Large Russian movie chains, due to the exit of major Western studios, have lost up to half of their revenue by 2022, RBC calculated after analyzing the financial statements of the biggest players in the market. Thus, Cinema Park JSC lost 43.2% of its revenue, last year it amounted to 4.6 billion rubles.
These figures are comparable to the results of the pandemic year 2020, when Cinema Park’s revenue was even lower – 4.3 billion rubles.
JSC “Cinema Park”
The net loss of the network in 2022 is estimated at 1.8 billion rubles. A year earlier, Cinema Park received 861.8 million rubles of net profit. At the same time, the loss for 2020 is significantly higher – 7.8 billion rubles.
JSC “Cinema Park” is a legal entity of the united network “Cinema Park” and “Formula Kino”, manages 65 cinemas throughout the country.
RSM LLC
The united chain has a legal entity RSM LLC, which manages 12 cinemas in Moscow, the Moscow region, St. Petersburg and other regions. RSM’s net loss at the end of 2022 amounted to 482.4 million rubles. A year earlier, the organization received 37 million rubles in profit. Revenue also decreased by 47.3%, to 1.1 billion rubles.
EXPENSIVE
The network lost 41.8% of revenue last year compared to 2021. It amounted to 2.2 billion rubles. The net loss reached 1.3 billion rubles against 9.4 million rubles in 2021.
“Kinomax”
The income of the network, as in other cases, was reduced by almost half, by 46.6%. It amounted to about 2 billion rubles. The loss is estimated at almost a billion rubles. At the same time, 2021 was more successful for the network, its profit amounted to 193.4 million rubles.
“Movie star”
A similar dynamic of financial indicators is for the Cinema Star chain, revenue amounted to 491.5 million rubles, which is 44.2% less than the results of 2021. The loss is estimated at 40 million rubles. At the end of 2021, the network had no losses, and the profit amounted to 9.3 million rubles.
In the spring of 2022, the largest studios joined the condemnation of the hostilities on the territory of Ukraine and stopped the distribution of their films in the Russian Federation. Among them are Sony, Warner Bros and The Walt Disney. This led to the box office in the country’s cinemas falling 70% at the end of the year.
If the year was not successful for traditional cinemas, then the Kinopoisk online cinema was able to double its revenue, amounting to 15.2 billion rubles. In addition, the service managed to reduce its net loss by 20% to 3.8 billion rubles.
Author:
Natalia Gormaleva
Source: RB
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