Last Updated on: 28th June 2023, 09:31 am
“Spider-Man” Is Helping Cineworld Recapture 90% Of Box Office Sales Prior To The Pandemic
Cineworld announced on Friday that December box office sales reached nearly 90% of pre-pandemic levels thanks to the Marvel superhero movie “Spider-Man: No Way Home,” which got its shares 3% higher on the first few exchanges.
The world’s second-largest cinema operator said its cash flow turned positive in the fourth quarter after sales increased.
Movie delays hurt audience numbers in November, and global restrictions to contain the Omicron variant of the coronavirus also hurt demand.
Cinema operators have also been hit by direct streaming, but Cineworld has seen a gradual recovery since April, aided in part by Marvel films like Black Widow and Eternals.
The December sales update should bring some relief to Cineworld after ordering last month Cineworld to pay C $1.23 billion ($985 million) in damages to competitor Cineplex for canceling a planned overhaul, despite Cineworld appealing has.
Many of Cineworld’s key markets have waived strict lockdowns, while vaccines have helped too. The company generates 90% of its sales in countries with advanced vaccines such as the United States, United Kingdom, and Israel.
Also Read: Spider Man No Way Home Trailer Leak Online Footage
“Spider-Man: No Way Home” was the sixth highest grossing US box office, grossing $668 million to date, and beating the 1998 Academy Award-winning Titanic. The superhero adventure was the first film from the pandemic Era that sold $1 billion worldwide.
Cineplex Group’s sales in December were 88% of pre-pandemic levels in 2019, up from 56% in November.
Also Read: Andrew Garfield Explains The ‘Lovely’ Reason He Agreed To Do Spider-Man: No Way Home
