Theaters Historically ‘Resistant to Recessionary Pressures’: Cineplex CEO
Cineplex generated 439% quarterly revenue growth to $349.9 million, proof that consumers are back to theaters “from every cohort and for all genres of films,” said CEO Ellis Jacob on a Q2 earnings call Thursday. “Like our industry peers globally,…
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we are highly encouraged by the box office momentum reflected in our second quarter results,” he said. Comparing pre-COVID-19 pandemic periods with 2022, April's box office reached 56% of the box office volume of April 2019, and May reached 72%, June 89% and July 85%, he said. “We are driving these strong results even as consumers contend with concerns of inflation and speculation of a looming recession,” said Jacob. The theatrical business “has historically been resistant to recessionary pressures,” he said. Going to the movies “is an affordable form out-of-home entertainment,” especially compared with live sports and concerts, he said.