Exhibitors to Invest $2.2 Billion in Theatre Upgrades

The Eight Biggest Exhibitors in North America

The eight biggest exhibitors in North America have announced plans to invest more than $2.2 billion to modernize and upgrade their theatres over the next three years. The largest three theatre chains, AMC Entertainment, Regal Cinemas, and Cinemark USA, along with number one Canadian operator Cineplex, Marcus Theatres Corp., B&B Theatres, Harkins Theatres, and Santikos Entertainment, have committed to the initiative and jointly represent more than 1,600 locations in the US and Canada.

Upgrades to Include Comfortable Seating and State-of-the-Art Technology

The initiative will see funds deployed to install more comfortable seating, enhance food and beverage offerings, and invest in state-of-the-art air conditioning, lighting, signage, and carpeting. The companies will also add the latest laser projection technology and immersive sound systems, and create family entertainment options such as arcades and bowling.

A Recognition of the Need to Entice Audiences

The last element illustrates a long-held recognition among theatre operators that they need to do more to entice audiences out of the home and keep customers on site. This year’s leaner pipeline due to the impact of the 2023 Hollywood strikes has exacerbated ongoing concerns over the long-term health of box office.

Box Office Performance

Summer box office bounced back after a slow start to finish on $3.7 billion, 10.3% behind summer 2023 – and 26.6% behind the summer season of pre-Covid 2019. According to Comscore, as of September 13, North American box office year-to-date trailed last year at the same stage by 13.5%, while it was 25.8% behind 2019.

Conclusion

The investment of $2.2 billion by the eight biggest exhibitors in North America is a significant step towards modernizing and upgrading their theatres. The upgrades will provide a better experience for moviegoers and help to attract more audiences to the cinemas.

FAQs

* What is the total investment by the eight biggest exhibitors in North America?
+ The total investment is more than $2.2 billion.
* Which theatre chains have committed to the initiative?
+ The largest three theatre chains, AMC Entertainment, Regal Cinemas, and Cinemark USA, along with number one Canadian operator Cineplex, Marcus Theatres Corp., B&B Theatres, Harkins Theatres, and Santikos Entertainment.
* What kind of upgrades will be made to the theatres?
+ The upgrades will include more comfortable seating, enhanced food and beverage offerings, state-of-the-art air conditioning, lighting, signage, and carpeting, as well as the addition of latest laser projection technology and immersive sound systems, and creation of family entertainment options such as arcades and bowling.