Marcus Corporation, the operator of the fourth largest exhibition circuit in the U.S., struggled in Q4 with admissions falling by 24% and revenue declining by 4% compared with the same period one year ago. Not coincidentally, the number of major new studio releases dropped to 22 during the quarter compared with 26 new movies released by studios in Q4 2021.
Despite these challenges, CEO Greg Marcus struck an upbeat tone on the current year, which has already begun well over its first two months. He highlighted A MAN CALLED OTTO starring Tom Hanks as one example of a series of small- to mid-size movies that are bringing traditional moviegoers back to theatres.
M3GAN, PLANE, and 80 FOR BRADY have also enjoyed successful runs, as a much-appreciated bridge between the Christmas hits such as James Cameron’s AVATAR: THE WAY OF WATER and the mid-February appearance of Marvel’s ANT-MAN AND THE WASP: QUANTUMANIA.
The 2023 movie release calendar is chock full of small to mid-size releases, what Greg Marcus describes as “lunch and breakfast” options to the “dinner” fare of the big-budget blockbusters. Marcus Theatres is also in a relatively strong position compared to its competitors because it owns most of the properties where it operates and has significantly lower debts and operating costs.