The most significant ‘underperformance’ was Joker: Folie A Deux – the musical sequel starring Joaquin Phoenix and Lady Gaga, which failed to meet box office predictions on its opening weekend
Everyman, the premium cinema group, has revealed that its 2024 film line-up was affected by Hollywood actor and writer strikes, as well as a series of blockbuster flops.
The company also expressed concerns about future uncertainty due to changes in the Budget. Everyman Media Group’s shares fell by 10% on Friday morning following the announcement.
Despite these challenges, the group, which operates 47 venues across the UK, reported an increase in annual sales after opening new cinemas in London, Cambridge and Bury St Edmunds. It announced that total revenues reached £17.2m in 2024, a nearly 18% rise from £90.9m the previous year.
Membership numbers, offering benefits such as ticket bundles, exclusive previews, and food and drink discounts, soared by 65% to over 56,000. However, Everyman admitted that box office performance in the last quarter of the year did not meet expectations.
The most significant “underperformance” was Joker: Folie A Deux – the musical sequel starring Joaquin Phoenix and Lady Gaga, which failed to meet box office predictions on its opening weekend.
This was followed by the release of five blockbuster films over five weeks, resulting in titles competing against each other and negatively affecting sales. The company also noted that a higher proportion of family films in November and December led to lower spending, as child tickets are cheaper than adult ones.
Everyman Cinema has reported group earnings before interest, tax, and other costs at £16.1m, just shy of the £16.2m from 2023. However, the company has expressed caution regarding the future due to tax measures introduced in the autumn Budget, leading to a more conservative outlook for 2025 and 2026.
Alex Scrimgeour, chief executive of Everyman, commented: “Despite the last year’s film slate being heavily impacted by the actor and writers’ strikes as well as the fourth-quarter box office underperformance of certain movies, we have made positive operational and strategic progress, resulting in record levels of membership and growth in market share.”
He highlighted that Everyman is prioritising debt control and announced two new venues set to open in 2025. The cinema chain does not anticipate further disruptions from the 2023 strikes, which affected major releases such as Deadpool & Wolverine and Dune: Part Two.
Looking ahead, Everyman expects a lift from 2025’s big-screen offerings including Wicked: For Good, Avatar: Fire And Ash, and Mission: Impossible – The Final Reckoning.
