While audiences return to theaters to catch “Avatar: The Way of Water” on expensive IMAX screens, the heads of cineplex Inc says it is willing to “experiment” with cheaper tickets for some movies if they can bring back people staying home.
Canada’s largest movie chain is considering “different pricing for different types of product,” Chief Executive Officer Alice Jacobs said, including a rare discount on tickets for “80 for Brady” this month. The comedy is aimed directly at senior citizens, a demographic that has been reluctant to return to films.
“We want to accommodate for our guests and we want to price right for the occasion,” Jacobs said Tuesday.
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Ticket prices have become a greater focus for movie chains in North America as they seek to turn a profit after years of staggered shutdowns but bring back audiences in a troubled economy with plenty of streaming options.
In the latest quarter, Cineplex leaned on premium IMAX and UltraAVX tickets for the “Avatar” sequel and other blockbusters to help offset losses.
The company reported a profit of $10.2 million to end the calendar year, compared to a loss of $21.8 million at the end of 2021. The results were comparable to 16 cents per diluted share or 34 cents per diluted share a year ago.
Total revenue was $350.1 million, up from $300 million a year earlier.
The “Avatar” sequels and “Black Panther: Wakanda Forever” were the bright spots in a period that suffered a drought of new movies and moviegoers.
That showed in zero attendance numbers that dropped from 10.2 million to 9.2 million subscribers in the fourth quarter of 2021 when “Spider-Man: No Way Home” broke box-office records.
Concession revenue still managed to reach a new high of $8.93 per capita, as moviegoers consumed more expensive snacks, while box-office revenue hit a record high of $13.06 per capita, driven by those premium-priced tickets. has reached
While some moviegoers are willing to pay for more expensive nights, Jacobs said lowering ticket prices could make sense in other instances, though it would depend on the Hollywood title.
In the case of “80 for Brady,” which opened Feb. 3, he says Paramount Pictures, the film’s distributor, asked Cineplex to sell tickets at Tuesday’s prices any day of the week — a 40 percent discount. Already discounted senior tickets were reduced by about 13 per cent.
The film stars Jane Fonda, Lily Tomlin, and football quarterback Tom Brady, and is aimed at an older audience.
A similar discount was offered by US chain AMC, which charged matinee prices for the film.
Also this week, AMC announced that it will soon charge different ticket prices based on seat location inside the theater. The move received immediate backlash from moviegoers, including actor Elijah Wood, who tweeted that it would “punish those” who could not stand it.
While Jacobs did not rule out a similar move at Cineplex, he said it is not something the company is looking at right now and that he intends to be “very careful” when considering such models.
Cineplex dabbled with the concept on a smaller scale, when it charged more for “prime seating” in the center of the auditorium in some of its more upscale locations. Those experiments were abandoned early in the pandemic, Jacob said, partly because people sat in other people’s “prime” seats without paying for them.
“It’s hard to navigate when the show has started and people are fighting for seats,” he said.
Cineplex hopes that the new theater, dining and entertainment complex, called Junxian, 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 venue and dining options.
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