Cinemark Reaches Profitability for First Time Since Pandemic Began

Cinemark Reaches Profitability for First Time Since Pandemic Began
Young male adult and male child sitting in a movie theater while wearing masks. | Image by Serhii Bobyk

For the first time since the start of the COVID pandemic, Plano-based Cinemark reported a profit in the final fiscal quarter of 2021, despite the circulation of the Omicron variant. The company posted a quarterly profit of $5.7 million in the final three months of the year. That number is a significant difference compared to the final quarter of 2020, where they saw a loss of $239.3 million.

“The theatrical exhibition industry, and our company, made huge strides recovering from the ongoing effects of the pandemic throughout 2021, culminating in an exceptional fourth quarter,” said Cinemark President and CEO Sean Gamble. “During the quarter, Cinemark surpassed North American industry box office performance by more than 700 basis points when comparing results against 4Q19.”

Cinemark’s total revenue for 2021 increased 120.1% to $1.5 billion compared to the $686.3 million total revenue for 2020. Admissions revenues for 2021 also increased 118.8% to $780 million, and concession revenues were up 143.1% to $561.7 million. Cinemark was also able to bring in a total of 105.6 million attendees for the entirety of 2021.

The company accredited much of its success to the release of Spider-Man: No Way Home in December 2021. According to Box Office Mojo, the film has grossed $775.4 million domestically and $1.8 billion worldwide, making it one of the highest-grossing movies of all time. The film is also Cinemark’s top-grossing film ever.

“We are highly encouraged by recent favorable developments in the state of the virus, government restrictions, and associated consumer sentiment regarding movie-going,” added Gamble. “Furthermore, we are greatly looking forward to a robust slate in 2022 that includes a long list of highly anticipated franchises, as well as a broad range of diverse films, providing varied offerings for all audiences.”

Cinemark’s current screen count is 5,868 globally, with plans to open three new theaters and 47 screens in 2022. 

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