Deadpool & Wolverine breaks multiple records in Reading’s global cinema circuit

Rhea-AI Summary

Reading International (NASDAQ: RDI) reported record-breaking performance for the opening weekend of Deadpool & Wolverine across its global cinema circuit. The film set new benchmarks for R-rated movies in the U.S. and MA 15+ rated movies in Australia, both in attendance and box office. It also achieved the highest opening weekend box office for premium large format screens in the U.S. since 2019.

The company's specially curated F&B menu and merchandise offerings contributed to significant revenue gains, including the highest F&B revenues for any weekend in 2024 and record-breaking merchandise sales. In Australia, a special BFF combo helped deliver the highest opening weekend F&B revenues so far in 2024.

CEO Ellen Cotter expressed optimism about the film's long-term performance and the strong momentum expected to continue into the second half of 2024 with upcoming releases.

Positive

• Record-breaking opening weekend for Deadpool & Wolverine in terms of attendance and box office across Reading's global cinema circuit
• Highest F&B revenues for any weekend so far in 2024 in both U.S. and Australian cinemas
• Biggest movie-themed merchandise revenues for any movie ever in U.S. cinemas
• Highest opening weekend gross box office in 2024 for U.S., Australian, and New Zealand cinema circuits
• Strong performance of premium large format screens (TITAN LUXE, TITAN, and IMAX)

Negative

• None.

News Market Reaction

+7.64%

1 alert

+7.64% News Effect

On the day this news was published, RDI gained 7.64%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, July 30, 2024 (GLOBE NEWSWIRE) -- Reading International, Inc. (NASDAQ: RDI) (“Reading” or our “Company”), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced that this past weekend’s opening of the highly anticipated, Deadpool & Wolverine, set several records across its global cinema circuit, including:

• The biggest opening weekend for any R-rated movie ever in our U.S. Cinema division, in terms of both attendance and box office.
• The biggest opening weekend for any MA 15+ rated movie ever in our Australian Cinema division, in terms of both attendance and box office.
• The biggest opening weekend box office gross, on a same-store basis, for our premium large format screens (i.e. TITAN LUXE, TITAN and IMAX) for any movie in our U.S. Cinema division.
• Our U.S. Cinema team created a specially curated Deadpool & Wolverine F&B menu and offered Deadpool & Wolverine collector’s merchandise for sale, which helped deliver (i) the highest F&B Revenues for any weekend so far in 2024, (ii) the highest ever single day F&B spend per patron on Thursday, July 25, the day the movie opened, (iii) the biggest opening weekend F&B Revenues for a movie themed menu since 2019 and (iv) the biggest movie-themed merchandise revenues for any movie ever, despite also being the fastest to sell-out.
• Our Australian Cinema team created a special BFF combo inspired by Deadpool & Wolverine, which was the biggest selling F&B item opening weekend (Thursday-Sunday) and helped deliver (i) the highest opening weekend F&B Revenues for any weekend so far in 2024 and (ii) the second highest opening weekend F&B Revenues ever.
• The biggest opening weekend gross box office for our premium large format screens (i.e. TITAN LUXE, TITAN and IMAX) for any movie in our global circuit since Thor: Love and Thunder in 2022.
• The biggest opening weekend gross box office so far in 2024 for each of our U.S., Australian and New Zealand cinema circuits.
  

Ellen Cotter, President, and Chief Executive Officer stated, “The powerful marketing efforts of Disney and Marvel delivered a tremendous result with Deadpool & Wolverine smashing multiple industry records, including delivering the highest R-rated opening weekend of all time both worldwide and domestic. This past weekend’s box office in each of our U.S., Australian and New Zealand cinema divisions was far and away the highest in 2024. And, with a Rotten Tomatoes Audience Score of 97% and an “A” CinemaScore, we expect Deadpool & Wolverine to have long legs. This weekend’s results follow amazing box office performances for certain movies that opened during June and July 2024, such as Inside Out 2, Despicable Me 4, Twisters and Bad Boys: Ride or Die. We look forward to this strong momentum continuing into the second half of 2024 with eagerly anticipated movies like Beetlejuice Beetlejuice, Joker: Folie a Deux, Wicked, Gladiator II, Moana 2, Mufasa: The Lion King and Sonic the Hedgehog 3.”

Forward-Looking Statements about Reading International, Inc.

This press release contains certain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from actual future experience involving any one or more of such statements. The record setting results referenced in this press release are not necessarily indicative of future results.

About Reading International, Inc.

Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company operating through various domestic and international subsidiaries, is a leading entertainment and real estate company, engaging in the development, ownership, and operation of cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.

Reading’s cinema subsidiaries operate under multiple cinema brands: Reading Cinemas, Consolidated Theatres and the Angelika brand. Its live theatres are owned and operated by its Liberty Theaters subsidiary, under the Orpheum and Minetta Lane names. Its signature property developments, including Newmarket Village in Brisbane, Australia, and 44 Union Square in New York City, are maintained in special purpose entities.

Additional information about Reading can be obtained from our Company's website: http://www.readingrdi.com.

For more information, contact:
Gilbert Avanes – EVP, CFO, and Treasurer
Andrzej Matyczynski – EVP Global Operations
(213) 235-2240

FAQ

What records did Deadpool & Wolverine break for Reading International (RDI) cinemas?

Deadpool & Wolverine broke several records for Reading International, including the biggest opening weekend for any R-rated movie in the U.S. and MA 15+ rated movie in Australia, both in attendance and box office. It also set records for F&B revenues and merchandise sales in various markets.

How did Deadpool & Wolverine perform on Reading's premium large format screens?

Deadpool & Wolverine delivered the biggest opening weekend box office gross on premium large format screens (TITAN LUXE, TITAN, and IMAX) for any movie in Reading's U.S. Cinema division, on a same-store basis.

What was Reading International's (RDI) F&B strategy for Deadpool & Wolverine?

Reading International created a specially curated Deadpool & Wolverine F&B menu in the U.S. and a special BFF combo in Australia. These offerings contributed to the highest F&B revenues for any weekend so far in 2024 in both markets.

How does Reading International (RDI) expect Deadpool & Wolverine to perform in the long run?

With a 97% Rotten Tomatoes Audience Score and an 'A' CinemaScore, Reading International expects Deadpool & Wolverine to have long legs at the box office, indicating sustained performance over time.