Cineworld considers closing a quarter of its cinemas- is online streaming killing cinemas?

Explainer with Nick Dee

Transcript

00:00Cineworld is considering exiting various UK sites as part of a major restructuring effort,

00:08potentially allowing other cinema operators to take over.

00:12As the second largest cinema chain globally, Cineworld operates over 740 locations, including

00:19100 in the UK.

00:21The move follows the July 2023 collapse of rival Empire Cinemas, which closed six sites

00:28immediately and saw its remaining venues acquired by Omniplex Cinemas in December 2023.

00:36The pandemic certainly hit UK cinemas hard, with a 75% revenue drop in 2020.

00:43Despite some recovery, the rise of streaming services poses a significant challenge.

00:49Young audiences are increasingly discovering films through platforms like TikTok and opting

00:55to watch them on Netflix rather than visiting cinemas.

00:58It does beg the question, when did you last go to the cinema?

01:01And do you now watch movies at home?