‘Top Gun: Maverick’ Helps Cineplex Score 1st Profit Since Pre-Pandemic

With summer blockbusters like “Top Gun: Maverick” bringing people back to theaters, Cineplex sees a potential moviegoing renaissance
321

A message of hope to all moviegoers, lovers of slow Sunday matinees, spilled popcorn on first dates, and the thrill of blockbusters on the big screen: the movie theater is not dead yet. 

While many of us feared that the pandemic had struck the final nail in the cinema’s dusty coffin there is, in fact, a light at the end of the tunnel—and it’s shining off of Miles Teller’s perfectly bronzed abs. 

According to The Hollywood Reporter, Cineplex has logged its first profits since the start of the pandemic after films like Top Gun: Maverick, Doctor Strange In The Multiverse of Madness, Jurassic World and Baz Lurhman’s Elvis hit big in the box office. 

The Toronto-based theater company earned a net income of $1.3 million from April to June of this year, compared to a devastating $103.7 million loss in 2021 in the wake theater closures and capacity restrictions due to social distancing. 

Not only are more seats opening up at theaters, people are coming to fill them. In the last quarter, Cineplex theaters welcomed 11.1 million people, ten times the amount in the same period last year. And total revenue for the theater operator rose from $64.9 million in the first quarter of 2021 to a much-more-like-it $349.9 million, THR reports.

Another good sign for theaters, says Cineplex CEO Ellis Jacob, is the diversity of the crowds coming in. Classic summer films like Elvis and Top Gun: Maverick have drawn both old and young, with boomers and Gen-Zers alike blasting Kenny Loggins’ “Danger Zone” on their drives home from the theater. 

“Over the next 18 months, you’re going to see a strong return to product that will be diversified enough to appeal to all the different audiences,” Jacob told analysts. The CEO also reported that the first ten days of August have performed better than expected.  

Jacob has stated that he isn’t particularly concerned about the threat of an impending recession, explaining that “the theatrical business has historically been resistant to recessionary pressures.” 

Cineplex has also opened talks with streaming platforms, claiming that streamers are beginning to appreciate the value of “a theatrical release and increasing awareness and value for content prior to launching.”

David Zaslav, CEO of Warner Bros. Discovery, is one such streaming head who sees opportunity in the “theatrical window.” 

“What [Zaslav] is saying is there are ways to maximize value from releasing in theaters, and having appropriate windows and platforms,” Jacob told THR.


Stay on top of the latest in L.A. food and culture. Sign for our newsletters today