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Kinepolis cinemas suffer €46m loss as pandemic hits

Kinepolis cinemas suffer €46m loss as pandemic hits

by Yannick HANSEN 19.08.2021
Closures, crowd limits and few new movie releases tore big hole in cinema group's finances
Kinepolis cinema in Luxembourg
Kinepolis cinema in Luxembourg
Photo credit: Anouk Antony

Belgium-based Kinepolis group which also owns cinemas in Luxembourg made a net loss of €46 million in the first half of 2021 as only a quarter of its pre-pandemic visitors returned to the movies, the company said on Thursday.

Revenues dropped in every country where Kinepolis operates, but customers on average spent more per visit than before the pandemic, in 2019, the company reported. 

In June, only half as many people went to the cinema as in the same month in 2019, which was a record year for the company. Last month, numbers improved with cinemas hosting 62% of their July 2019 figures, a Kinepolis press release stated.

In the first months of the year, only the group's Luxembourgish, Spanish and American outlets were open for business, with French, Dutch and Belgian cinemas opening their doors in June.

All over the world, the pandemic hit cinemas hard as they were one of the first venues to close and when they reopened, authorities put a cap on how many visitors were allowed in. Cinema closures then also prompted film studios to hold back new releases - such as Daniel Craig's last James Bond film - which also explains the drop in customers, Kinepolis said.

"We are enthusiastic about the re-opening of our cinemas which, despite restrictions, produce good results, with visitor figures that continue to go up over the last few weeks", the group's CEO Eddy Duquenne said.

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