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Barbie Fever: Why I’m Buying Cineplex Stock Today

The cinema established itself as one of the most popular forms of mass entertainment in the 20th century. In the 21st century, films like Avatar and Avengers: Endgame broke box office records, raking in over $2 billion each in their respective runs. However, the rise of home entertainment options like Netflix, the increased reliance on big blockbusters to do the heavy lifting, and the COVID-19 pandemic presented a very real threat to the future of the traditional cinema.

Movie theatres have chipped away at this notion in the post-pandemic world. Avatar: The Way of Water was released on December 16, 2022, and managed to reel in just over $2.30 billion worldwide. The Super Mario Bros. Movie was another huge winner than pulled in over $1.30 billion. However, the buzz generated by the twin releases of Barbie and Oppenheimer this past weekend has injected newfound optimism for the movie theatre business.

Barbie was a massive success in its opening weekend. It has already pulled in over $470 million worldwide as we approach its second weekend. The Christopher Nolan historical epic Oppenheimer has raked in $220 million worldwide, an impressive feat for a dense three-hour film in its genre.

These successes bode well for the future of Cineplex (TSX:CGX). Its shares have jumped 3.2% month-over-month as of close on Wednesday, July 26. In Q1 2023, the company delivered total revenue growth of 49% to $340 million as theatre attendance surged 46% to 9.76 million. Adjusted EBITDA climbed 72% to $62.7 million. I’m eager for a front row seat as Cineplex continues its impressive post-pandemic rebound.