Steven graduated Cum Laude from the University of Arkansas at Little Rock with a Bachelor of Arts Degree in Mass Communications, focusing on film studies, journalism and theatre arts. Dubbed a "prolific" writer by Hollywood icon Kenneth Johnson (The Incredible Hulk, V, The Bionic Woman, Alien Nation), Steven has been honored by the Arkansas College Media Association for his story writing prowess. He has also received recognition for his dramatic writing from the Eerie, Shriekfest and Screamfest horror film festivals. Publications include: Carroll County News, Saline Courier, Forum, Echo and Moroch.
Cinemark thrives despite streaming competition, refuses to go the way of Old Yeller
Posted Friday, August 2, 2019, at 11:03 AM
PLANO, Texas — Video hasn't killed the radio star yet. No, actually going to the movies seems alive and well amidst the growing selection of streaming services and digital options for movie lovers. A night out at a cinema isn't passé, cinephiles.
In fact, business booms for Cinemark in the second quarter as the theater chain reports earnings of nearly $958 million: a record-setting revenue mark for the cinema company.
The news marks an 8 percent increase from Q2 ($889 million) in 2018. Titles like "Avengers: Endgame," "Toy Story 4" and "Aladdin" certainly helped the influx.
“We are extremely pleased with our worldwide second quarter results that were generated by our domestic box office which surpassed the North American industry in excess of 300 basis points," Cinemark CEO Mark Zoradi said. "[It is] a significant rebound in international attendance and continued strength in our global food and beverage sales."
“As we look forward, we will continue to execute our strategic initiatives to ensure we are well-positioned to capitalize on the strength of film content and the investments we have made to enhance the overall guest experience.”
Mark Zoradi alongside filmmaker Tim Burton in 2006 | Getty Images
Currently, Cinemark boasts 6,086 screens, but the company plans to open eight more theaters consisting of 73 more screens in 2019.
The theater chain also reports that attendance numbers climbed 5 percent in Q2 to over 80 million customers. Cinemark's average ticket price is $6.50 in Q2 with concession revenues up 7.7 percent to $4.31 per patron.
Cinemark Movie Club — the theater's movie subscription service — also reaches 800,000 members. Movie Club memberships account for approximately 14 percent of Cinemark's overall box office revenue.
"We see Movie Club, along with other key initiatives, as a meaningful contributor to our success," Zoradi said.
Cinemark's movie subscription is the cheapest ($8.99/month) among the big three which includes AMC Theatres Stubs A-List ($19.99 + monthly) and Regal Unlimited ($18 + monthly), but Cinemark also provides the least amount of movies for its members.
While Regal offers unlimited 2D tickets and AMC provides three weekly tickets — 3D, IMAX and other premium screenings are included with Stubs A-List — Cinemark whimpers in at one measly movie ticket a month.
And with Alamo Drafthouse Cinema developing their own movie subscription service, Cinemark better be ready to up their game moving forward. Otherwise, a number of those 800,000 members may jump ship to a more rewarding, multiple-ticket plan.
Compare the various movie subscriptions for yourself: