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One of my tasks is to report on the financial results of global entertainment giants. Last week, I reported on the 2021 results of Cineworld cinema group, which operates 9,189 screens under the Regal brand in the US and as Cineworld elsewhere. Despite their screens being shuttered from January to May 2021 because of the pandemic, the group recovered from a $3 billion loss in 2020 to a $70 million loss. Revenues soared to $1.8 billion.
This was largely due to blockbusters like No Time to Die and Spider-Man: No Way Home in the last quarter of the year. After the results were announced, Cineworld CEO, Mooky Greidinger, made a presentation to all the top international financial institutions. One thing he said stuck with me. “We must say that it’s very rare to have one quarter with mega blockbusters, which are Doctor Strange in the Multiverse of Madness in early May, Top Gun: Maverick end of May, and Jurassic World Dominion in the middle of June,” said Greidinger. “So, really, a great quarter is coming ahead of us.”
