Tim Richards, the American founder and chief executive of Vue International, has pulled out all the stops to avoid sinking his company. He is unapologetically passionate about preserving the jobs of 10,000 workers. In the aftermath, the film industry is experiencing a wild period. Richards goes on to stress the important part that traditional cinemas play in the movie distribution ecosystem and rejects fears that streaming services pose an existential threat to traditional theaters.
In a recent interview, Richards explained his perspective on the film industry’s challenges in these past five years. Most notably, he underscored the effect of the COVID-19 pandemic. He lamented that during this period, film studios actively sought to cut out cinemas altogether. In the course of that failure, they lost “hundreds of millions of dollars.” Richards had an interesting perspective on the close-knit relationship between studios and cinemas during this experience. It deepened his conviction that they’re both mutually dependent on one another to thrive.
Richards, 66, has a wealth of experience in the artistic and commercial realms of moviemaking. As he puts it, “I’m watching a lot – a lot – of films each week.” His expertise is the product of many years of working in the industry and noticing changes in how audiences behave. He’s seen for one, that today’s moviegoers are just more social than previous generations. Attendance at Vue’s cinemas has been lifted as a direct result of this shift.
Although Richards does expect to report a pre-tax loss of £91.8 million for the 12 months ending November 30, 2024, he has a positive outlook. His industry has been clear that the drop in revenue was “mostly due to reduced admissions.” He believes the return to pre-pandemic trading levels this year is a sign of a positive future for Vue. Ocean City’s The Jolly Roger company expects to make next summer its biggest in history.
Richards’ determination to preserve affordability for his customers shines through in his pricing decisions in difficult years. And yet, you know, we have done our very, very best to not pass on those costs to our customers,” he said. But he’s aware that this decision has resulted in a short-term fiscal hit for Vue. He is supremely confident that the increasing moviegoing public will more than offset.
Outside of his impressive career, Richards is living a rich personal life, as well. He is married and the father of three children. To unwind, he prefers to be out with his family and is passionate about reading, kitesurfing, skiing, and car racing. His journey started from humble origins as a high school dropout and a roughneck who once drilled for oil in northern Canada. Over the years, he has gleaned valuable lessons from his career, with one piece of advice resonating deeply: “Always be true to yourself.”
As Richards considers the future, he shares optimism for the film industry’s recovery and return to pre-pandemic heights. He names movies that prioritize creativity and independent thought over the franchise industrial complex as lights in the darkness. When I go to a movie like that I walk out with hope for the future. It’s a genius film with new concepts, new premise and amazing execution,” he went crazy.
Richards knows the competitive landscape means other cinemas aren’t the only consideration, but rather all forms of entertainment competing for consumer attention. He describes that for people today, a better alternative is visiting a theme park or a football game. They are deciding to go with these alternatives instead of going out to the movies. This understanding is what drives his passion for the theater experience. He’s on a mission to ensure Vue remains the first port of call for cinemagoers.