• Exhibitors

Cinema Operators Delivers Mixed Financials During First Quarter of 2024

Exhibitor Earnings Reports - 2024 First Quarter

The success of “Avatar: The Way of Water” during the first quarter of 2023 was never going to help year-over-year comparisons when it came to reporting first quarter financials in 2024. Yet despite facing ongoing challenges due to the 2023 Hollywood writers and actors strikes, the cinema industry demonstrated resilience in the first quarter of 2024, with mixed results among major exhibition companies. While some companies reported lower revenue and attendance, others experienced a notable rebound, indicating a complex yet hopeful landscape.

Companies such as AMC Theatres were only slightly down from the same period in 2023, estimating total revenues of USD $951.4 million, rather than the previous year’s USD $954.4 million. Cinemark reported total revenue of USD $579.2 million for the first quarter, a 5.2% decrease from the same period in 2023. Even so, the company managed to earn a net income of $24.8 million compared to a loss of USD $3.1 million in the previous year.

IMAX meanwhile, continued to fire on all cylinders with blockbuster releases like “Dune: Part 2” and “Godzilla x Kong: The New Empire” helping the premium large format giant bring in USD $261 million in revenue, the third-highest grossing Q1 in the company’s history.

The European operator Kinepolis recorded a 9.6% decrease in visitors, causing total revenue to drop. Despite this, Kinepolis maintained strong sales per visitor, driven by demand for premium products.

Source : Celluloid Junkie