Blockbusters like “Spider-Man: No Way Home” and “Scream” burned through the box office, giving the Cinemark chain a resurgence and boosted fourth-quarter results.
Cinemark, the third-largest movie theater chain in the US after AMC and Regal parent company Cineworld, touted “significant progress in pandemic recovery”, thanks to the return of moviegoers.
Cinemark CEO Sean Gamble noted the government’s restrictions during the pandemic, including regulations on vaccines and wearing masks, to boost consumer confidence returning to cinemas.
“We are encouraged by recent favorable developments in terms of the virus situation, government restrictions and consumer sentiment regarding movie going,” he said.
Total quarterly net income was 5 cents a share, compared with a loss of $2.03 a share. Revenue jumped to $666.7 million from just $98.2 million. Analysts expected a loss of 8 cents on revenue of $601.3 million.
Gamble also said the movie service is making a comeback because movies are showing exclusively in theaters and not simultaneously on streaming services, a common practice during the pandemic.
Like other theater chains, Cinemark benefited from the return of genuine blockbusters during the quarter, particularly “Spider-Man,” the studio’s highest-grossing film ever. , Gamble said.
According to Box Office Mojo, a company that tracks ticket sales, the action film, starring Tom Holland, Zendaya and Benedict Cumberbatch, has grossed $773.5 million domestically and $1.83 billion overseas. worldwide, becoming one of the highest-grossing films of all time.
https://nypost.com/2022/02/25/spider-man-return-of-moviegoing-ignites-cinemarks-comeback/ ‘Spider-Man’, the return of the movie that marks the return of Cinemark