by Wolf Richter
Out-of-money-date for Cineworld — owner of Regal, second largest movie theater chain in the US — is in November or December, but it’s hoping for a US taxpayer bailout.
The cinema business – like brick-and-mortar malls – has been in structural decline long before the Pandemic. The number of movie tickets sold had peaked in 2002 in the US, and has since been declining, beset by competition from technologies that deliver movies to the home, at first DVDs, then Blue ray disks, and with the spread of broadband, online services, such as Netflix, Amazon, Disney, and others. People are watching more movies than ever. But they’re doing it at home: Before the Pandemic, the number of tickets sold had dropped by 22% from the peak in 2002 through 2019: