Odeon leaks losses two years after pandemic as UK-wide admissions below 2019 levels
The UK’s biggest cinema chain Odeon is still spooked by COVID-19 with the industry suffering a £5bn loss.
The company saw losses of £37,199,000179 with only 74 million people coming to cinemas, compared to 2019’s 179 million people
Recent monthly admission numbers from the UK Cinema Association show that attendance in 2022 continues to be low.
This comes as the cost of living crisis and inflation have led to the highest UK cinema ticket prices of all time, with the average movie ticket price going over £7.52.
Odeon has warned shareholders and stakeholders saying “a reduction in cinema attendance is a principal risk for the company.” Even as UK completes nearly a year of no-coronavirus restrictions, Odeon has stated that they will continue to “monitor the situation and respond as appropriate”