Chicago Movie Theaters Keep Shuttering, Posing Costly Challenge For Landlords https://trib.al/Otesi4k
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Struggling entertainment concepts: There are now about 36,400 movie theater screens in the U.S. That is nearly 12% less screens than in 2019 when many theaters closed during or immediately after the pandemic, according to Omdia. Box office sales point to an even worse picture. The total number of movie tickets sold last year was one-third lower than during pre-Covid 2019 era, according to The Numbers, which tracks box-office data. Let me cite two examples, Cineworld Cinemas Ltd., the world’s second-largest movie-theater chain and the owner of Regal Cinemas emerged from bankruptcy last summer after closing about 75 of its 505 U.S. locations. AMC Theatres, the world’s largest theater operator, has closed 169 theaters since the end of 2019 but opened only 60 new cinemas. Because theater space is so difficult to reconfigure physically, theater operators have the upper hand when negotiating new leases or renegotiating existing leasing with their landlords. “The new (theaters) that we’re opening are far more profitable than the ones that we’re closing,” said AMC CEO Adam Aron. Why? Lower rents. Sales at theaters barely achieved $110 a square foot last year (less than a fourth of the retail space national average performance), an improvement but still about 20% below 2019 levels, according to Datex Property Solutions. But good news is expected next year, I think. Theater operators are optimistic because the film output slowdown stemming from the writers’ and actors’ strikes is expected to ebb, giving theaters more movies to show in 2025. We work with two consultants who analyze theater leases and give us real-time advice as to how landlords can restructure theater leases, whether to consider termination deals, restructuring or even new leases. Landlords, don’t make deals on heresay information. You’ll just leave money on the table. If this is an issue of concern, let’s plan to meet at ICSC Las Vegas to discuss alternatives at no cost or obligation.
Movie Theaters Have Weird Real Estate. It’s Saving Them.
wsj.com
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Regal and CJ 4DPLEX premium theatres bring moviegoers back to cinemas
Regal parent says this heightened movie theater experience will bring people back
foxbusiness.com
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My latest story looks at a property sector that's niche but has a lot of nostalgia: movie theaters. Cinemas have been through the wringer in recent years between the pandemic, labor strikes and rise of streaming services. But many are still holding on, in part because their uniquely designed real estate makes them difficult to replace. Those big, windowless rooms with stadium seating are great for watching Dune: Part Two, but not so easy for the landlord to turn into a Panera Bread or Ulta Beauty. So, in many cases, the landlord agrees to cut the rent and the movie theater survives. Do you still go to the movies? What's the first and last movies you saw in theaters? (Mine: 101 Dalmatians in 1991 and Barbie last summer.) The Wall Street Journal https://lnkd.in/e6-QkXAm
Movie Theaters Have Weird Real Estate. It’s Saving Them.
wsj.com
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"AMC Theatres, Regal Cinemas and Cinemark all reported a bigger year-over-year share of visitors who went to a movie at least twice in the third quarter, according to Placer.ai, a Los Altos, California-based company that tracks foot traffic. The data shows that blockbusters still drive people to physical theaters despite overall ticket sales remaining lower than pre-pandemic numbers." The success of three box office hits—“Barbie,” “Oppenheimer,” and Taylor Swift's concert film—during the third quarter highlights the resurgence of cinema attendance, marking a positive development for traditional theater owners. CoStar News' Nicole Shih and Jack Witthaus features Placer.ai's "Blockbusters Drive Movie Theater Comeback" in their recent article. Learn more here: https://lnkd.in/egzB7jgv #foottraffic #foottrafficanalytics
Here's How Taylor Swift Helped ‘Barbie’ and ‘Oppenheimer’ Fill Cinemas
costar.com
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To return the kind of revenue the corporate gatekeepers need from a film, they can only afford to make big, overproduced, overpriced movies. And to show them they will need big, overpriced cinema stadiums. Then they can charge hundreds of dollars for a ticket. We need indie films and smaller local venues, much like the ones that first displayed flickers, where indie films can thrive to keep the art of film alive. That will take some investment. So who wants to keep the true film experience alive?
