CinemaOne enjoys movie theatre resurgence

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CinemaOne has recorded a massive revenue turnaround at the end of the third quarter of its financial year.

In the company’s unaudited financial statements for the nine-month period ended June 30, 2022, CinemaONE which operates the IMAX and Gemstone theatres reported that Gross Revenue increased by 233 per cent to TT $7.4M compared to TT$2.2M recorded last year.

The company’s gross profit also increased sharply, rising by 190 per cent to TT $4.4M.

Chairman Brian Jahra noted CinemaONE maintained a marginal Operating Profit of TT $.4M versus the previous year’s Operating Loss for fiscal year 2021 of TT $3.2M.

Jahra said, “CinemaOne enjoyed a diverse range of compelling big-screen movie releases from all its major studio partners. Since CinemaONE’s reopening in Oct. 2021, Disney/Marvel’s Dr Strange, which was released in May 2022, has only been surpassed by Sony/Marvel’s Spiderman No Way Home.”

The company noted that the global box office has also seen a significant rebound.

Jahra said, “ I’m happy to report on the accelerated rebound of the cinema exhibition sector. The impressive Q3 performance of Disney/Marvel’s Dr Strange in the Multiverse of Madness, which attained US $952M by the end of the period, propelled the global theatrical market to a 2022 calendar year cumulative box office total of US $13.4 Billion.

A most important global indicator was the collective performance of strong titles such as Paramount’s Top Gun Maverick and Universal’s Jurassic World Dominion in the month of June, which reduced the comparative monthly deficit to the pre-C19 average June box office performance in 2017-2019 to a mere -3 per cent, and narrowed the 2022 calendar year’s global box office gap to the pre-C19 3-year average to -35 per cent.”

The CinemaONE chairman said the company was well positioned to continue to benefit from the resurgence of the industry.

“The global and local trends give credence to the cinema industry’s general sentiment that the big screen is back. Strong content recovery and the broad, generational appeal of titles such as Top Gun Maverick have injected needed enthusiasm and confidence in the industry.

Indeed, Top Gun Maverick surprisingly emerged to become the highest earning Tom Cruise movie ever at a global box office of US $1.35 Billion, and still counting, while recently catapulting to the seventh position on the all-time box office performance list for both the US and Canada,” said Jahra,

“Upcoming titles such as Viola Davis in the Woman King (Sept2022), the Warner Brothers/DC Comics’ release of Black Adam (Oct 2022) and the highly anticipated Disney/Marvel Black Panther2 (November 2022) will likely drive audience demand for big screen entertainment. CinemaONE is poised to increasingly participate in the sector’s rebound and growth.”