Everyman’s Woes Signal Fresh Headwinds for Cinemas Amid Economic Strain
Everyman faces new challenges as rising taxes and competition impact cinema attendance and consumer spending
Everyman, Cinemas, UK, Consumer Spending, Tax Rises
London: Everyman is feeling the heat as the cinema scene gets tougher. They’re dealing with a crowded release schedule, which means movies are competing for attention. This has made it hard for any single film to shine.
Plus, people aren’t spending as much when they go out. November and December saw a dip in how much guests were spending. The company is also worried about what’s coming in 2025 and 2026, especially with those higher employment taxes announced last month.
These tax hikes, starting in April, could mean smaller paychecks and possibly more job losses. That’s not great news for cinemas, which are still recovering from the pandemic and last year’s Hollywood strikes.
Despite all this, Everyman’s CEO, Alex Scrimgeour, is staying positive. He mentioned that they’ve made some good progress and are looking to expand. They’ve got two new openings lined up for 2025, which is exciting!
Everyman’s revenue for the past year went up by nearly 18%, hitting £107.2 million. However, their profits dipped a bit. By the end of the day, shares were down about 14%, which isn’t ideal.