National CineMedia, Inc. (NCMI): Business Model Canvas

Stellen Sie sich ein Marketing-Kraftpaket vor, das jeden Tag die ungeteilte Aufmerksamkeit von Millionen Kinobesuchern auf sich zieht – das ist National CineMedia, Inc. (NCMI) auf den Punkt gebracht. Durch die Umwandlung von Kinoleinwänden in dynamische Werbeflächen hat dieses innovative Unternehmen die Art und Weise revolutioniert, wie Marken in den entscheidenden Momenten vor der Show mit dem Publikum in Kontakt treten. Mit einem hochentwickelten Netzwerk, das große Theaterketten wie AMC, Regal und Cinemark umfasst, bietet NCMI Werbetreibenden eine beispiellose Plattform für gezieltes, wirkungsvolles Marketing, das die Einbindung der Zuschauer in einer einzigartig immersiven Umgebung garantiert.

National CineMedia, Inc. (NCMI) – Geschäftsmodell: Wichtige Partnerschaften

Große Kinoketten

National CineMedia unterhält strategische Partnerschaften mit drei großen Kinoketten:

Kinokette	Eigentumsprozentsatz	Anzahl der Bildschirme
AMC-Theater	29.2%	7.962 Bildschirme
Königliche Kinos	22.7%	7.318 Bildschirme
Cinemark	16.3%	4.434 Bildschirme

Werbeagenturen und Medieneinkäufer

Zu den wichtigsten Werbepartnerschaften gehören:

• Interpublic Group (IPG)
• Omnicom Media Group
• WPP-Gruppe
• Publicis Groupe

Lokale und nationale Werbemarken

Kategorie	Top-Werbetreibende	Jährliche Werbeausgaben
Automobil	Ford, Toyota, Chevrolet	45,2 Millionen US-Dollar
Technologie	Apple, Samsung, Microsoft	38,7 Millionen US-Dollar
Unterhaltung	Netflix, Disney, Warner Bros.	32,5 Millionen US-Dollar

Technologieanbieter

Technologiepartner für digitale Werbeplattformen:

• Google-Werbeplattform
• Adobe Advertising Cloud
• MediaMath
• Der Handelsschalter

Content-Produktions- und Unterhaltungsunternehmen

Unternehmen	Partnerschaftstyp	Inhaltsreichweite
Walt Disney Studios	Inhaltsverteilung	1.200 Theater
Universelle Bilder	Werbeintegration	1.100 Theater
Warner Bros.	Marketing-Zusammenarbeit	950 Kinos

National CineMedia, Inc. (NCMI) – Geschäftsmodell: Hauptaktivitäten

Management des digitalen Kino-Werbenetzwerks

National CineMedia verwaltet das größte digitale Kinowerbenetzwerk in den Vereinigten Staaten und deckt rund 20.000 Leinwände an 1.600 Kinostandorten ab. Ab 2023 erreicht das Netzwerk jährlich etwa 711 Millionen Kinobesucher.

Netzwerkmetrik	Menge
Insgesamt abgedeckte Bildschirme	20,000
Theaterstandorte	1,600
Jährliche Kinobesucherreichweite	711 Millionen

Anzeigenverkauf und Platzierung auf Kinoleinwänden

NCMI generiert Werbeeinnahmen durch strategische Verkaufs- und Platzierungsstrategien. Im Jahr 2022 meldete das Unternehmen einen Gesamtwerbeumsatz von 428,5 Millionen US-Dollar.

• Durchschnittlicher Werbepreis pro Bildschirm: 21.425 $
• Abdeckung des Werbeinventars: 98 % der digitalen Kinoleinwände
• Hauptwerbekategorien: Unterhaltung, Automobil, Lebensmittel & Getränk

Inhaltserstellung und Programmierung für Pre-Show-Entertainment

Das Unternehmen produziert jährlich rund 2.500 Stunden maßgeschneiderten Pre-Show-Entertainment-Content mit einer durchschnittlichen Sehdauer von 20 Minuten pro Kinobesucher.

