Summary
The head of Vue International, Tim Richards, explained that he does not see streaming services as competition for cinemas. He noted that streaming services rose in popularity during the pandemic, but cinemas have since bounced back to pre-pandemic levels.
Key Facts
- Tim Richards is the founder and CEO of Vue International, a major UK cinema chain.
- Richards believes streaming services are not direct competitors to cinemas.
- During the COVID-19 pandemic, cinemas were closed, and streaming services gained more subscribers.
- Vue faced challenges like cinemas being closed for nearly two years and actors' and writers' strikes.
- Despite challenges, Vue returned to pre-pandemic business levels.
- Richards noted that many cinema-goers are also subscribers to streaming platforms like Netflix and Disney Plus.
- The entertainment industry is dealing with cost pressures and rising operational costs.
- Richards stated that they are trying not to pass increased costs to customers, even as the industry feels financial strain.
