The October surge has all our dials moving in a positive direction. The recently completed 41st week came in at 71% of the same week in 2019. After the first two weeks of the month, the 4th Quarter number sits at a solid 72%. Even the year-to-date comparison has risen for the two consecutive weeks, from 30% to 31% and 31% to 32%. For such a weighted number to be moving at this point in the year is very positive.
Since early summer, we have been tracking how long it would take for the industry to recover to earn 75% for a four-week period when compared to the same four weeks in 2019. We continue to believe that this is a key milestone as exhibitors strive to return to profitability. We now project that the industry will hit that magic 75% 4-week number by 10/29. Of course, achieving this one time does not guarantee that same result throughout the rest of 2021. There are tough comps ahead to match up to the 2019 blockbusters of FROZEN 2 and STAR WARS: EPISODE IX – THE RISE OF SKYWALKER. While we continue to monitor these comparisons, we should take a moment to recognize and celebrate this important milestone.
The 4 weeks from 10/1–10/29 are on track to reach 75%+ of earnings from the same 4-weeks in 2019!