Everyman suffers a box office slump as its Joker sequel disappoints
- Joker: Folie à Deux was largely panned by critics and a commercial disaster
- Everyman’s annual turnover continued to rise by 17% thanks to record membership growth
Everyman Media Group shares fell on Friday as the cinema group highlighted the box office failure of the new Joker film after disappointing sales performance.
The London-based company noted that fourth-quarter performance was weaker than expected, partly after the poor showing of psychological thriller Joker: Folie à Deux.
Starring Joaquin Phoenix and Lady Gaga, the highly anticipated sequel to 2019’s Joker was largely panned by critics and a commercial disaster, with global ticket sales barely exceeding production costs.
In Britain, the film grossed just £10 million in its first month of release, while its predecessor earned the equivalent of £58.3 million throughout its run.
After this, Everyman saw trade affected by a busy calendar of five blockbuster releases in five weeks, leaving titles competing with each other.
Poor showing: Joker: Folie à Deux was largely panned by critics and a commercial disaster, with worldwide ticket sales barely exceeding production costs
Among the high-profile films to hit screens in November and December were the musical fantasy adaptation Wicked, the animated film The Wild Robot and the sequels Moana 2 and Gladiator II.
Everyman said its customers spent less on average during this period due to the higher proportion of family-friendly films released.
However, the company’s turnover still grew by 17.9 per cent to £107.2 million in the 53 weeks ending January 2.
Revenues were supported by average ticket prices rising 2.8 per cent to £11.98 and membership growing by a record 56,000.
Everyman attracted a sizable audience with award-winning films such as Poor Things, The Holdovers and the Anthony Hopkins drama One Life, as well as the science fiction epic Dune: Part Two, starring Austin Butler and Timothée Chalamet.
Due to increased uncertainty surrounding the fall budget, the company said it was being “more cautious” about its outlook for this year and next year.
However, Everyman expects to benefit from a slew of major releases, especially in the first half of 2025.
Major titles coming out include the Michael Jackson biopic Michael, Bridget Jones: Mad About the Boy, Avatar: Fire and Ash and Mission: Impossible – The Final Reckoning.
Alex Scrimgeour, CEO of Everyman, said the group has made “positive operational and strategic progress” despite recent challenges such as the Hollywood film and television strikes.
He added: ‘We are focused on continuing to manage debt and reduce leverage, and despite the wider trading environment we will continue to deliver Everyman’s unique brand of hospitality to our growing customer base.’
Everyman plans to launch two more locations in London this year: one in Brentford Lock and another in the redeveloped Whiteley building in Bayswater.
It currently has 47 locations with a total of 163 screens, and has recently opened locations in the Queen Elizabeth Olympic Park in Cambridge and Stratford.
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