As the box office surges, the exhibition industry confidently invests in the future
LOS ANGELES, CA – September 19, 2024 – Theatre owners across the United States and Canada today reaffirmed their commitment to providing moviegoers with the memorable entertainment experiences they expect and deserve. The National Association of Theatre Owners (Cinema United), which represents theatre owners around the world, announced that the eight largest theatre chains in the United States and Canada, representing over 21,000 screens and 67% of the box office, will invest more than $2.2 billion to modernize and upgrade theatres of all sizes over the next three years. Since the inception of exhibition over a century ago, reinvesting in theatres has been a hallmark of the industry. Today’s announcement signals a continuation of that legacy that will benefit moviegoers in communities everywhere.
“There is no question that movie fans of all ages love heading to the local theatre to see great movies on the big screen. But the competition for consumers’ hard-earned dollars is fiercer than ever,” said Cinema United President & CEO Michael O’Leary. “Going to the theatre is an unparalleled entertainment experience, and exhibitors are dedicated to making every visit to their theatres memorable. This investment reflects that commitment in a tangible way that every moviegoer will see and enjoy.”
Cinema United projects that the funds will be used on an array of projects to modernize and improve theatres of all sizes. These updates include adding the latest laser projection technology and immersive sound systems, installing more comfortable seating, enhancing food and beverage offerings, creating family entertainment options such as arcades and bowling, and investing in core site elements like state-of-the-art air conditioning, lighting, signage and carpeting.
“Today’s consumers rightly demand the best possible experience when they visit our theatres. Operating a theatre today is a capital-intensive operation,” said Cinema United Executive Board Chair and CEO of B&B Theatres, Bob Bagby. “This investment of resources is the next step in our industry’s ongoing commitment to ensuring that going to the theatre remains a unique and special experience for generations to come.”
The investment projections above came from a range of Cinema United members that included national and regional chains. Movie theatres are cornerstones in their local communities, providing first jobs, hosting first dates, offering affordable and accessible entertainment, and attracting consumers to retail and entertainment centers. The eight companies that reported to Cinema United represent over 1,600 site locations and cover all 50 states and Canada: AMC Entertainment Inc., Regal Cinemas, Cinemark USA, Inc., Cineplex, Marcus Theatres Corp., B&B Theatres, Harkins Theatres, and Santikos Entertainment.
