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Cinemas raised $ 100 million during Memorial Day weekend


As normality returns, the number of visitors to cinemas is expected to increase.

Photo: Pavel Danilyuk / Pexels

Seeing the movies on a giant screen is an experience like no other, and that’s why during the Memorial Day holiday weekend, Americans began to return to movie theaters, which raised nearly $ 100 million from ticket sales, which was the best performance since the start of the pandemic.

The figure represents less than half of the $ 232 million raised during the same weekend of 2019, but it represents a benchmark for the film industry and shows that the box office is recovering with the return to normality.

Paramount’s “A Quiet Place Part II” was labeled the highest film debut during the pandemic, as it grossed $ 48.4 million on Friday, Saturday and Sunday. And over the entire four-day holiday weekend, the movie made $ 57 million.

The amount is important because when “A Quiet Place” was released in 2018, the film totaled $ 50 million in its first three-day weekend and this time you have to consider that only 72% of theaters were open for the transmission of the sequel.

For his part “Cruella”, from Disney raised $ 27 million over the four-day weekend, a slightly more understated result because the film also opened on Disney + for $ 30..

Bow Tie Cinemas chief operating officer Joseph Masher told CNBC that the profitability of movies is unique to cinema. “The belief of any studio executive that a movie belongs to the broadcast, that model is shattered with the numbers (of the weekend),” said the manager.

For her part, Alexia Quadrani, analyst at JPMorgan, highlighted that the solid presentation of Paramount’s “A Quiet Place Part II” is a sign that the demand for theatrical experiences has returned, even as some theaters continue to operate under certain sanitary restrictions.

As the return to normality is consolidated, movie theaters open and vaccination rates advance, the increase in more audiences is expected at the premieres.

Some companies have opted for theatrical release and at the same time via streaming, which was a measure they adopted during the pandemic while waiting for the reopening of cinemas to be authorized.

But Masher hopes that trend will reverse as the pandemic subsides and people return to theaters.

“Sitting in the room with strangers, even after a pandemic, is something you can’t get elsewhere”says Masher.

For this week comes “The Conjuring” and in two “In the Heights”. And for summer and fall “Spider-Man: No Way Home”, “No Time To Die”, “Black Widow” and “Jungle Cruise”, “F9”, “Dune”, “Snake Eyes”, among others are expected.

Some will be released simultaneously on their platforms, but nothing like enjoying them in the dark, on a giant screen, with great sound, with a good combo of popcorn and a pleasant company.

With information from CNBC

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