Marcus Theatres about two-thirds recovered from pandemic
Milwaukee-based Marcus Corp., the parent company of Marcus Theatres, is continuing to work its way back from the effects of the COVID-19 pandemic that closed movie theaters nationwide for months, according to a report from Wisconsin Public Radio.
Marcus operates more than 80 theaters across 17 states in addition to operating hotels and restaurants. During a recent appearance on WPR’s “The Morning Show,” Gregory Marcus, president and chief operating officer, said the company was two-thirds of the way back to 2019 numbers during 2022, and in 2023 expects to come a little closer than that.
According to the entertainment industry publication Variety, global box office revenue in 2022 was nearly $30 billion, up 27% from the previous year. But it was still 35% below the three-year average ending in 2019, before the pandemic shuttered theaters and pushed viewers further into the habit of watching movies from the couch rather than on the big screen.
Marcus said part of the issue is that studios are still not producing the number of films for wide release that they did in past years. “The truth is we need close to 100 (films released) in a year. This year , we were down in the low 70s with new releases … and that’s a problem.”