Company Behind Odeon Cinema Chain In Ireland Reports Its Revenue In Ireland Decreased By More Than 75% In 2020
The company behind the Odeon cinema chain in Ireland, AMC Holdings, has reported that its revenue in Ireland decreased by more than 75% in 2020 due to the impact that the COVID-19 pandemic has had on the cinema industry.
As reported by The Irish Independent, AMC's newly-published annual results revealed that the company generated revenue of $9.3 million, or €7.8 million, in Ireland in 2020, which compares to revenue of $37.9 million in Ireland in 2019.
Cinema Attendances And Redundancies
The results also reveal that, due to the pandemic, the number of cinema attendances decreased to 3.9 million in Ireland last year from 15.1 million in 2019.
In September of 2020, Odeon announced redundancies across its Irish operation due to the impact of the pandemic, but did not reveal how many staff were laid off in Ireland.
AMC owns 11 cinemas in Ireland with a combined total of 77 screens. Before the redundancies that were announced last September, Odeon employed over 300 people in Ireland.
United Cinemas International (Ireland) Ltd, which operates the Odeon brand in Ireland, experienced a pre-tax loss of €7.8 million in 2018, primarily due to a net cost of €5.6 million concerning back rent paid to a landlord dating from 2013, and also due to €2.7 million of interest payments.
AMC Worldwide And US 2020 Revenue
Across AMC's business, revenue decreased to $1.24 billion last year from $5.47 billion in 2019. The company's most significant revenue decline was in the US, where revenue decreased to $826.7 million last year from more than $4 billion in 2019.
Europe Cinema Attendances
Across Europe, the number of cinema attendances at AMC-owned cinemas decreased to 165.5 million last year from 582.3 in 2019.
AMC Worldwide Cinema Attendances
AMC owns 950 cinemas across the world with a combined total of 10,543 screens.
The company said that 22% of its international operations are currently operating.
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