A Cineplex employee serves a customer popcorn at a Cineplex theatre in downtown Toronto on Wednesday, Aug. 26, 2020. THE CANADIAN PRESS/Christopher Katsarov
TORONTO – The head of Cineplex Inc. says he’s open to more experiments with ticket prices after charging less to see “80 For Brady” at its movie theatres proved a success on the opening weekend.
Chief executive Ellis Jacob told The Canadian Press it might make sense to lower the cost of movie tickets in some instances, but it would depend on the Hollywood title.
In the case of “80 For Brady,” which opened on Feb. 3, he says the film’s distributor Paramount Pictures asked Cineplex to discount the ticket price.
The movie stars Jane Fonda, Lily Tomlin and football quarterback Tom Brady, and is squarely aimed at older audiences, who’ve been reluctant to return to cinemas since the start of the pandemic.
A similar discount was made by U.S. chain AMC which charged matinee prices for the film in an effort to attract reluctant moviegoers.
Earlier Tuesday, Cineplex said it pulled itself out of the red in the fourth quarter, compared with a year earlier, in part because more people paid to see “Avatar: The Way of Water” on its premium-priced Imax and UltraAVX screens.
The company reported a profit of $10.2 million or 16 cents per diluted share in the period that ended Dec. 31, 2022, compared with a loss of $21.8 million or 34 cents per diluted share a year earlier.
Revenue totalled $350.1 million, up from $300.0 million a year earlier.
Theatre attendance totalled 9.2 million customers, down from 10.2 million in the fourth quarter of 2021.
Ticket prices have become a key focus for movie chains across North America as they look to drive profits after years of staggered closures, but also keep audiences coming back in a market where streaming has become a dominant force.
This week, AMC announced another change which will see ticket prices vary depending on the location of the seat inside the theatre.
While Jacob didn’t rule out a similar move at Cineplex, he insisted the company intends to be “very careful” when considering similar models.
Cineplex hopes a new theatre, dining and entertainment complex called Junxion will be a more successful way to boost sales and attract customers.
The hybrid venue opened in Winnipeg last December and features six auditoriums with reclining seats, an arcade, a live entertainment space and dining options.
This report by The Canadian Press was first published Feb. 7, 2023.
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