Cinema chains across New Zealand are reporting major financial losses

Australian-owned Hoyts, which has 11 theatres in NZ, saw annual profits drop from 2.5 million to just shy of 478-thousand dollars.

The company told BusinessDesk, last year was a challenging one - influenced by the writers and actors strikes in 2023.

Meanwhile, Reading [redding[ NZ-saw revenue fall to 22.6 million dollars from 23.3 million.

For Event Cinemas, revenue dropped 10.5 percent to 40.3 million.