Why Cineworld is the World’s Second-Largest Cinema Chain
Cineworld, the world’s second-largest cinema chain, has not had an easy time in the UK. In 2001, it was forced to file for bankruptcy after its parent company, UGC Entertainment, ran into financial trouble. Just three years later, Cineworld managed to turn around its fortunes and buy out UGC’s share of the business.
Founded in 1995,. Cineworld first appeared on our screens in January 1999. And by 2004 had grown to become Britain’s largest cinema chain with more than 550 sites. In 2011 it became Europe’s second-largest cinema chain after Odeon following its acquisition of Apollo Cinemas from German group Bertelsmann. Its European profile was enhanced further when it acquired Cinema City International for €76 million. That year and Nordic Cinemas for €60 million in 2012. It now operates more than 950 cinemas across 12 countries. Including six of Europe’s top 10 markets (UK, Poland, Romania, Turkey, Hungary and Portugal). In 2016 it plans to open 80 new cinemas. Globally as part of its strategy to achieve 1,000 operational sites by 2020.
Based in south London, Cineworld first started out with one cinema in Cambridge back in 1989. Today, it has over 1,700 screens spread over 87 cinemas. Throughout 11 countries and its revenue was £1 billion (US$1.5 billion) last year alone. While other operators have struggled as an overall market falls due to piracy and a tough economic climate. Cineworld has continued to expand at a rapid pace—not least because of its unique business model. That sets it apart from rival chains. Rather than buying cinemas outright or creating multiplexes. (that comprise several small screens), it leases them from existing operators who run them on their behalf and pay rent to use their brand name.
It’s been 25 years since Steve Wiener. A former customer of an indie movie theater, bought his first multiplex in London. Since then, Cineworld has grown to include more than 100 cinemas and 1000 screens spread across five countries:. The United Kingdom, Ireland, Poland, Romania and Germany. It now ranks as one of Europe’s largest cinema companies—but just how did it get there? And what lies ahead for one of Europe’s best businesses? This brief guide will help you understand why all those (for many) anonymous screens are part of a booming industry. That show no signs of slowing down anytime soon.
As more and more people are able to afford televisions. DVD players, and smartphones—items that allow us to watch movies at home—how will all of these screens impact movie theaters? Streaming services like Netflix, Hulu, Amazon Prime Video. And HBO GO have made watching movies on your own schedule easier than ever. As a result, movie theater attendance dropped from 1.57 billion tickets sold in 2002 to 1.43 billion in 2016. In fact, last year was only the second time that U.S. box office receipts fell (2%). The number of domestic cinema screens. Has actually increased by around 30% over that time frame – but has it been enough? And will theaters be able to keep up with changing viewer habits as streaming continues to grow more popular?