Cinemark CEO Defends ‘Exclusive Theatrical Window’
With results showing the movie business recovering from COVID-19 theater closures at a “faster rate than we expected,” Cinemark CEO Mark Zoradi is bullish on the long-term “stability of theatrical exhibition,” he told a Q2 call Thursday. (See materials here).…
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“Theatrical moviegoing provides a premium, out-of-home entertainment experience that people simply love,” he said. The “unique” experience “has not changed even as in-home delivery technologies have advanced,” he said. “A successful theatrical release is complementary and additive to the overall content owner’s revenue pie, and elevates the perceived value of the movie in subsequent release channels.” Zoradi, who’s retiring as CEO at year’s end and staying on the board, believes in feature films' “exclusive theatrical window” because it’s “critically important to the overall media landscape.” Q2 revenue increased 324.3% to $294.7 million, including a 414.7% increase from theatrical admissions to $153.48 million. Global revenue from theatrical admissions was $37,000 in the year-ago quarter.