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UK cinema industry
The UK and Ireland cinema market continues to be dominated by three major exhibitors; Odeon UCI, Cineworld and Vue. In total they account for over 70% of the total market box office and provide over 60% of the total screens in the UK. The rest of the market is represented by smaller multiplex chains and independents which tend to operate non-multiplex cinemas (less than five screens). This situation has remained largely constant because of the significant barriers to entry, both through acquisition and organically. The rate of new cinema openings has been falling in recent years, partly due to the limited number of new retail and leisure development opportunities and the long time it takes to bring developments to fruition. This has been exacerbated more recently due to reduced funding for developers in the present financial climate, though confidence has started to improve.
In 2010, gross box office revenue in the UK and Ireland increased 2.7% to £1.08bn (Rentrak/EDI) whilst UK admissions remained stable at c169m (Cinema Exhibitors Association), demonstrating the resilience of cinema in the economic and consumer environment. The low price of going to the cinema compared to other forms of leisure and the desire for escapism have remained key attractions. Underpinning the overall success in 2010 was the strong line-up of films, the ongoing conversion to digital and the growth in the number of films released in 3D format.
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