The Australian cinema industry has been through a lot. World wars, the Great Depression, the global financial crisis, video piracy, and event the rise of Netflix and online streaming. Yet the industry lives on, and today (July 1st) the doors can reopen after three months.
IBISWorld forecasts cinema operators’ revenue to fall at least 26 per cent this financial year to $1.3 billion. Profit margins are expected to fall more than 11 per cent, and total job losses in the cinema industry to exceed 3500.
What will be different?
Social distancing is what has prevented Australia – which is just shy of 8000 cases – from turning into the chaos we’re seeing in America (3.7 Million cases and rising at over 35,000 a day) and Brazil (1.4 million cases and rising at over 20,000 a day).
Because of this, we’ll see companies like Event Cinemas enforcing social distancing not just in the cinema itself, but around the foyer and at the snack bar.
Event Cinemas has confirmed that they will be opening their cinemas in the coming weeks. It’s expected to take five years for the total revenue to rise back above the 2019 financial year figure of $1.7 billion, according to IBISWorld.
The Opening Dates
Here are the opening dates for Event Cinemas as reported.
Good news for Northern Territory Cinemas, they’re already open!
Thursday 2 July: Bondi Junction, Brisbane City Myer, Browns Plains, Burwood, Cairns Central, Campbelltown, Capalaba, Carindale, Castle Hill, Chermside, Coffs Harbour, Coomera, George Street, Glendale, Glenelg, Hornsby, Hurstville, Indooroopilly, Innaloo, Kawana, Kotara, Lismore, Liverpool, Loganholme, Mackay North, Macquarie, Marion, Maroochydore, Miranda, Morayfield, Morley, Mt Gravatt, North Lakes, Pacific Fair, Parramatta, Robina, Rockhampton, Shellharbour, Southport, Springfield, Toombul, Toowoomba Grand Central, Townsville Central, Tuggerah, Whitford City
End of July: Beverly Hills, Cairns Earlville, Cairns Smithfield, Coolangatta, Noosa, Strathpine, Toowoomba Strand, Top Ryde, Wollongong
With the current ongoing outbreaks in Victoria, we are not expecting much more action to happen there until it’s sorted out.
Photo Curtesy of Event Cinemas