The recovery from the corona crisis seems to have started for the British cinema chain Cineworld.
The world’s second-largest cinema chain said more people than expected in the UK want to go back to the movies, helped by the popularity of Peter Rabbit 2’s animated film, The Runaway.
British cinemas recently reopened after being closed for months. The country is also benefiting from a successful corona vaccination program. Since the relaxation in London, the cinemas have been allowed to run at 50 percent of their capacity.
Cineworld was able to make good use of the higher than expected traffic flow since its recent reopening. The chain suffered a loss for the first time in its history as a result of the crisis, which was announced in March. Another factor is that no new films were released in times of crisis.
In addition to the United Kingdom, Cineworld is also active in several other countries, including the United States. In that country, almost all cinemas are allowed to reopen. It is expected that restrictions will soon be lifted in other countries as well. Cineworld also operates cinemas in some Eastern European countries and Israel.
The top of Cineworld is counting on a strong recovery in cinema visits in the coming months due to the improved consumer confidence and the success of the vaccination campaign. The company also said it received the full $ 203 million tax refund as part of the US government’s corporate support measures.
Major Hollywood studios previously promised a series of major releases in the summer to draw audiences back to the cinemas.