Movies

Regal Theaters Exec Takes a Dig at Netflix

Don’t expect to see any Netflix movies hitting one of the 7,000-plus big screens at Regal […]

Don’t expect to see any Netflix movies hitting one of the 7,000-plus big screens at Regal Theaters anytime soon. Amid less than spectacular revenue reports for the third quarter, Regal CEO Amy Miles took a dig at Netflix.

“We have plenty of content from our studio partners,” Miles said during a conference call when asked about Netflix’s intrusion into the movie space. The streaming service, which plans to release 80 films in 2018, is spending between $7 billion and $8 billion on new content. “When we’re thinking about how to best allocate our screens, we allocate to individuals who best market and make movies for the big screen.”

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Regal Entertainment Group’s earnings per share have taken a 74% plunge in the third quarter, Deadline reported, with revenue slumping 12% to $716 million. It follows the trend this year of studios and exhibitors confronting soft openings on key titles during what some are calling a “challenging box office environment.”

Miles has an optimistic outlook on the future, though. “We were pleased that our ongoing focus on customer amenities had a positive impact on our market share and operating metrics, including significant growth in both average ticket price and concession sales per patron. Looking ahead, we are optimistic regarding the potential for box office success during the upcoming holiday season and throughout 2018.”

Photo Credit: Regal