Recognition for Regal Entertainment
Regal Entertainment Group operates the largest theatre circuit in the U.S., consisting of more than 7,350 screens in 578 theatres in 42 states. They are the 800-pound gorilla of cinema exhibition, but everything they do is very low-key and understated. This is due to the management style of Amy Miles and Greg Dunn, CEO and COO, respectively.
This duo has been leading Regal for many years through massive takeovers and consolidations, raising record dollars for the Will Rogers Foundation, funding the Regal Scholarship Program at the University of Tennessee, Knoxville, and donating their time to NATO to support the best interests of exhibition in North America. They don’t brag or tout their accomplishments, just go about their business in a very professional manner.
So let us brag for them. It is no surprise that they have been placed on Forbes’ list of 100 Most Trustworthy Companies in America. Regal is the only movie theatre circuit to earn this honor. This achievement was attained through Regal’s exceptional accounting and corporate governance behavior.
“This honor puts the spotlight on our commitment to provide reliable information to investors and to responsibly manage our business. It truly is a vote of confidence regarding Regal’s integrity,” said Miles. “Making it onto the list is recognition of how the Regal team is dependable, consistent and highly reliable.”
Additionally, Regal Cinemas was named Brand of the Year in the movie theatre category for the 2014 Harris Poll EquiTrend® Study. More than 1,500 brands were assessed by American Consumers across 170 categories on the Harris Poll EquiTrend Equity Index.
“This is a tremendous honor for Regal because it’s not only about our company’s size or even our widespread name recognition. To achieve a winning score in this brand equity index, American consumers must know Regal’s brand, think highly of our quality and they must frequently come to our theatres,” said Greg Dunn, president and COO of Regal Entertainment Group. “Being named Movie Theatre Brand of the Year validates all of the hard work our team puts into creating a great entertainment experience for our guests.”
Many moviegoers show their brand loyalty through membership in the Regal Crown Club. The industry-leading rewards program promotes loyalty as patrons accumulate credits at the box office and concession stand to earn free popcorn, soft drinks and movies. The Regal Crown Club provides these incentives to more than 10 million active members. Regal engages its fans through social-media channels and with the Regal Movies app. One of the convenient functions of the app enables moviegoers to upload their Regal Crown Club card straight to a smartphone for easy access while on the go.
Congratulations, Amy and Greg. Well done!
Tracking Trends at CinemaCon
CinemaCon went off flawlessly several weeks ago in Las Vegas. In addition to the major product presentations, the recurring themes for the convention were technology and globalization.
NATO and the MPAA delivered wonderful news that worldwide box office increased four percent to nearly $36 billion, which set a new record. The international market continued to dominate with $25 billion or 70 percent of worldwide earnings. The biggest market is now China, which had a record year and accounted for $3.6 billion. This was followed by Japan ($1.5 billion), the U.K. ($1.7 billion), France ($1.6 billion) and India ($1.5 billion).
Box office was up in North America and hit a new record of $10.9 billion—this despite a few sluggish months during 2013. The report from the MPAA also covered some interesting information about moviegoers.
• It defines frequent moviegoers as those who go to the movies at least once a month. While they represent only 11 percent of the population, they represented 50 percent of sales in 2013. Twelve to 39-year-olds only represent 38 percent of the population, but they account for 58 percent of frequent moviegoers. However, this category was down nearly 16 percent from 2012 to 2013.
• Hispanics represent 17 percent of the population but make up 32 percent of frequent moviegoers. In comparison, Caucasians are 63 percent of the population but only 49 percent of frequent moviegoers.
• Very interesting, the report from the MPAA stated that 74 percent of frequent moviegoers own at least four types of technology products. In comparison, only 51 percent of the total adult population own that many. This suggests that technology actually increases moviegoing.
On the technology side, the show was quite intriguing, with seminars addressing lasers, satellite delivery of movies, and open standards for immersive sound. Of all the technologies advanced in the past decade, only 3D truly allows for increased box-office fees. This incremental revenue is powering 3D and IMAX.
Although we try not to single out a specific company on this editorial page, we feel that Barco was really out front with different ways to use digital technology to increase dollars earned at your theatres.
During the show, Barco transported hundreds of attendees to Cinemark’s Century 16 South Point Theatre and demonstrated several ways to generate income at your theatre via digital technology. “Escape” was the key presentation in the theatre. It is basically two additional screens positioned on both sides of the main screen for a more immersive experience. The demonstration featured Barco’s new 4K laser projector and 2 Barco 2K projectors on the side screens. Some of the filmmakers in the demo felt that a movie could be lensed with three screens in mind. The system could be used for features as well as preshow content.
The demo included Barco’s Auro 11.1 immersive sound system. Also featured was iD (Interactive Dimension), an audience-participation technology aimed at preshow content, including advertising, and potentially features. And finally, lobby promotions are also part of the plan, and Barco’s setup in Vegas included a central 30-foot screen and numerous smaller displays as well as an interactive wall.
CinemaCon once again proved to be a very informative event that covered all aspects of the motion picture industry. Kudos to Mitch Neuhauser and his team.