A question mark hangs over the future of cinema chain Cineworld as the company reveals it is evaluating its options moving forward, with international reports that the company is about to file for bankruptcy.
Cineworld has struggled to get bums on seats following the COVID pandemic due to a lack of blockbuster films hitting the big screen – a situation unlikely to change until the end of the year. This has been exacerbated by the fact other films are going straight to streaming services such as Netflix.
Attendance is down by around 65% compared to before the pandemic.
This week the market value of the world’s 2nd-largest cinema chain more than halved as news hit that it was looking at a financial rescue package, with a further hit as it was revealed that bankruptcy looms. The company is in around $4.8billion of debt.
The doors remain open as normal for now but many will be left wondering what the future holds for the Island’s multiplex at Coppins Bridge in Newport.
Cineworld currently has more than 751 cinemas operating across 10 countries.
Cinema is old hat, with large screen at home, parking fuss, town full of nere do wells, taking the family out on a dark evening is hardly appealing anymore.
The buzz of watching something before everyone else can be had by many illegal online sites so why bother going seems to be the attitude and I can understand this.
Let’s hope the company can to.
Soon be another Tesco’s or flats filled with those making the next delightful generation of Islanders to ensure the decline of living standards here continue for our children to contend with.
Probably my favourite ever comment on this site I reckon.
Sounds inevitable – like what happened to Blockbuster video. The times they are a changing.
Still like to go to Commodore cinema in Ryde, hope places like that keep going.
If they drop their prices they’ll fill the Auditoriums. If ryde cinema can be as cheap as they are and remain open then maybe they need to look at this
Sadly people are as yet unaware, too busy worrying over bills etc, but there is coming a massive recession to this country.
Jobs will become scarce and whilst the better off will avoid the issues, the masses which many businesses rely on, will not be able to afford what has been taken for granted for a generation.
So paying for anything unnecessary will become impossible unless you are claiming tax credits etc for children and are ‘seen’ as poor, whereas workers on low wages without the ‘shield’ of children will struggle and so many business will fail.
Unemployment will rise to huge levels and crime will rise massively.
Jeez, must be fun living with you! Full of optimism – not!!
This is more fantastic news for our dying Newport!
One expects the benefit kept will ensure a consistent footfall of beings happy to spend our cash paying to entertain their children for a couple of hours.
Shame but this is the sign of things to come , cost of living etc etc unless the government steps on this with heavy feet there’s not going to be spare income to support businesses .
It’s going to be a direr look in the high street very soon .
Council don’t help either raising parking charges etc etc , after all the money the council have received from government and other sources you’d think they would step in and help this island instead of take take take .
They brag about things like best roads etc etc what a joke the roads for one are disgusting and in places getting unsafe ,different budget I know but it’s all money .
I thought the cinema at Coppins Bridge was closed as I haven’t seen their electronic sign since Covid struck three years ago.
Good point, but I can’t remember covid being around August 2019!?
Ryde cinema has been going for years with a cheap and cheerful attitude, cineworld should of lowered the price of tickets and attracted more customers in
due to a lack of blockbuster films hitting the big screen
There have been plenty of films out, sadly they are just full of woke, politicised messaging rendering the whole experience of going to a cinema to escape reality for a few hours, completely ruined. This is the reason no one wants to watch the films
proof was in Top Gun – that drew the crowds and smashed the sales targets – why – because it was good old fashioned edge of the seat escapism, rather than the saccharin induced, woke drivel, that has had the very soul removed from it by hand wringing do gooders, activist inclusivity and stupid race quotas.
I think it’s terrible.
The Commodore at Ryde is still going strong and is literally HALF THE PRICE. ( Maybe take your own cushion though).
It’ll make a nice Doctors surgery, just about big enough to cope with all the additional residents from the council’s housing plans.
It’s too expensive, could buy the dvd cheaper than taking my family which is the best part of 50 quid to see a film. Reduce prices and bums might go in seats.
Ryde cinema has been going years and is cheap and cheerful, definitely too expensive cineworld
No need for such places with huge TV;s and hi tech at home now.
Few want to turn out in dark, wet evenings, in chav filled streets and car parks to take their children or loved one to some expensive building to endure chav element inside as well.
Turn it into another supermarket or more breeding hutches to ensure that the next generation has even more people to try to house and find work for, tis the way it’s all going now.
Island ruined not for a while but forever now.
And now you sound like a ‘chav’
You don’t read the comments? Or just copy others. You’ve repeated the first message?
Ryde is better, the staff at NPT are to bloomin rude to customers.
Plus you can have a sneaky cigarette at the Odion.
Perhaps clean the seating, and sweep up at least. I’m not paying your prices to sit in other peoples filth.
Its because it costs too much, then few weeks later its on the telly lol what do they expect