Summer Box Office an Important Turning Point for the Exhibition Business
TORONTO, Sept. 10, 2024 /CNW/ - (TSX: CGX) – Cineplex, Canada's leading entertainment and media company, reported box office revenues of $67.2 million for August 2024, representing 119% of the same month in 2019, and 99% of 2023 despite tough comparison period in August 2023 with the continued strength of Barbenheimer. In addition, Cineplex outperformed the North American box office relative to 2019 for the month of August by 7.3%. Combined box office and theatre food revenues achieved 125% of 2019 levels and 100% of 2023.
Sparked by a diverse film slate of highly anticipated blockbusters, moviegoers went to their local Cineplex last month to experience them on the big screen. Deadpool & Wolverine became the highest-grossing R-rated film ever and has generated $1.3 billion in box office revenue globally, so far. Exceeding industry expectations, It Ends with Us became the largest female-driven title of 2024 and the highest-grossing romantic drama since 2018, crossing $309 million globally. Alien: Romulus was the second highest-grossing film globally within its nine-title franchise, and 76.2% of box office revenue generated from Cineplex guests opted to watch it in premium experience formats like VIP, Ultra AVX and IMAX.
With a continued focus on alternative content, Coraline returned to the big screen for its 15th anniversary becoming the highest-attended Cineplex Events program so far in 2024, generating over half a million dollars in box office revenue. Cineplex's leading approach to international programming continues to outperform, with 9.4% of the August 2024 box office coming from international titles, compared to its North American peers at 2.45%. The top three international films for the month were Daaru Na Peenda, Bibi Rajni and Khel Khel Mein, with Cineplex capturing a substantial North American share ranging from 48% to 87% for these films.
"This summer marked an important turning point, with June and July box office revenue reaching over 90% of 2019 levels and August surpassing 2019 levels," said Ellis Jacob, President and CEO, Cineplex. "The continuation of compelling content means we're more confident than ever about the long-term prospects for the exhibition business. The momentum will continue in September with Beetlejuice Beetlejuice, Speak No Evil, Transformers One and The Wild Robot."
Period | 2019 Box | 2023 Box Office | 2024 Box Office | 2024 as a | 2024 as a |
April | $63,759 | $61,278 | $29,183 | 46 % | 48 % |
May | $68,697 | $47,514 | $33,936 | 49 % | 71 % |
June | $56,918 | $55,701 | $51,359 | 90 % | 92 % |
July | $76,935 | $86,388 | $72,468 | 94 % | 84 % |
August | $56,537 | $67,592 | $67,199 | 119 % | 99 % |
(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
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