Cineplex CEO Sees Hollywood Movie Supply Issues Reducing in 2024 – The Hollywood Reporter
Cineplex CEO Ellis Jacob
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Cineplex CEO Ellis Jacob sees enough Hollywood films hitting theaters this year and next, finally easing the exhibition industry’s film supply issues following the end of dual writers and actors strikes.
“We’re starting to see the product come back,” Jacob said. Hollywood Reporter on Thursday after Cineplex revealed its fourth-quarter financial results. He pointed to Disney’s announcement on Wednesday Moana 2 It is scheduled to hit theaters on November 27, having previously been developed as a TV series and a suspense thriller directed by Dev Patel. Monkey manand is also scheduled to hit theaters on April 5 via Jordan Peele Monkey’s paw Its deal with Universal, after previously being established at Netflix, is good news for the exhibition industry.
“These positive things to me point in the right direction,” Jacob insisted. The Canadian exhibitor, like its American counterparts, has had to contend with very few Hollywood films in theaters after Double Strikes was disrupted.
But Jacob believes that Hollywood’s production schedule will return to normal during 2024 and into next year. Looking at the last quarter of the year ahead of Christmas, Jacob points to titles such as Joker: Folie à Deux, Gladiator 2, Moana 2, Lord of the Ringslast karate Kid film, Mufasa: The Lion King And Sonic the Hedgehog 3 It also fuels the current box office rebound.
This is a dramatic change from 2023 when Cineplex was relying on it Black Panther: Wakanda Forever, Aquaman 2 And “Big Surprise,” Taylor Swift’s concert tour film, which led to a box office rebound. In March, Jacob refers to Denis Villeneuve Sand Dunes: Part 2 As a big month and a test for the exhibitors.
Cineplex is also looking to international movie titles to make up for remaining short-term supply challenges in product from Hollywood. During the fourth quarter, the exhibitor saw total revenue rise 1.7 percent to $315 million, as theater attendance jumped 4.2 percent to 9.59 million visitors.
The top-performing Hollywood titles for exhibitors during the latest quarter are included Taylor Swift: Tour of the Ages, The Hunger Games: A Song of Songbirds and Snakes And Five nights at freddy’s. Meanwhile, fourth-quarter box office revenue of $123.8 million was just 68% of the $181 million box office results posted for the same period in 2019, before the pandemic hit.
This led to Cineplex posting a net loss of $9 million during its most recent fiscal quarter, compared to the previous year’s loss of $10.1 million. In other metrics, box office revenue per patron was $12.90, down 1.2 percent from $13.06 a year earlier, while concession revenue per patron rose 3.9 percent to $9.28, versus $8.93 in the same period in 2022.
