Jamaicans spend $150 million at the movies
Jamaicans spent $147.4 million at the movies over three months to September 30, 24 per cent more than the same period last year based on financials released from Palace Amusement which dominates cinema in Jamaica.
It shows that spending on Hollywood-based entertainment has increased despite the local recession, access to $100 illegal DVDs and free Internet downloads.
The disaggregated figures showed box office sales totalled $103.5 million with an additional $43.9 million spent on nachos, popcorn and the sort. In the corresponding quarter in 2008, box office sales were $81.5 million with $36.9 million spent on confectioneries. Additionally, those interruptions during movies earned Palace $5.98 million in screen advertisements versus $4.1 million in the prior year’s quarter.
The number of tickets sold was not disclosed, however ticket sales would have widely ranged from 172,500 to 321,875 based on admission rates for adults and children. Palace declined to comment when contacted. The cinema chain would have benefited from Hollywood hits which appealed to core theatre demographics such as Ice Age: Dawn of Dinosaurs, I Love Beth Cooper, G-Force and Final Destination 3-D.
The company operates four cinemas in the island, and revenues were $83.8 million at its flagship Carib, $29.7 million at Palace Cineplex, $27.9 million at Palace Multiplex and $10 million at Odeon.
The largest increase in revenues was at Palace and Carib up 36 per cent and 29 per cent respectively over last year’s quarter. These increases positively affected the company’s bottom line which recorded a $4.7-million net profit versus a $1.4-million loss in the previous year’s quarter.
Palace’s financial year ended in June 2009. During that period it spent some $55 million to upgrade facilities at the Carib and Palace Cineplex to show 3-D movies, in a bid to increase ticket sales. This partially affected its profitability and the company ended the financial year with an audited loss of $5.2 million. It however varied with the unaudited results (released in August) which showed Palace recording a $2.2-million net profit over the same period. Comparatively, the audited revenues were $3 million less than unaudited revenues whilst audited direct expenses were $16 million more than unaudited expenses which resulted in a profit wipe-out.
