Canadian exhibition giant Cineplex underlined the impact of its Hollywood movie supply upended by the 2023 actors and writers strikes as it released its second quarter financial results on Friday.
Cineplex saw box office revenue drop 30 percent to $114.5 million, and theater attendance, especially in April and May, was off by nearly 32 percent to 8.7 million moviegoers for the quarter, due in large part to the post-strike disruption to the chain’s release schedule with a reduced supply of product.
[4:41 PM, 8/10/2024] Tios Media: Box office rebounded in June with the release of Inside Out 2, followed by box office success with Despicable Me 4 and Twisters. But the prolonged impact of the Los Angeles labor action last year had by then been felt.
[4:42 PM, 8/10/2024] Tios Media: Despite the industry headwinds from the post-strikes overhang, Cineplex CEO Ellis Jacob said second quarter represented a turning point for the exhibition sector as the company gets set to open new venues. “We believe we’ve reached a pivotal point in the post-strike rebound, with a variety of content hitting the big screen on a consistent basis to keep movie-goers on the edge of their seats,” Jacob told analysts during a morning call in prepared remarks.