- Cineplex (TSX:CGX) reported box office revenues of C$35.2 million for September 2024, exceeding September 2023 levels by 3 per cent
- Despite a challenging comparison, the theatre chain surpassed the North American box office performance of 2019 by nearly 4 per cent
- Among the top films for the month was the highly anticipated “Beetlejuice Beetlejuice,” which had an impressive domestic opening weekend by earning US$111 million. “Deadpool & Wolverine” also continued to perform exceptionally well, amassing US$1.3 billion globally
- Cineplex stock opened trading at C$10.43
Cineplex (TSX:CGX) reported box office revenues of C$35.2 million for September 2024, exceeding September 2023 levels by 3 per cent.
Despite a challenging comparison, the theatre chain surpassed the North American box office performance of 2019 by nearly 4 per cent. This is notable considering September 2019 was the second highest-grossing September ever, thanks to the blockbuster “IT Chapter Two.”
Among the top films for the month was the highly anticipated “Beetlejuice Beetlejuice,” which had an impressive domestic opening weekend, earning US$111 million. “Deadpool & Wolverine” also continued to perform exceptionally well, amassing US$1.3 billion globally. Moviegoers enhanced their viewing experience, with 70.1 per cent of “Transformers One” box office revenues coming from premium formats such as 3D, IMAX, ScreenX, D-BOX, VIP, and UltraAVX.
Cineplex experienced a surge in international programming, which accounted for a significant 14.9 per cent of September’s box office revenue, compared with 4.8 per cent for its North American counterparts. The top three international films for September were “Ardaas Sarbat De Bhalle Di,” “Bibi Rajni” and “Stree 2,” all of which ranked among Cineplex’s top 10 films for the month.
In Q3 2024, box office revenues reached C$174.9 million, representing 98 per cent of the levels seen in the same period in 2019 and 93 per cent of those in 2023. However, this is down from C$188.2 million reported in September 2023 during the “Barbenheimer” mania. The quarter’s box office success was driven by Disney’s major releases, “Deadpool & Wolverine” and “Inside Out 2,” along with Universal’s hit “Despicable Me 4,” which together accounted for about half of Cineplex’s box office revenue.
“Our third quarter saw a steady stream of diverse film content which drove audiences into our theatres and again signified the strength of sustained movie-going,” Cineplex’s president and CEO, Ellis Jacob, said in a news release. “With highly anticipated titles like ‘Gladiator II,’ ‘Wicked,’ ‘Moana 2,’ ‘The Lord of the Rings: The War of the Rohirrim,’ ‘Mufasa: The Lion King’ and ‘Sonic the Hedgehog 3,’ we foresee a strong fourth quarter for the business. This represents an exciting moment for our company and highlights shareholders have much to look forward to.”
Cineplex Inc. is a household Canadian brand active in the film entertainment and content, amusement and leisure and media sectors. It operates more than 169 movie theatres and entertainment venues across the country.
Cineplex stock (TSX:CGX) opened trading at C$10.43 and has risen 24.25 per cent since the year began.
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(Top photo of “Deadpool & Wolverine”: Disney-Marvel)
