By Dade Hayes
Business Editor
Taylor Swift’s Eras Tour concert-doc blockbuster drove a 50-cent increase in average ticket prices at Cinemark locations in the fourth quarter, a top exec at the movie theater circuit said.
Speaking to Wall Street analysts during the company’s quarterly earnings call Friday, CFO Melissa Thomas said that in addition to being able to charge more for tickets, Cinemark theaters also sold more concessions thanks to the Swifties. “Per-caps,” the industry term for concessions revenue per moviegoer, increased 14 cents during the quarter, Thomas said. The concert film grossed nearly $181 million domestically and $81 million internationally, providing a much-needed injection of hope into an otherwise depleted year-end period.
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Despite the welcome Swift bump, Cinemark’s quarterly results reflected the tepid box office environment created by the dual Hollywood strikes. Total revenue rose 6.5% from a year earlier to $638.9 million and losses per share narrowed to 15 cents from 82 cents. The revenue line was better than analysts’ consensus forecast, but losses were worse than Street expectations.
A shortage of wide releases due to the strikes will cast a pall over 2024, CEO Sean Gamble confirmed. While 2025 will see a “bounce-back” closer to pre-pandemic levels, the long-hoped-for recovery “may be a 2026 phenomenon,” the exec said. The company has “line of sight” to 90 releases this year, Gamble added, with another five potentially entering the arena based on historical patterns.
“Things are moving in the right direction,” Gamble said. “We’re thrilled to see that despite everything that’s happened with the strikes, there hasn’t been any change to the strategy” with theatrical at studios and streamers.
Asked about the role Apple and Amazon might play in the recovery, Gamble said the approach at the two tech giants is “more akin to traditional studios. What everyone’s data has shown is that these films that are big releases theatrically are performing better on streaming platforms and are delivering more value.”
Even though Netflix continues to make theaters a marginal part of its release strategy, Gamble said Apple and Amazon “are leaning into cert types of traditional films and looking to launch them in trad ways in order to generate interest when they reach streaming.”
Windows, he added, are “beginning to gel at 45 days” from theatrical bow to streaming debut.
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