24th Jul 2023 13:57
(Alliance News) - Cinemas operators on Monday were boosted, after the releases of the Barbie film based on the eponymous fashion dolls and the Oppenheimer period piece led to a bumper weekend at the box office.
"Barbie has taken over our lives, with the brash branding and press tours seemingly inescapable. But this kooky film has made around GBP120 million in its opening weekend, and fellow blockbuster Oppenheimer has made around GBP72 million," said Hargreaves Lansdown's Sophie Lund-Yates
The 'Barbenheimer' offering prompted the biggest weekend for UK cinema-going since 2019, according to the UK Cinema Association. They generated almost GBP30 million at the UK box office, the group, which represents the interests of UK cinema operators, said.
Cinema chain Vue said a fifth of its customers had purchased tickets to see both films in a double bill dubbed by social media as Barbenheimer.
More than 2,000 of Vue's Barbie screenings were sold out, according to the company.
Tim Richards, chief executive & founder of Vue International, told the PA news agency: "We knew it was going to be a big weekend based on the advanced bookings, which were also the biggest since the pandemic."
Vue's reports that it saw its busiest weekend in four years boosted listed cinema operators.
Cineworld Group PLC jumped 7.3%, while Everyman Media Group PLC climbed 2.7%.
AJ Bell analyst Danni Hewson said that "investors were still prepared to take the risk of trading shares in Cineworld" thanks to the Barbenheimer weekend.
London-based cinema chain Cineworld filed for administration in the UK in June, as part of its restructuring in an attempt to reduce debt levels.
"Cinema companies are grappling with enormous competition from streamers and in many cases, are also lugging huge debt piles, making it even more important to have customers filing through their doors," explained Hargreaves Lansdown's Lund-Yates.
However, she noted that the success of there films may point towards "a renaissance" in cinemas, despite the cost-of-living crisis.
Lund-Yates added that looking ahead "the main focus now will be on the pipeline of future hits, with big hitters becoming fewer and further between."
Vue's Richards also spoke about the resurgence of the cinema. "I think that it's not just about Barbie and Oppenheimer, it's just a return to cinema," he said.
Meanwhile, AJ Bell's Hewson said that cinemas were on the up "on the prospect that bumper ticket sales for Barbie and Oppenheimer will be good for earnings."
"Cinemas across the country have been packed with people seeing what the fuss is all about with Barbie, giving the industry a much-needed boost. For some, it was the first time they've been in a cinema since the pandemic struck and a pleasant experience could encourage them to visit more often," Hewson added.
By Sophie Rose, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
CINE.LEveryman Media