Movie Theater Foot traffic
From September 25th to October 9th, movie theater traffic increased by 1% year over year. However, as all 500 Cineworld locations shut down, expect for the next report for movie theater traffic to decrease again. This, along with more movies being delayed until next year, puts the movie theater industry in a very rough place.
In the news
Movie theaters big and small are hauling in less than a quarter of the revenue they were generating last year. For many, bankruptcy looms. The largest cinema chain, AMC Entertainment, and B&B Theatres, the sixth-largest cinema chain, have both warned of this possibility. Studio Movie Grill, a Dallas-based dine-in theater chain, filed for Chapter 11 bankruptcy protection over the weekend.
Movie theater operators told CNBC that they have felt strung along by studios and government officials. Inconsistent guidelines across state lines and the continued postponement of new films have left them financially vulnerable.
National Amusements, which owns the Showcase Cinemas circuit, is working with local libraries to show films that are based on books and with museums to play documentaries that are tied to exhibits, said Mark Malinowski, vice president of global marketing for Showcase Cinemas.
Then there are the smaller players who have transformed parking lots into concert venues, traded blockbuster opening weekends for trivia nights and negotiated deals with local colleges to rent out the space for in-person learning.