Cinemark’s incoming CEO, Sean Gamble, gave an upbeat view of his company’s Q1 earnings, highlighting dramatic year-over-year improvements in attendance, revenue, and profitability. Gamble pointed out that “nearly every film released in 2022 has performed in line or better than pre-pandemic expectations.” The exhibitor’s current year revenue was up over 300% compared with Q1 2021.
Cinemark is widely considered among the best-managed large theatre circuits in North America. Gamble plans to expand film offerings and invest in technology and new amenities to enhance the moviegoing experience.
Cinemark has been willing to work with Netflix on brief theatrical runs for the streamer’s top titles, including a 1-week run last year for Zach Snyder’s zombie heist thriller ARMY OF THE DEAD. The exhibitor has pointed to the shrinking release calendar from traditional studios as an important reason to explore new relationships with streamers.
Cinemark also announced an initiative to install laser projection at all locations and expand reclined seating installations. While expensive, many believe that offering these amenities is essential to lure casual moviegoers to the theatre.