructure. The cinema operator, which delisted from the London Stock Exchange last year after its share price collapsed, is drawing up plans to shut as many as 25 cinemas and renegotiate rent agreements at 50 more of its 100 or so UK sites, sources told Sky News.[...] The debt-laden chain struggled during the Covid-19 pandemic, which led to enforced closure of its sites for months. It filed for Chapter 11 bankruptcy protection in the US in 2022 and lodged a reorganisation plan with an #American bankruptcy court from which it emerged last year. It tried to sell its #US, UK and Irish businesses last year, but did not receive any acceptable offers. Cineworld was founded in 1995. It expanded under the leadership of the Greidinger family and later listed on the London Stock Exchange. Its acquisition of Regal Entertainment created the second largest cinema business in the world by number of #screens, and it operates in central and eastern #European markets including #Poland and #Hungary as well as #Israel and the US. The restructuring comes as the sector continues its recovery from the lows of #pandemic lockdowns. #cinema #film #theatres #mergersandaquisitions #divestments #mediaownership
Cineworld ‘considers closing a quarter of its 100 UK cinemas’
theguardian.com
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