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04.11.2022 - 17:33 / deadline.com
The nation’s third largest theater chain saw sales jump 50% and losses narrow sharply last quarter, underscoring the rebound of moviegoing despite a sluggish release schedule in August and September.
“We have high confidence in the ongoing recovery of content and box office as delays caused by Covid fully subside, and studios derive increasing promotional and financial value from theatrical,” said CEO Sean Gamble. In an investor call following earnings, the chief executive took pains to lay out the main drivers of the business — three and clear: consumer interest in films; the availability of films; and the value of theatrical release to providers of filmed entertainment.
The first is a big ‘yes’ check — consumer interest is “vibrant,” Gamble said. As that becomes increasingly evident, “We see studios leaning more heavily back into theatrical.” That said, the pipeline is still limited by production lags from Covid and “will take a couple of years to get fully back to where it was.”
Meanwhile, he’s “very optimistic” that “not just traditional studios, but streamers will also lean more heavily into theatrical. We are getting signs from them.” That will fill gaps in the slate. Eventually, considering all the players out there making movies, “We could find ourselves with more volume than we ever had.”
It’s needed. Cinemark today, and Marcus Theatres. yesterday both cited “headwinds” on per capita ticket and concession sales for the third quarter from National Cinema Day. The initiative to draw people into theaters on Sat., Sept. 3 with tickets and snacks costing $3 attracted 8.1 million moviegoers nationwide. But Marcus CEO Greg Marcus noted yesterday on that company’s earnings call, it was somewhat wasted because there
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Earlier this year, seven-time Super Bowl winner Tom Brady returned to the Tampa Bay Buccaneers for another season in the NFL, having spent just 44 days in retirement. And he’s set to make yet another return early next year—but this time to the big screen, with his upcoming film “80 For Brady.” “80 For Brady” is a sports comedy, directed by Kyle Marvin (“The Climb”) and produced by Brady, about four senior friends who take a road trip to Houston to watch their hero and the New England Patriots play in Super Bowl LI.
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Marcus, the fourth largest U.S. movie chain, said a trickle of films for the three months ended in September impacted earnings but were offset by the recovered Marcus Hotel & Resorts, which surpassed pre-pandemic revenues. Both businesses were up from last year but theaters saw a slowdown from Q2 to Q3.
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EXCLUSIVE: The Sundance Institute and Sandbox Films have announced the 10 projects and filmmaking teams selected as the latest recipients of grants from the Sundance Institute | Sandbox Fund.