![]() ![]() Gamble stressed that difficult economic times – high inflation, high interest rates and a potential recession – have always been a boon for movie theaters. It was edited by Jessica Placzek and Jessica Mendoza. “My view is that over the next one to two years we are going to see that normalize to pre-pandemic levels.” 2 days ago &0183 &32 This episode of Its Been a Minute was produced by Barton Girdwood, Liam McBain, Janet Woojeong Lee and Jamila Huxtable. Gamble sees the strong numbers for non-franchises like Elvis, Lost City and Where The Crawdads Sing as a good sign. Exhibitors have been saying the same thing. ![]() And a bigger variety of films will brings in a bigger range of moviegoers, which is important for a full recovery. The understandable enthusiasm generated by a glow of mobbed superhero showings is morphing into a more realistic look at the longer term prospects for the business.īlockbusters have higher film rental costs. That figure includes a 496 million impairment on content, as well as. ![]() On this call and others, investors are growing more focused on the return of mid-range films. The company disclosed in a regulatory filing Friday that it has taken a 825 million write-down on content following the deal. The red ink included a $92 million write down and higher costs for film rentals and advertising, concession supplies, salaries, utilities and lease expense – driving total costs up to $762 million from $380 million. Losses of $73.4 million compared with losses of $142 million a year earlier – for a diluted loss per share of 61 cents vs $1.19. Sony (NYSE: SNE) is taking a ¥112B (1B) writedown in its movie business after reviewing the future profitability of its operations. Admissions revenue was $382 million and concession revenue $286 million, driven by attendance of 52 million ticket buyers at an average ticket price of $7.34 and concession revenue per patron of $5.50. The former was up 152% to $744 from $294 million. Cinemark CEO Optimistic Streamers Will Follow Studios "Leaning Into" Theatrical Ultimately, "We Could Find Ourselves With More Volume Than We Ever Had"Ĭinemark earlier posted narrower and revenue for the three months ended in June. Most of the movie writedown relates to goodwill recorded at the time of Sonys acquisition of Columbia Pictures in 1989. ![]()
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