Fathom Events is a company best known for bringing theater, opera, live events and concerts to the screen, and currently has projected gross revenues of more than $93 million. Despite the fact that exhibition space has yet to fully recover from the coronavirus pandemic, Fathom is having its best year in company history, with 2019 sales to date the company’s most profitable in its history. This is expected to be 116% higher. To elaborate further, Fathom reports that his 2022 earnings are $68 million.
So what’s behind the surge? Fathom attributes the strong performance to a key part of the company’s business strategy: implementing a “specialized distribution” model. The goal was to bring a wider range of content to theaters beyond his opera productions, which helped raise Fathom’s profile. This comes as Fathom distributes faith-based films like The Blind and releases episodes of the Christian drama series The Chosen in theaters. Fathom also partnered with Bleecker Street for the premiere event of the Golda Meir biopic “Golda” and screened “Waitress: The Musical.” They also worked on re-releasing classic films such as “Back to the Future” and “The Wizard of Oz.”
The strategy seems to have worked. “The Blind,” a drama about the childhood of “Duck Dynasty” star Phil Robertson, became Fathom’s highest-grossing film ever, grossing more than $17 million. Additionally, special screenings of legendary director Hayao Miyazaki’s films grossed more than $15 million at the box office, and a remastered version of the 2009 animated film Coraline grossed more than $7 million in just four days. was recorded. Additionally, Fathom’s “Big Screen Classics” series of older movies grossed more than $4.6 million in 2023. Looking ahead, Fathom said it plans to release the entire fourth season of The Chosen in theaters in February of this year before it becomes available for other movies. platform.
Fathom Events is owned by the nation’s largest theater chains, AMC Entertainment, Cinemark, and Regal. This allows Fathom to operate an extensive film distribution network domestically and in more than 45 countries. There are some caveats to the financial results. Fathom reports revenue rather than profit or loss, so the context provided is selective, but it does provide some insight into how the change in strategy might work.
“Earlier this year, we realized we needed to make some changes to the business model we had in place before the pandemic, so we came up with some innovative ideas and put them into action,” said Fathom Events. CEO Ray Nutt said. “We couldn’t be more proud of our contributions to the industry this year and couldn’t be more pleased with the performance of this new model.”