As Cinemas Close, America Watches Its Moviegoing Deserts Grow
https://www.indiewire.com
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Thousands of Theaters Offer $4 Movie Tickets Today for 'National Cinema Day': Last year movie theaters offered $3 movie tickets for "National Cinema Day," attracting a surge of more than 8.1 million movie-goers (compared to just 1.7 million the day after). So they're doing it again... Today more than 3,000 movie theaters in the U.S. and Canada — with approximately 30,000 screens — are offering $4 tickets for every show (including IMAX and Dolby screenings) in a special one-day event. (The U.K. will also celebrate "National Cinema Day" — but in six days, on September 2nd.) Variety notes that last year's event brought the highest one-day attendance for all of 2022, and "All of that foot traffic in theaters usually means there will be more popcorn and concession stand sales." So the National Association of Theatre Owners's nonprofit, the Cinema Foundation — decided to do it again this year just two days after the first event had ended. CNBC reports: While last year's event was held in part because of a need to lure audiences back to theaters after two years away following pandemic shutdowns, Bryan Braunlich, executive director of the non-profit Cinema Foundation, says that the hope for this year's Cinema Day is just for audiences to enjoy being at the movies... Nationwide chains including AMC and Regal will be participating. For a full list of theaters taking part in National Cinema Day, click here... If this year's installment proves to once again be a success, Braunlich says the hope is to make National Cinema Day an annual event. "If this continues every year, which we hope it will, the long term goal is to eventize it," he says. "Make it less about the price and more like little Comic Cons in every city where you never know what celebrity is going to hop into your theater." This year's event includes a limited re-release of some classic films, including the original Jurassic Park. Read more of this story at Slashdot.
Thousands of Theaters Offer $4 Movie Tickets Today for 'National Cinema Day'
entertainment.slashdot.org
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This article asks an interesting question and maybe it is a glass-half-full situation. Yes, exhibitors leaning on landlords to lower rents is part of the explanation - as WSJ recently pointed out, it is hard to re-purpose cinemas into anything else. But my suspicion is that lowering seating numbers with the introduction of recliners, doubling down on premium and introducing wider location-based entertainment options (climbing walls!) also has something to do with this. No doubt this and more being discussed at CinemaCon https://lnkd.in/e2yCEMpX
Why Haven’t More Movie Theaters Closed?
puck.news
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An interesting business model that was a staple of the past is crashing under long simmering issues. The classic movie theaters (and especially the big chains sitting on huge footprints - AMC Theatres, Regal Cinemas, Cinemark and others) do not control their content, are bounded by long-standing agreements regarding payouts, are being pulled apart at the edges by streaming services releasing directly to the consumer (and getting a hold of new movies far faster than they used to). There is a strong consumer base that is wholly dependent upon the release of X! Theater chains viability will be defined by their ability to take advantage of their physical structure effectively & flexibly during times of weak movie production. Will be (and is) a very interesting industry to watch. #strategy #leadership https://lnkd.in/erHd953d
Box Office: ‘Mean Girls’ Tops Quiet Weekend With $11.7M as Nasty Winter Freeze Begins
https://www.hollywoodreporter.com
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Thousands of Theaters Offer $4 Movie Tickets Today for 'National Cinema Day': Last year movie theaters offered $3 movie tickets for "National Cinema Day," attracting a surge of more than 8.1 million movie-goers (compared to just 1.7 million the day after). So they're doing it again... Today more than 3,000 movie theaters in the U.S. and Canada — with approximately 30,000 screens — are offering $4 tickets for every show (including IMAX and Dolby screenings) in a special one-day event. (The U.K. will also celebrate "National Cinema Day" — but in six days, on September 2nd.) Variety notes that last year's event brought the highest one-day attendance for all of 2022, and "All of that foot traffic in theaters usually means there will be more popcorn and concession stand sales." So the National Association of Theatre Owners's nonprofit, the Cinema Foundation — decided to do it again this year just two days after the first event had ended. CNBC reports: While last year's event was held in part because of a need to lure audiences back to theaters after two years away following pandemic shutdowns, Bryan Braunlich, executive director of the non-profit Cinema Foundation, says that the hope for this year's Cinema Day is just for audiences to enjoy being at the movies... Nationwide chains including AMC and Regal will be participating. For a full list of theaters taking part in National Cinema Day, click here... If this year's installment proves to once again be a success, Braunlich says the hope is to make National Cinema Day an annual event. "If this continues every year, which we hope it will, the long term goal is to eventize it," he says. "Make it less about the price and more like little Comic Cons in every city where you never know what celebrity is going to hop into your theater." This year's event includes a limited re-release of some classic films, including the original Jurassic Park. Read more of this story at Slashdot.
Thousands of Theaters Offer $4 Movie Tickets Today for 'National Cinema Day'
entertainment.slashdot.org
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Here’s another space for struggling movie theaters to move into: live concert releases. With Taylor Swift’s “Eras” tour coming to theaters, AMC has partnered with Swift’s team to collect over $100 million in advance global ticket sales. It’s expected to bring in between $200 to $250 million in total revenues. There are even talks about Beyoncé releasing a live taping of her “Renaissance” tour as well. Not only will the movie bring in high revenues for theaters worldwide, it will also fill up a void that was left by premieres delayed by the recent SAG-AFTRA and WGA strike. I think that this movie release goes to show that in order to survive in the streaming landscape, movie theaters need to continuously think outside the box. It’s definitely an interesting case study for movie theaters to continue to grow! https://lnkd.in/eacQuHdZ Esquire Group Inc.
How Taylor Swift’s Eras Tour Concert Film Scrambled (and Saved) the Fall Movie Season
https://variety.com
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