Cineworld discounts lead to rise in revenues
Film fans are spending more on popcorn, brands are splashing out more on ads and the number of seats sold at Cineworld is rising too.
The listed cinema chain has posted a 14.3 per cent rise in revenues, including its art-house Picturehouse acquisition, for the five months to last week. Cineworld sales were up 3.1 per cent, Picturehouse's rose 7.1 per cent. And film-lovers spent 14.5 per cent more on popcorn and hot dogs, which the chief executive, Steve Wiener, said was mainly down to its "Unlimited" film members who receive a discount on food and drink.
"Unlimited members come so often they don't buy much food and drink, because the novelty factor of going to the cinema has gone, but since we offered them discounts, sales have risen," he said. "At the cinema people forget their diets and have sweets and full-fat Coke."
He added: "For the rest of the year, we've got high expectations. The Great Gatsby has been phenomenal in the US and the first instalment of The Hobbit brought in over £50m at UK box offices, so the second should be good too."
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