{"id":80614,"date":"2023-11-04T09:38:47","date_gmt":"2023-11-04T13:38:47","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/the-barbenheimer-buzz-may-be-over-but-consumer-enthusiasm-for-movies-is-still-strong-says-cinemark-ceo\/"},"modified":"2023-11-04T09:38:51","modified_gmt":"2023-11-04T13:38:51","slug":"the-barbenheimer-buzz-may-be-over-but-consumer-enthusiasm-for-movies-is-still-strong-says-cinemark-ceo","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=80614","title":{"rendered":"The \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO"},"content":{"rendered":"
\n

Cinemark Holdings Inc. is basking in the success of summer blockbusters \u201cBarbie\u201d and \u201cOppenheimer,\u201d which helped the movie theater chain deliver third-quarter earnings that blew past analysts\u2019 estimates Friday. <\/p>\n

The two movies even sparked an internet phenomenon dubbed \u201cBarbenheimer,\u201d with people watching both films on the same day. \u00a0Set against this backdrop, Cinemark\u2019s
\n CNK,
\n -2.43%<\/bg-quote>
\n third-quarter results were boosted by a jump in admissions, including a record domestic box office in July. <\/p>\n

\n

Speaking during a conference call to discuss the results, Gamble highlighted the impact of \u201cBarbie,\u201d \u201cOppenheimer,\u201d faith-based hit \u201cSound of Freedom,\u201d as well as new installments from action-adventure franchises such as \u201cMission Impossible,\u201d \u201cIndiana Jones,\u201d \u201cTeenage Mutant Ninja Turtles,\u201d and \u201cThe Meg.\u201d The CEO also pointed to suspense horror sequels such as \u201cInsidious: The Red Door\u201d and \u201cThe Nun II,\u201d which all accumulated significant results during the quarter. \u201cThe third quarter epitomized the positive appeal and impact of a diverse slate of films,\u201d he said. \u00a0<\/p>\n

Related: <\/strong>AMC, Cinemark and Regal saw major \u2018Barbie\u2019 and \u2018Oppenheimer\u2019 foot traffic boost, research shows<\/p>\n

The consumer enthusiasm that Cinemark saw during the third quarter is continuing into the fourth quarter, according to Gamble. \u201cGen-Z came together in droves this past weekend, in many cases, dressed up as their favorite characters, to experience \u2018Five nights at Freddy\u2019s\u2019 on the big screen,\u201d he said, and cited the record-breaking \u201cTaylor Swift: The Eras Tour,\u201d which hit theaters last month and is now the largest concert film of all time.<\/p>\n

The CEO also addressed new film release volumes, explaining that last year, new releases recovered to approximately 65% of pre-pandemic levels, and are tracking to approximately 80% this year. Growing film production momentum at the start of the year also had 2024 new film release volume on pace to recover even further, according to Gamble. \u201cHowever, the writers and actors strikes in Hollywood over the past six months have caused a temporary disruption to that recovery trajectory, and updated expectations for 2024 are still evolving,\u201d he added. \u201cThat said, the writers concluded negotiations with the studios and have been back at work for the past month and we\u2019re hopeful the actors and studios will follow suit soon.\u201d<\/p>\n

Related: <\/strong>Hollywood writers\u2019 strike deal lifts movie theater and streaming stocks<\/p>\n

Gamble also cited positive longer-term indicators. \u201cOur traditional studio partners continue to reinforce their intentions of rebuilding annual theatrical film output to pre-pandemic levels over the next two to three years, and we have received no indication that those plans have been altered by the strikes,\u201d he said. The CEO also pointed to Amazon.com Inc.
\n AMZN,
\n +0.38%<\/bg-quote>
\n and Apple Inc.
\n AAPL,
\n -0.52%<\/bg-quote>
\n \u201cstepping up their theatrical ambitions.\u201d<\/p>\n

In a statement released Friday Cinemark said that its box office recovery \u201ccontinued to surpass industry results.\u201d Cinemark \u201cremained the only major U.S. exhibitor to have achieved a meaningful increase in market share since the pandemic,\u201d the company added.<\/p>\n

Cinemark swung to net income of $90.2 million, or 61 cents a share, from a loss of $24.5 million, or 20 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 41 cents. Revenue grew 34.5% to $874.8 million, above the FactSet consensus of $845.6 million, as admissions revenue jumped 36.7% to $443.8 million and concession revenue increased 34.0% to $339.8 million. <\/p>\n

