Cineplex Inc.’s second-quarter net income soared to $176.5 million, buoyed by the release of “The Super Mario Bros. Movie” and anticipation for the upcoming film “Barbie.” The Toronto-based cinema chain reported a significant increase compared to the $1.3 million earned in the same period last year. Cineplex CEO Ellis Jacob attributed the strong performance to the return of compelling film content as the industry recovers from the impact of the COVID-19 pandemic. During the quarter, notable releases included the record-breaking “The Super Mario Bros. Movie” and various music screenings and Punjabi films. These offerings contributed to a 21% increase in second-quarter revenues, reaching $423.1 million. However, box office revenues remained at 79% of 2019 levels. Cineplex expects further progress in the third quarter, with the releases of “Barbie” and “Oppenheimer.” These films created a cultural phenomenon known as “Barbenheimer,” with patrons dressing up and participating in photo opportunities resembling a Barbie box. In July, Cineplex experienced high attendance, achieving its highest box office since December 2015. Despite ongoing challenges, Cineplex remains optimistic about the value of theatrical releases and is closely monitoring strikes from industry unions.
National: Cineplex Experiences Profits Surge Driven by Unprecedented Demand Created by Barbie and Oppenheimer
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