According to Ellis Jacob, president and CEO of Cineplex, Q2 represented a turning point for the exhibition industry.

In June and July of 2024, theatre attendance reached approx. 90% of pre-pandemic levels. In addition, Cineplex recorded box office sales of $13.11 per patron, which was 2.1% higher than the $12.84 reported during the prior year.

However, despite the bright spots, Cineplex reported a 24.6% decrease in total revenue, as well as a drop in attendance of 31.8% for the total quarter, compared to last year.

“As anticipated, the exhibition industry faced challenges in the first half of the year due to the prolonged impact of the Hollywood strikes, but with the two consecutive box office months of June and July over 90% of pre-pandemic levels, it is clear these challenges are firmly behind us,” said Jacob. “We have increased confidence in the exhibition business with the ongoing ramp-up of film supply and our ability to generate strong free cash flow.”

Other aspects of Cineplex’s business reported improved numbers.

Digital media reported second quarter revenues of $29.1 million, an increase of $3 million or 11.6% compared to the prior year. Cinema Media reported second quarter revenues of $18.5 million, an increase of $0.7 million or 4.0% over the prior year, despite lower attendance.

In addition, Digital place-based media reported second quarter revenues of $10.6 million, an increase of $2.3 million or 28.1% over the prior year, primarily due to the agreement with Cadillac Fairview that began in the first quarter to sell, install and manage directory and media assets at 14 properties across Canada.