Cinemark Theatres reported more than $2.45 billion in revenue in 2022. Emerging from pandemic lows, revenue is up from $1.51 billion in 2021, but still lagging behind the $3.28 billion the Dallas-based company reported in 2019. At the helm of Cinemark is Sean Gamble, who believes the company—and the entire industry—is right on the cusp of breaking out of the pandemic woes.
“The past year has validated that consumer demand for larger-than-life, theatrical moviegoing experiences is as strong as ever,” he told D CEO.
In his full-length 2023 Dallas 500 Q&A, Gamble talks about how Cinemark battled through the pandemic—and what losses the company experienced along the way—his key leadership strategy, where he likes to vacation, and more.
Education: Bucknell University (BS – Mechanical Engineering)
First Job: “In high school, my friend and I operated a car detailing business, which taught me valuable things about entrepreneurship and business in general. Many of the lessons I learned remain relevant today, including the importance of great customer service and high-quality work, time management and prioritization, and the value of proactive outreach.”
Best Advice: “One piece of advice that has benefitted me throughout my career is to pursue stretch assignments that develop new skillsets, force you to work out of your comfort zone, and broaden your perspective.”
Destinations of Choice: “I really enjoy exploring new places around the world, particularly those with differing cultures that expose me to new experiences. I have always been fascinated by different traditions, foods, architecture, and ways of life. My wife and I lived in Florence, Italy, from 2007 to 2009, and that remains one of our favorite places.”
Nonprofit Cause: “I am particularly passionate about contributing to causes that benefit under-privileged children and have done so through organizations like GlobalGiving for years. Since joining Cinemark, I have also become involved with Variety, the Children’s Charity, that works to provide life changing programs for children, so they can live without limits. Our entire Cinemark team and I actively support Variety year after year through our Cinemark Cares initiatives and our annual charity event.”
Industry Change: “Going to the movies enriches people’s lives and builds community through shared, larger-than-life, cinematic journeys to amazing new worlds. Unfortunately, the theatrical exhibition industry was among those most impacted by the COVID-19 pandemic. Through 2022, moviegoers demonstrated their sustained enthusiasm for theatrical moviegoing as they came out in droves last summer to see Hollywood’s latest films on the big screen. The overall volume of new titles, however, continues to lag pre-pandemic levels due largely to production delays stemming from the pandemic. So, if I could change one thing, it would be to accelerate the recovery of the volume of new content coming to our screens.”
Go-to Adviser: “When looking for business advice, I typically reach out to a wide range of individuals for varied points of view. While the specific individuals I consult will depend on the topic, I generally look to former colleagues and managers, friends, contacts across various industries and, of course, our Cinemark team and board of directors. I think it is important to gather multiple perspectives to help shape a comprehensive view, which ultimately leads to the best decision.”
Toughest Challenge: “Undoubtedly, operating through COVID-19 has been the toughest business challenge I’ve faced. It was an unforeseen and drastic change that forced the complete shutdown of our global theater circuit and caused us to pivot from focusing on growth in a stable, healthy industry, to an intense concentration on liquidity management. It also created a range of new uncertainties with regard to consumer behavior. As a result, we had to make many difficult people, financial, and operational decisions to secure the future of the company. We then had to reignite our industry and operations from a complete standstill in a fragile and dynamic health environment with limited new film content. I have always been impressed by the exceptional people at Cinemark, and I cannot hold our team in higher admiration following the way everyone pulled together during the pandemic to persevere and deliver the remarkable accomplishments that we achieved.”
Proud Moment: “While Cinemark has a long history of out-performing industry box office growth, our results over the past year have been particularly strong. In 2021, we gained a meaningful bump in our market share from being one of the first theater circuits to re-open during the pandemic, and remain open, government restrictions notwithstanding. Since then, we’ve been able to maintain a significant portion of that gain because of our industry-leading guest service, amenities, and experiences, as well as the sophisticated marketing capabilities that we have developed, which have helped us to successfully reignite theatrical moviegoing.”
Key Leadership Strategy: “When I think about the leaders whom I admire, some of the key qualities they all possess are the abilities to craft and communicate a clear strategic vision, motivate and inspire people to action, and effectively develop and orchestrate a team to work together to achieve a particular goal. These traits are often coupled with driving a sense of urgency and accountability, empowering teams to act, and an ongoing focus on innovation and continuous improvement to stay ahead of the curve.”
Future Forecast: “I’m most excited about the continued resurgence of the theatrical exhibition industry as more and more content returns to our screens. The pandemic underscored the value of community and out-of-home shared experiences. Cinemark is a global leader in providing immersive, larger-than-life communal entertainment for consumers of all ages and interests. We continue to advance a wide range of strategic initiatives that are focused on taking the quality and value of the entertainment experience we provide our guests to the next level, and we are highly optimistic about the future of our company and industry.”
Author
