Vue CEO: UK cinemas haven’t emerged from obscurity despite Barbenheimer’s box office success | Economic news

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Tim Richards told Sky News the stakes are high for cinemas as it is the first time in 60 years that Hollywood writers and actors have both gone on strike.

By Sarah Taaffe-Maguire, business journalist @taaffems

Tuesday, July 25, 2023 6:15 p.m., United Kingdom

Fewer film releases have hit UK cinemas, the head of one of the UK’s biggest cinema chains has told Sky News.

“Our problem is a supply problem, our problem is not enough films,” said Vue International chief executive Tim Richards.

“We know the numbers: 36% fewer films released last year, 20% fewer films released this year.”

The recovery of cinema post-COVID-19 has taken years longer than expected, Mr Richards said. “We are still significantly down [compared] at pre-pandemic execution rates, and it’s now been four years.”

It’s because of a lack of movies, he added. “After the pandemic, we just didn’t have any more films to [audiences] see. And now that they’re back, our customers are back with us.”

The stakes are high. With the Hollywood actors’ strike and writers’ walkout taking place at the same time, Britain’s film industry has not emerged from obscurity, Mr Richards said.

The latest strikes are different, he said, from previous Writers Guild walkouts in 2007 and 2008 that lasted 100 days. That industrial action hasn’t really been felt as studios have managed to get movies out, Mr. Richards said.

“This time it’s a bit different, if it lasts longer we might feel the impact.”

“I mean, it’s been 40 years since their last strike and 60 years since the writers and SAG-AFTRA [Screen Actors Guild – American Federation of Television and Radio Artists] were on strike together.

Robbie and Gosling on the “absurdity” of Barbie

Overall, though, it’s been an amazing summer with an incredible selection of films, Mr. Richards said.

The impact of the so-called Barbenheimer – a merger of the Barbie and Oppenheimer film titles – has led to the biggest movie weekend since before the pandemic.

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Advance reservations at Vue cinemas were the highest since the 2019 release of Avengers Endgame, Mr Richards said.

Almost a fifth (23%) of Vue customers booked to see both films at the same time, he added.

“I don’t think anyone saw that coming.”

“It really shows that when movies come out, our customers are desperate to get out and be entertained on the big screen.”

Mr Richards said the era of companies like Netflix and Disney+ having a negative effect on cinema viewing is over. “Streaming services are having their day in the sun and it’s over.”

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