TORONTO, Oct. 10, 2024 /CNW/ - (TSX: CGX) – Cineplex, Canada's leading entertainment and media company, reported box office revenues of $35.2 million for September 2024, exceeding September 2023 levels by 3%. Cineplex outperformed the North American box office relative to 2019 by nearly 4% despite a tough comparison, as September 2019 was the second highest September ever with the record-breaking title IT Chapter Two.
Top films for the month included the long-awaited Beetlejuice Beetlejuice, which delivered an impressive domestic opening weekend of $111 million. Deadpool & Wolverine continued to perform strongly, generating a staggering $1.3 billion at the global box office to date. Guests continued to elevate their movie-going experience with 70.1% of Transformers One box office revenues coming from premium formats such as 3D, IMAX, ScreenX, D-BOX, VIP and UltraAVX.
Cineplex saw increased momentum in international programming, with it accounting for a tremendous 14.9% of September's box office revenue, compared to North American peers at 4.8%. The three highest-grossing international films for September included Ardaas Sarbat De Bhalle Di, Bibi Rajni and Stree 2, all of which were in Cineplex's top 10 films for the month.
Third quarter 2024 box office revenues of $174.9 million, represented 98% of 2019 levels in the same period and 93% of 2023, despite the tough benchmark of the 'Barbenheimer' cultural phenomenon in 2023. Box office performance this past quarter was driven by the success of Disney's two major titles, Deadpool & Wolverine and Inside Out 2, along with Universal's hit Despicable Me 4, which collectively accounted for approximately half of Cineplex's box office.
"Our third quarter saw a steady stream of diverse film content which drove audiences into our theatres and again signified the strength of sustained movie-going," said Ellis Jacob, President and CEO, Cineplex. "With highly anticipated titles like Gladiator II, Wicked, Moana 2, The Lord of the Rings: The War of the Rohirrim, Mufasa: The Lion King and Sonic the Hedgehog 3, we foresee a strong fourth quarter for the business. This represents an exciting moment for our company and highlights shareholders have much to look forward to."
Period | 2019 Box Office | 2023 Box Office | 2024 Box Office | 2024 as a | 2024 as a |
July | $76,935 | $86,388 | $72,468 | 94 % | 84 % |
August | $56,537 | $67,592 | $67,199 | 119 % | 99 % |
September | $44,393 | $34,253 | $35,217 | 79 % | 103 % |
Q3 Total | $177,869 | $188,233 | $174,884 | 98 % | 93 % |
(i) Balances are in thousands of dollars. | |||||
About Cineplex
Cineplex (TSX:CGX) is a top-tier Canadian brand that operates in the Film Entertainment and Content, Amusement and Leisure, and Media sectors. Cineplex offers a unique escape from the everyday to millions of guests through its circuit of 169 movie theatres and location-based entertainment venues. In addition to being Canada's largest and most innovative film exhibitor, the company operates Canada's favourite destination for 'Eats & Entertainment' (The Rec Room), complexes specially designed for teens and families (Playdium), and an entertainment concept that brings movies, amusement gaming, dining, and live performances together under one roof (Cineplex Junxion). It also operates successful businesses in digital commerce (CineplexStore.com), alternative programming (Cineplex Events), motion picture distribution (Cineplex Pictures), cinema media (Cineplex Media) and digital place-based media (Cineplex Digital Media). Providing even more value for its guests, Cineplex is a partner in Scene+, Canada's largest entertainment and lifestyle loyalty program.
Proudly recognized as having one of the country's Most Admired Corporate Cultures, Cineplex employs over 10,000 people in its offices and venues across Canada. To learn more, visit Cineplex.com.
Caution Regarding Forward-Looking Statements:
Certain statements and/or information in this news release (identified by words such as "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective" and "continue" (or the negative thereof)), and words and expressions of similar import, and similar expressions suggesting future events or future performance are intended to identify forward-looking statements. Such forward-looking statements are based on expectations and assumptions made by Cineplex and are subject to risks and uncertainties which may be beyond Cineplex's control. A comprehensive discussion of risks that may impact Cineplex can be found in Cineplex's public reports and filings, including those described in Cineplex's Annual Information Form for the year ended December 31, 2023 ("AIF"), and the management's discussion and analysis for the year ended December 31, 2023 ("Annual MD&A"), which are available under the Company's profile on Sedar+ (www.sedarplus.ca). The foregoing list of factors that may affect future operations and results is not exhaustive. Readers are cautioned that undue reliance should not be placed on forward-looking statements as actual operations and results may vary materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. Cineplex does not undertake to update, correct or revise any forward-looking statements as a result of any new information, future events or otherwise, except as may be required by applicable law.
SOURCE Cineplex
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2024/10/c3639.html
