Hollywood blockbusters help luxury cinema chain Everyman bounce back from Covid
The boss of Everyman says video streaming is a friend slightly than a foe as the posh cinema bounces back.
The corporate said revenues rose 62 per cent to £79.7million last 12 months as blockbusters reminiscent of Top Gun: Maverick helped it get well from the Covid-19 pandemic.
Chief executive Alex Scrimgeour said despite the ‘bumpy’ ride for the film industry, the connection between cinemas and streaming giants was a healthy one.
Hot ticket: Luxury cinema chain Everyman said revenues rose 62% to £79.7m last 12 months as blockbusters reminiscent of Top Gun: Maverick (pictured) helped it get well from the pandemic
It was feared that studios would release movies on to streaming services within the wake of the pandemic – hitting cinemas in the method.
But many movies are released in cinemas first and later placed on streaming services, giving either side a slice of the pie.
‘I don’t see it as competition,’ Scrimgeour told the Mail, adding that streaming investment was a help slightly than hindrance to UK cinema.
Amazon has invested £1billion in British TV and movies since 2018, and the likes of Netflix proceed to shoot shows at UK studios like Pinewood and Shepperton.
Blockbuster hits, often funded or made by these streaming titans, account for over half of box office revenues, British Film Institute data shows. This was up from 35pc before the pandemic.
Scrimgeour said the important thing for cinemas was a robust slate of flicks – something that appears to be coming in full force in 2023 with the discharge of delayed blockbusters, including the newest Indiana Jones, Mission Inconceivable and Spiderman movies.
But media analyst at Enders Evaluation Jamie MacEwan said Everyman’s success is greater than just high-value movies being released.
‘Everyman was well-placed to capitalise on the patron desire for louder and larger experiences post-pandemic,’ he said.
Although Everyman increased its average ticket price by 2.6- per cent to £11.29 for the 12 months, MacEwan said this stays an ‘inexpensive luxury’ within the face of cost of living concerns, with some perhaps swapping the West End for a luxury cinema seat.
The corporate also hiked foods and drinks prices by 3 per cent, pushing average spending per customer on refreshments to £9.34.
This cost management means Everyman has been in a position to open two venues this 12 months in Edinburgh and Egham in Surrey, taking its total number of websites to 38. ‘The industry is finally on a path back,’ Scrimgeour said.
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