Franchise Favourites and International Titles Ignited Movie Going in March
TORONTO, April 11, 2024 /CNW/ - (TSX: CGX) – Cineplex, a leading entertainment and media company, reported box office revenues of $59.2 million for March 2024, an increase of 46% compared to the same period last year. Cineplex's box office revenues for the month represented 95% of March 2019's level, compared to the North American industry box office at 81%. This significant outperformance is attributed to Cineplex's content broadening and premium strategies.
Leading film performances in March 2024 included franchise favourite, Dune: Part Two, which generated over $260 million in domestic box office revenues to date, with Cineplex contributing over 10%. Family favourite, Kung Fu Panda 4, generated $166 million in domestic box office revenues since its release, making it the second biggest grossing title in the films' franchise. Other box office drivers included Godzilla x Kong: The New Empire with 84.7% of Cineplex's box office revenues coming from premium experiences.
Nearly half of Cineplex's box office revenues for the month, at 46.1%, were from premium experiences like IMAX, UltraAVX and VIP, proving movie goers are choosing a more enhanced and interactive experience. Cineplex continues to hold its North American leadership position in alternative programming with 9.1% of March box office revenues coming from international films, compared to its peers at 3.7%. Highest performing titles for the month included Shaitaan, Jatt Nuu Chudail Takri, Crew and Yolo.
"With the support of key tent pole titles, the March film slate helped close the first quarter on a high note performing better than last year, a sign that consumer demand continues to be strong for compelling content," said Ellis Jacob, President and CEO, Cineplex. "The CinemaCon conference studio presentations show a strong film slate for the balance of 2024 and great deal of enthusiasm for 2025, sharing a sneak peek to wonderful product ahead. We feel more confident than ever about the near and long-term opportunities of theatrical exhibition."
|
Period
|
2019 Box Office
|
2023 Box Office
|
2024 Box Office
|
2024 as a
Percentage of 2019
|
2024 as a
Percentage of 2023
|
|
January
|
$52,034
|
$45,743
|
$37,620
|
72 %
|
82 %
|
|
February
|
$41,892
|
$36,950
|
$28,222
|
67 %
|
76 %
|
|
March
|
$62,571
|
$40,644
|
$59,219
|
95 %
|
146 %
|
|
Total
|
$156,496
|
$123,338
|
$125,061
|
80 %
|
101 %
|
|
(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 over 170 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 a newly launched 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 is 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, 2022 ("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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