Cineworld reopens with a “strong weekend” in the UK
Cinemas are back and by the feedback, it looks like film lovers are happy to go back to the movie theatres.
Cineworld said it enjoyed a “strong opening weekend” in the UK, led by demand for Peter Rabbit 2: The Runaway.
It was good news for the chain, as it confirmed that more people than expected returned as the restrictions eased and Cineworld is anticipating “a good recovery in attendance over the coming months.”
- Cineworld opens with a ‘strong weekend’
- Demand to see Peter Rabbit 2: The Runaway
- But experts say cold weather is the real reason for figures
- Many big films have been delayed and rescheduled to next year, leading to experts questioning how cinemas will survive the summer months.
It also saw “good concession income” as families snapped up food and drinks for their visit.
The UK-owned Cineworld has seen huge losses due to closure during the pandemic and back in November, they were in talks over a rescue deal that would have lead to shutting UK cinemas.
Back in business
Cineworld said on Monday – when restrictions were eased – that it was “thrilled” to have its UK and US cinemas open again.
“We are especially pleased with the warm welcome our employees have received, and the positive feedback from returning guests,” said chief executive Mooky Greidinger.
Cineworld is the world’s second-largest cinema chain said more than 97% of its US cinemas are back in business, while the rest of its cinemas are expected to be open by the end of the month.
Cineworld is hoping releases such as Cruella and A Quiet Place 2 will kelp the punters coming in.
The chain says its success was due to “improving consumer confidence and the success of the vaccination rollout”.
“Cinema operators have been waiting for this moment for a long time, keeping their fingers crossed that consumers would feel confident enough to return to the big screen, said Russ Mould of AJ Bell
But he added that the strong return came at a time of bad weather in the UK. “What happens if we finally get some good weather this weekend and from then on?”
Adding “there aren’t that many big films lined up for release until later in the summer”.
Cinema industry hit
The cinema industry has been hit hard by the pandemic, with many theatres closing for long periods of time and reopening with reduced capacity.
In 2020, global box office sale fell by more than 70% from the previous year, according to Gower Street Analytics.
Big releases such as No Time To Die and Due have been delayed multiple times because of covid.
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