Cineworld said on Monday that box office and concession revenues in October were at 90% of pre-Covid levels as “an excellent slate of films” drove a recovery.
In an update on trading for the four months to the end of October, the company said that since reopening in April, performance and attendances have grown steadily. Customer demand has been particularly strong in a number of its markets, in some cases even above the levels seen in 2019, it said.
In October, revenues in the US were at 80% of pre-pandemic levels, while Rest of World revenues were at 84%. The performance in the UK and Ireland was particularly strong, with revenues at 127% of pre-Covid levels.
The performance was driven by films such as Black Widow, No Time to Die and Dune, among others. Cineworld also pointed out there are still major blockbusters set to be released this year, such as the Ghostbusters: Afterlife, Encanto, Spider-Man: No Way Home, The King’s Man, Sing 2 and The Matrix Resurrections, which it expects to perform “very well subject to there being no deterioration in the COVID-19 situation”.
Chief executive officer Mooky Greidinger said: “We are thrilled to see audiences returning in significant numbers. Our partnerships with the studios are as strong as ever and with the incredible movie slate to come, there are real grounds for optimism in our industry.
“I would especially highlight the great performances we saw from our newly refurbished cinemas in the US. These new cinemas clearly support our strategy to enhance the cinema experience for all our customers.”
