While audiences rush back to theatres to catch “Avatar: The Way of Water” on pricey Imax screens, the pinnacle of Cineplex Inc. says he’s open to “experiments” with cheaper tickets for some movies in the event that they might lure back people who find themselves staying home.
Chief executive Ellis Jacob said Canada’s biggest movie chain is taking a look at “different pricing for various kinds of product,” which this month included a rare discount on tickets to “80 For Brady.” The comedy is aimed directly at senior residents, a demographic that’s been reluctant to return to the films.
“We wish to be accommodating to our guests and we wish to have the precise pricing for the chance,” Jacob said on Tuesday as Cineplex reported its fourth-quarter results.
Ticket prices have grow to be a greater focus for movie chains across North America as they appear to drive profits after years of staggered closures, but keep audiences coming back in a troubled economy with loads of streaming alternatives.
In the most recent quarter, Cineplex leaned on premium Imax and UltraAVX tickets for the “Avatar” sequel and other blockbusters to assist turn around a loss.
The corporate reported a profit of $10.2 million to finish the calendar yr, compared with a lack of $21.8 million in late 2021. The outcomes were comparable to 16 cents per diluted share or 34 cents per diluted share a yr earlier.
Revenue totalled $350.1 million, up from $300 million a yr earlier.
The “Avatar” sequel and “Black Panther: Wakanda Perpetually” were brilliant spots within the period, which faced a drought of recent movies and moviegoers.
That void showed within the attendance numbers which dropped to 9.2 million customers from 10.2 million within the fourth quarter of 2021 when “Spider-Man: No Way Home” smashed box-office records.
Concession revenues still managed to succeed in a latest high of $8.93 per person as moviegoers wolfed up pricier snacks, while box-office revenues hit a record of $13.06 per person driven by those premium-priced tickets.
While some moviegoers are willing to pay for dearer nights out, Jacob said lowering the associated fee of tickets might make sense in other instances, though it will depend upon the Hollywood title.
Within the case of “80 For Brady,” which opened on Feb. 3, he says the film’s distributor Paramount Pictures asked Cineplex to sell tickets at Tuesday prices for any day of the week — a 40 per cent discount. Already discounted senior tickets were reduced by a lesser amount of roughly 13 per cent.
The movie stars Jane Fonda, Lily Tomlin and football quarterback Tom Brady, and is squarely aimed toward older audiences.
An identical discount was made by U.S. chain AMC which charged matinee prices for the film.
Also this week, AMC announced it is going to soon charge different ticket prices depending on where the seat is situated contained in the theatre. The move was immediately met with backlash from moviegoers, including actor Elijah Wood who tweeted it will “penalize people” who couldn’t afford it.
While Jacob didn’t rule out an identical move at Cineplex, he said it’s not something the corporate is taking a look at straight away and that he intends to be “very careful” when considering such models.
Cineplex mingled with the concept on a smaller scale when it charged more for “prime seating” on the centre of the auditorium in a few of its more upscale locations. Those experiments were abandoned early within the pandemic, Jacob said, partly because people were sitting in other people’s “prime” seats without paying for them.
“It’s difficult to navigate when the show has began and persons are fighting for the seats,” he added.
Cineplex hopes a latest theatre, dining and entertainment complex called Junxion shall be a more successful technique to boost sales and attract customers.
The hybrid venue opened in Winnipeg last December and features six auditoriums with reclining seats, an arcade, a live entertainment space and dining options.
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