We’re all too familiar with the struggles that entrepreneurs face today, and cinemas are among the hardest hit industries. Industry tracker, Box Office Mojo, estimates that U.S. box office sales are down more than 80% year-to-date from 2019.
On this morning’s WJR Business Beat, Jeff shares a snippet of a conversation he recently had with Emagine Theatres CEO, Paul Glantz, on the future of the theater industry.
Tune in below:
“We’re looking forward to the day when we can welcome (customers) back. We think the time to be bold is when others are fearful.”
– Paul Glantz, Emagine Theatres CEO
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We’re all too familiar with the struggles that entrepreneurs face today. One of the hardest hit? Cinemas. Beyond forced closure issues, people are understandably concerned about going back into the cinema at this time. In fact, a recent survey showed that as many as 64% of all adults wouldn’t go, even if they could, due to health and safety concerns and industry tracker, Box Office Mojo, estimates that U.S. box office is down more than 80% year to date from 2019.
Now, given this, one could reasonably argue that the only news to be had in this industry sector is dismal, but oh, no, not so fast.
I recently had a chance to interview Paul Glantz, the founder and chairman of Emagine Theatres, and to say that my conversation with him was inspiring and motivating is simply an understatement.
Most poignant from my conversation with Paul?
Unlike many of his contemporaries in the theater space, he’s not only surviving, he’s actually thinking about growth and how to be optimally positioned as we get beyond the crisis.
In fact, the Troy-based chain has signed long-term leases for four additional theaters across the Midwest.
Let’s listen to Paul talk about his perspective on all this.
“Thank you, Jeff. We’re very fortunate that we did not run our business on a shoestring. We’ve got a lot of cash that has been a cushion to us during this period of time. And you know, the feedback, particularly what I’ve seen on social media, is so positive from guests who say they can’t wait for the time where they could leave their homes and go out and congregate again. We’re looking forward to the day when we can welcome them back. We think the time to be bold is when others are fearful, and with that in mind, my senior leadership team and I have been focused almost exclusively on trying to acquire a competitor. It’s entirely possible that there are some venues that we could operate in the future that serve the market if they were converted to Emagine Theatres.”
Bold, confident, and focused on the future. Paul Glantz is showing us what it means to believe in your vision and your opportunity, and to go after it boldly as a successful entrepreneur.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.