Cineplex hails end of actors’ strike after record third quarter
TORONTO — Canada’s largest movie chain had plenty of reasons to celebrate Thursday.
Additionally, Cineplex Inc. Although the summer rush to see “Barbie” and “Oppenheimer” generated record revenues, the company was pleased to see the end of a long strike in Hollywood that shut down television and film production for months and threatened future film productions. Lined up.
“The timing couldn’t have been better,” Cineplex CEO Ellis Jacob said in an interview Thursday, referring to the mood at the company.
“It’s as if we solved the strike ourselves.”
Thousands of superstars represented by the Screen Actors Guild and the American Federation of Television and Radio Artists picketed in July, joining talent backed by the Writers Guild of America who have already left the business.
While writers ended their nearly five-month strike in September, actors’ careers continued, keeping stars away from the Toronto International Film Festival and delaying some films’ debuts.
“Dune: Part Two,” “Ghostbusters: Frozen Empire” and Zendaya’s tennis film “Challengers” were among the films postponed to 2024.
The end of the strike “basically removes the downside that people were seeing in future work,” Jacob said.
“Yes, there will be a delay or two, but the bottom line is that these films are not going away, they are going to change a little bit.”
While Jacob isn’t sure exactly which films might hit theaters later than planned, in an earnings call earlier today he pointed to a Deadline article that showcased several films, including a sequel to Deadpool And Beetlejuice and Venom. Press to restart as soon as possible.
In the coming months, Cineplex is looking to show Disney’s “Ferrari,” “Aquaman and the Lost Kingdom,” “Napoleon,” “Wonka” and “Wish,” along with the musical “Renaissance: A Film by Beyoncé.”
Cineplex Inc.’s enthusiasm came from Regarding the slate of future films, it announced a net income of $29.7 million in the fourth quarter, as the films “Barbie,” “Oppenheimer,” and “Mission Impossible: Dead Reckoning” helped achieve unprecedented quarterly revenues. register.
The company’s earnings were 40 cents per diluted share for the quarter ended Sept. 30, down from $30.9 million, or 43 cents per diluted share, a year earlier.
Last year’s quarter results included a one-time gain of $49.8 million related to the realignment of its Scene loyalty program.
Total revenue for this year’s quarter was $463.6 million, up from $339.8 million in the same quarter last year. The $463.6 million represents an all-time quarterly record for the company.
This increase came as the number of theater attendance rose to approximately 15.7 million during the quarter compared to approximately 11.1 million in the previous year.
Box office revenue per patron increased to $12.00 from $11.25 last year, while concession revenue per patron was $8.44, up from $8.35 in the same quarter last year.
Much of the results can be attributed to the hit “Barbie,” the film starring Margot Robbie and Ryan Gosling that had the highest July attendance ever at Cineplex theaters.
Cineplex’s recently released “Taylor Swift: The Eras Tour” was also deemed a “record breaker” in the concert film category.
It grossed more than $165 million in box office revenue domestically, and brought droves of fans who exchanged friendship bracelets and dressed in elaborate costumes to theaters, Jacob said.
“I wasn’t a big friendship bracelet maker, but I was part of the fun process that was going on and it was really cool to see,” Jacob said.
When asked if Beyoncé’s concert film would be as popular, he said he doubted it would be big in larger markets.
“I don’t know how he would do in small towns, whereas Taylor did well almost everywhere.”
This report by The Canadian Press was first published Nov. 9, 2023.
Companies in this story: (TSX:CGX)
Tara Deschamps, The Canadian Press
