The Belgian cinema chain Kinepolis faced significant challenges regarding visitor numbers in the first half of 2024, resulting in a loss of revenue of almost 15% compared to the same period last year.
The chain's drop in attendance was a result of a "mediocre" supply of blockbusters following the five-month Hollywood strike in 2023, the group announced in a statement on Thursday. This in turn led to a decline in the group's revenue and profit.
The group's revenue reportedly came to €242.8 million, down by 14.9% compared to the same period in 2023. More significant was the 16.7% drop in attendance, resulting in some 14 million cinema-goers across nine countries. However, this decline was somewhat offset by an increase in sales per visitor, which includes tickets, drinks and snacks, among other things.
Profits virtually disappeared, plummeting from €20.8 million in the first half of 2023 to only €0.1 million in the first half of 2024.
Although the period from January to May was difficult for the group, it notes that "from June onwards, major new releases [...] broke new box office records, setting the tone for a better autumn at the cinema."
After the success of 'Inside Out 2' and 'Deadpool & Wolverine' this summer, big releases are planned in the autumn, including the highly anticipated 'Joker: Folie à Deux', 'Gladiator II' and 'Moana 2'.
