For Variety VIP+ Subscribers: Why Box-Office Rebound Won’t Keep Film Exhibitors From Shedding Theaters
Cinemark cited a decrease in sales and foot traffic as the reason for pulling out of the San Francisco location as mall owner Westfield decided to give up the entire location, highlighting the precarious nature of where and how to operate theaters in the digital age post-COVID.examines the state of theaters and exhibitors alike in the years since the pandemic brought film exhibition to a standstill.
All in all, the number of operational theaters at the end of April 2023 was 5,000. While a loss of 500 theaters from January 2020 doesn’t seem as cataclysmic as when fewer than half that number were open a year later, it doesn’t change the fact that the biggest film exhibition chains have been in a years-long struggle to achieve profitability again, as underperforming sites like the ones around San Francisco are a drag on expenses.
While analysts have predicted that non-bankrupt chains like Cinemark, Marcus Theatres and large-screen format aficionado Imax will turn a profit this year, the same isn’t expected for AMC Theatres, despite its status as the largest such company that has been
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