5 months ago
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Cinema operator Palace Amusement Company generated more than $400 million in revenue in the March quarter, amid a new record for ticket sales that’s attributed to the draw of the Bob Marley: One Love movie, a biographical film on the Jamaican reggae legend.
“It surpassed expectations globally with its opening, while shattering all local records on the Palace circuit – to include biggest opening day ever,” Palace said of the Bob Marley film.
The film was released on Valentine’s Day, February 14, giving a boost to the third quarter, and its effects will also carry over into the company’s fourth quarter due to the length of the run, which extended into May, checks show.
Revenue in the third quarter was one-third higher than a year earlier. The Marley film produced by Paramount attracted so many patrons that it reversed a decline in attendance in the year while also beating a strong base of films in 2023. Nearly half or 63,000 of the 142,000 movie-goers during the period turned out for the biographical Bob Marley: One Love movie, Palace indicated. The rest were mostly drawn to the cinema by Dune 2 and The Beekeeper. In total, the March quarter 2024 films earned more than the “extraordinary releases” in the comparative 2023 quarter, including Woman King, Black Panther 2, and Avatar 2.
Black-themed blockbusters do well in Jamaica. In 2018, Black Panther 1 broke local records and also ran for weeks.
Palace makes revenue from ticket sales, food, film rentals, and advertising. The $410 million in revenue for the quarter is the largest contribution to the $1 billion of inflows recorded over nine months.
Revenue was flat over the nine-month timeline, indicating that the March quarter was profitable while the rest of the year was challenging.
“As we continue in recovery mode, we are constantly aware of the significant increases in operating costs post COVID-19,” said Palace. “Our response has been to strategically manage our resources amidst the ebbs and flows of the global economy and the industry.”
During the period, the Hollywood writers’ and actors’ strike delayed the usual flow of productions. It resulted in some movies entering rotation that would otherwise not have made it to local theatres.
“But with the Hollywood strike now ended, we expect that the rescheduling and release of some previously delayed pictures should benefit the box office and our attendance numbers as we move closer towards the end of the financial year,” Palace said.
English (US) ·