Cineworld and Imax shares fly as Tom Cruise’s Top Gun smashes blockbuster opening weekend
Top Gun had a top weekend, with the blockbuster hit raking in $248m (£196m) worldwide, making it the highest-opening non-superhero movie released since the start of the pandemic.
The sequel to the 1986 film was originally due to be released back in June 2020, but has shifted multiple times due to Covid measures.
While the opening has been great news for producers Paramount and Skydance, the movie is also a win for household names like Cineworld and Imax.
Shares are up over 13 per cent for London-listed Cineworld, meanwhile shares are up over seven per cent in after hours trading for Wall Street’s Imax.
“If you thought movies were dead, go see Top Gun: Maverick,” said Rich Gelfond, chief executive of IMAX, in a statement. “This film heralds the return of the summer blockbuster and is a catalyst that will accelerate demand for moviegoing like an F-18 breaking the sound barrier.”
The journey of the cinema has been a dramatic one, with many of the big providers suffering hard from pandemic closures.
However, the past few months have cemented traditional film theatres as a go-to leisure activity for many Brits.
Back in December, “Spider-Man: No Way Home” racked up roughly $253m (£191m) in U.S. and Canadian ticket sales over the opening weekend, crushing pandemic records and ranking as the third-biggest domestic debut in Hollywood history, distributor Sony Corp said.
The previous pandemic record was set by superhero film “Venom: Let There Be Carnage,” which took in $90m domestically over its first three days last October.