Admission rose 27.9% to 61.9 million guests, and the average ticket price increased 6.9% to $7.17. \u201cAs we assess the fundamental drivers of our industry\u2019s and company\u2019s long-term health and prosperity \u2014 particularly consumer behavior trends, key indicators for new release volume recovery over time, and the significant range of incremental revenue and productivity opportunities that are fully within our control \u2014 we remain highly optimistic about the future,\u201d Cinemark CEO Sean Gamble, said in the statement.<\/p>\n

Related: <\/strong>\u2018Taylor Swift: The Eras Tour\u2019 boosting demand for cinema ads, says National CineMedia CEO<\/p>\n

Cinemark\u2019s stock fell 0.9% Friday, compared with the S&P 500 index\u2019s
\n SPX
\n gain of 1.1%. Shares of rival AMC Entertainment Holdings Inc.
\n AMC,
\n +2.19%<\/bg-quote>
\n are up 7.2%.<\/p>\n

Shares of Cinemark are up 92.8% in 2023, outpacing the S&P 500 index\u2019s gain of 13.7%. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cinemark Holdings Inc. is basking in the success of summer blockbusters \u201cBarbie\u201d and \u201cOppenheimer,\u201d which helped the movie theater chain deliver third-quarter earnings that blew past analysts\u2019 estimates Friday. The two movies even sparked an internet phenomenon dubbed \u201cBarbenheimer,\u201d with people watching both films on the same day. \u00a0Set against this backdrop, Cinemark\u2019s CNK, -2.43% […]<\/p>\n","protected":false},"author":1,"featured_media":80615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-80614","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nThe \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Cinemark Holdings Inc. is basking in the success of summer blockbusters \u201cBarbie\u201d and \u201cOppenheimer,\u201d which helped the movie theater chain deliver\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=80614\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Cinemark Holdings Inc. is basking in the success of summer blockbusters \u201cBarbie\u201d and \u201cOppenheimer,\u201d which helped the movie theater chain deliver\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=80614\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-04T13:38:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-04T13:38:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699105129_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=80614#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=80614\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"The \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO\",\"datePublished\":\"2023-11-04T13:38:47+00:00\",\"dateModified\":\"2023-11-04T13:38:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=80614\"},\"wordCount\":684,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=80614#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=80614\",\"url\":\"https:\/\/ifintechworld.com\/?p=80614\",\"name\":\"The \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-11-04T13:38:47+00:00\",\"dateModified\":\"2023-11-04T13:38:51+00:00\",\"description\":\"Cinemark Holdings Inc. is basking in the success of summer blockbusters \u201cBarbie\u201d and \u201cOppenheimer,\u201d which helped the movie theater chain deliver\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=80614#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=80614\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=80614#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO | iFintechWorld","description":"Cinemark Holdings Inc. is basking in the success of summer blockbusters \u201cBarbie\u201d and \u201cOppenheimer,\u201d which helped the movie theater chain deliver","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=80614","og_locale":"en_US","og_type":"article","og_title":"The \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO | iFintechWorld","og_description":"Cinemark Holdings Inc. is basking in the success of summer blockbusters \u201cBarbie\u201d and \u201cOppenheimer,\u201d which helped the movie theater chain deliver","og_url":"https:\/\/ifintechworld.com\/?p=80614","og_site_name":"iFintechWorld","article_published_time":"2023-11-04T13:38:47+00:00","article_modified_time":"2023-11-04T13:38:51+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699105129_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=80614#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=80614"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"The \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO","datePublished":"2023-11-04T13:38:47+00:00","dateModified":"2023-11-04T13:38:51+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=80614"},"wordCount":684,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=80614#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=80614","url":"https:\/\/ifintechworld.com\/?p=80614","name":"The \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-11-04T13:38:47+00:00","dateModified":"2023-11-04T13:38:51+00:00","description":"Cinemark Holdings Inc. is basking in the success of summer blockbusters \u201cBarbie\u201d and \u201cOppenheimer,\u201d which helped the movie theater chain deliver","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=80614#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=80614"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=80614#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"The \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/80614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=80614"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/80614\/revisions"}],"predecessor-version":[{"id":80616,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/80614\/revisions\/80616"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/80615"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=80614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=80614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=80614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}