3 months ago
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Buoyed by the enthusiastic response to its introduction of immersive 4DX technology, cinema company Palace Amusement is bullish on business, despite a general fall-off in movie-goers.
The company is yet to recover fully from the pandemic, and it was also hit with the extended Hollywood Writers & Actors strike.
Customer track grew in the April-June fourth quarter, but was down for the year.
“Though the attendance increased by 107,000 patrons in the period, the absence of substantial pictures impacted the box office negatively and represented just about 50 per cent of the patronage for the comparative period for 2023,” Palace said of the quarter’s performance.
“The impact was further highlighted when the year-to-date attendance was compared; it showed a reduction of approximately 154,000 patrons or a decline of 23 per cent,” Palace said in the report accompanying its financial results.
Within the month of June, the release of Bad Boys 4: Ride or Die on June 6, and the synchronised launch of 4DX technology at the Carib 5 cinema in Cross Roads, Kingston, provided a shot in the arm for the cinema company.
The Will Smith and Martin Lawrence Bad Boys 4 movie contributed almost 30,000 movie-goers, or 28 per cent, to the fourth quarter’s overall attendance; with other releases such as Inside Out 2 and Kingdom of the Planet of the Apes making up the balance along with holdovers. The company said.
“It was the anticipation of the multi-sensory adventure promised by the 4DX format that created quite the fanfare with its cinematic experience and surpassed the expectations of the patrons,” Palace said, adding that the “112-seat auditorium, translated to a 87-per-cent occupancy level and augurs well for future patronage.”
The 4DX format is an immersive cinematic experience where audience members see and feel what is happening on the screen. The small Carib Auditorium 4 got a big upgrade to facilitate the experience. Each seat now has a footrest and refurbished cushions. This along with tech upgrades, such as real-time visible mist in the auditorium during shootout scenes, special lighting to accompany and mimic explosions, and even puffs of air to mimic bullets whizzing by.
The Financial Gleaner sampled patrons in attendance for their reactions. The comments ranged from speechless broad smiles with thumbs up to not-for-print colloquialisms accompanying utterances of amazement.
Palace said it is looking forward to the continued good performance of the 4DX, coupled with revenue from non-screen services, such as meetings and conferences. For the financial year ended June 2024, the company’s preliminary results show an eight-per-cent decline in sales to nearly $1.4 billion, compared to $1.52 billion at June 2023, “with most locations registering lower intake”, the company said.
Palace operates cinemas in Kingston, Montego Bay and Portmore.
The company paid down some of its debt by selling an un-used parcel of land. It closed the year with cash of nearly $106 million, which was down from $168 million for 2023. Net profit also shrank from $228 million to $72 million.
English (US) ·