Wanda Film to open 50 to 70 new cinemas this year in drive for market share as coronavirus impact subsides
- Wanda Film plans to add 162 new cinemas in the next three years to grow its market share in mainland China
- Measures to ease restrictions come as a relief for Wanda after entertainment centres were ordered to shut in January due to the pandemic
“The Covid-19 outbreak has hit our sector heavily in the short-term, but it is temporary,” executive president Liu Xiaobin said during an investor call on Saturday to discuss the group’s first-quarter earnings. “Expansion and taking a bigger market share is our goal.”
“We are actively preparing for the resumption of our theatres and we believe the reopening day is within sight,” Liu added.
This year’s proposed addition is part of its aim to add 162 new cinemas over the next three years, the company said during the conference call. Last year, Wanda Film added 73 cinemas to its network.
Wanda Film is looking forward to reopening many of its 656 cinemas in 230 cities across the mainland as China eases some of its draconian lockdown measures. The closures contributed to a 599 million yuan loss for the group last quarter, compared with 401 million yuan in profit a year earlier.