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Tim Richards, the founder and chief executive of Vue International, recently expressed that he does not perceive streaming services and home entertainment as competitors to traditional cinema. During a conversation on the BBC’s Big Boss Interview podcast, Richards mentioned how film studios attempted to bypass cinemas during the pandemic, resulting in significant financial losses amounting to “hundreds of millions of dollars.”
Acknowledging the interconnected nature of the industry, Richards highlighted the importance of collaboration among cinema chains and emphasized the positive relationship that exists between competitors. He emphasized the message that cinemas remain an ideal destination for enjoying a quality entertainment experience.
Reflecting on the challenges faced by the film industry over the past five years, Richards discussed the tumultuous journey of Vue International from its peak year in 2019 to the unforeseen closures caused by the Covid-19 pandemic. Subsequently, the company had to navigate through actors’ and writers’ strikes that further disrupted production activities, resulting in prolonged closures and uncertainties.
Despite facing adversity, Richards remains optimistic about the future of Vue International, noting a return to pre-pandemic trading levels this year and projecting a record-breaking summer ahead. As the industry grapples with changing release models and evolving consumer preferences, he remains confident in the enduring appeal of the big screen, emphasizing the inherent love for movies across various formats
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