Canadian giant, Cinaplex, was able to manage a third quarter profit with higher theater attendance. They had a profit of $30.85 million compared to just a year ago, when they lost $33.5 million. They achieved their largest box office in July, when Top Gun: Maverick was on screens nationwide and overall box office reached 85 percent of its pre-pandemic performance. Cineplex CEO Ellis Jacob stated that, “These results were achieved despite a widely expected and thankfully temporary limited supply of holidays content in the second half of the quarter.”
Jacob said that having a deal with Netflix to give a theatrical release for Glass Onion: A Knives Out Mystery is evidence of streaming platforms attempting to grow their subscribers via promoting their upcoming films at the local multiplex. Jacob stated, “Traditional and non-traditional studios are now forming a heightened appreciation for the role of a theatrical release and increasing awareness of and value for content prior to its launch on a streaming platform.” He added, “It’s a great marketing tool for them and a great opportunity for our guests to come to the theaters and see the movie on the big screen.”
Jacob continued to say that, “What you’re going to see is the move towards a window that may not be as long as some other windows, but it’s basically a cost vs reward perspective that one has to look at, But it does give us the option for much more content as we move forward.”
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