The Cinema Park cinema chain will dedicate itself to the restaurant business

As follows from the Unified State Register of Legal Entities, in April the company created a subsidiary – Resto-Park LLC. Now the company is looking for a partner and negotiations are already underway with a large restaurant and a large cafe chain, Vasyanin told Vedomosti.

At the initial stage, JSC Cinema Park plans to make at least two investment points for the purchase of a franchise and the start of works will amount to 100 million rubles. The company wants to recover these funds in three years.

According to Vasyanin, the catering points will operate in the chain’s own cinemas, but in the future the project could be expanded to other locations.

The combined cinema chain “Cinema Park” and “Formula Kino” operates 73 movie theaters throughout Russia, of which 615 different theaters are available for movie lovers, according to data from Nevafilm Research. The company occupies 10.5% of the market.

In 2023, the revenue of the main legal entity of the network, Cinema Park JSC, amounted to 6.6 billion rubles, and the net profit reached 1.9 billion rubles. As Vasyanin noted when commenting on the financial results, the benefit received is related, first of all, to the recovery of the value of assets that depreciated in the pandemic year 2020.

As follows from the accounting reports of the leaders of the film distribution market in Russia, the industry was never able to recover after the departure of Hollywood. Their income grew on average by 40%, but a year earlier the figure fell even more rapidly, so such growth could not improve the situation.

At the same time, the Association of Cinema Owners proposed supporting domestically produced films and rejecting pirated screenings of foreign films for three weeks until May 12.

Representatives of some movie theaters told the Film Distributor’s Bulletin that the box office for the Russian film, which the networks screened instead of the foreign releases, fell short of expectations.