Zoradi, a former Disney executive, joined Texas-based Cinemark in 2015. The company operates 523 theatres with 5,872 screens.
Everything is frontloaded now, as studios make streaming era trade-offs. PLUS: Can Olympics and exorcists boost Peacock?
With the business finally on the mend, Zoradi said, the time was finally right to exit. “I know we’re not completely out of it yet,” he said, “but we’re starting to see the light at the end of the tunnel.”The pandemic has been brutal for movie theaters.In the most recent quarter, which ended in March, Cinemark reported revenue of $114 million, down nearly 80% from the same period last year. The company lost more than $200 million during the quarter.
But sales for those films have dropped off quickly in subsequent weeks, partly because they’re available online at the same time. The “Space Jam” sequel is on HBO Max for a month at no extra cost to subscribers, while “Black Widow” is on Disney+ for an additional $30. There’s also the matter of the virus. Cases and hospitalizations are increasing as the Delta variant spreads, causing concern among health officials.
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