Inhaltsmetrik	Menge
Jährliche Content-Produktion	2.500 Stunden
Durchschnittliche Sehdauer vor der Show	20 Minuten

Datenanalyse und Zielgruppen-Targeting

NCMI nutzt fortschrittliche Datenanalyseplattformen, um monatlich etwa 74 Millionen einzelne Kinobesucher anzusprechen, mit demografischen Präzisions-Targeting-Funktionen.

• Monatliche Unique Audience-Reichweite: 74 Millionen
• Demografische Segmentierung der Zielgruppe: Alter, Einkommen, Standort
• Datenerfassungspunkte: 20.000 digitale Bildschirme

Entwicklung der Theaterwerbetechnologie

Das Unternehmen investiert jährlich etwa 12,7 Millionen US-Dollar in Technologieforschung und -entwicklung, um die Möglichkeiten der digitalen Werbung zu verbessern.

Technologieinvestitionen	Betrag
Jährliche F&E-Ausgaben	12,7 Millionen US-Dollar
Technologieschwerpunkte	Digitale Werbeplattformen

National CineMedia, Inc. (NCMI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches National Theatre Screen Network

Ab 2024 ist National CineMedia in 46 Bundesstaaten mit einem Netzwerk von 20.300 Leinwänden in etwa 1.600 Kinos tätig. Das Unternehmen ist in 171 konsolidierten Theatern und 52 unabhängigen Theatern vertreten.

Bildschirmabdeckung	Nummer
Gesamtzahl der Bildschirme	20,300
Abgedeckte Staaten	46
Konsolidierte Theater	171
Unabhängige Theater	52

Digitale Werbeinfrastruktur

NCMI unterhält eine robuste digitale Werbeplattform mit den folgenden Spezifikationen:

• Digitales Pre-Show-Werbenetzwerk
• Programmatische Werbemöglichkeiten
• Fortschrittliche Targeting-Technologien

Proprietäre Technologie zur Zielgruppenmessung

Das Unternehmen nutzt Movio-Kino Zielgruppenmessplattform, die Folgendes verfolgt:

• Demografische Daten der Zielgruppe
• Verhalten beim Kinobesuch
• Anwesenheitsverfolgung in Echtzeit

Enge Beziehungen zu Kinoketten

NCMI unterhält strategische Partnerschaften mit großen Kinoketten:

Kinokette	Eigentumsanteil
AMC Entertainment	29.7%
Königliche Kinos	22.4%
Cinemark-Theater	18.9%

Kompetente Vertriebs- und Marketingteams

Im Jahr 2024 beschäftigt NCMI rund 280 Vollzeitfachkräfte, die sich den Bereichen Vertrieb, Marketing und technologische Entwicklung widmen.

Teamzusammensetzung	Anzahl der Mitarbeiter
Vertriebsteam	120
Marketing-Team	85
Technologieteam	75

National CineMedia, Inc. (NCMI) – Geschäftsmodell: Wertversprechen

Gezielte Werbung für das gefangene Kinopublikum

National CineMedia erreicht 20.541 Bildschirme quer 1.600 Theaterstandorte in den Vereinigten Staaten. Das Unternehmen liefert Werbung an ca 700 Millionen Kinobesucher pro Jahr.

Werbemetrik	Wert
Gesamte Bildschirmabdeckung	20.541 Bildschirme
Jährliche Kinobesucherreichweite	700 Millionen
Theaterstandortnetzwerk	1.600 Websites

Hochwertige Marketingplattform mit großem Bildschirm

NCM bietet Werbung auf dem Bildschirm mit hochauflösende Digitalanzeigen in großen Theaterketten.

• Durchschnittliche Bildschirmauflösung: 4K-Digitalprojektion
• Dauer des Werbespots: 15-30 Sekunden
• Werbeabdeckung vor der Vorstellung: 96 % des Theaterpublikums

Garantierte Zuschauerbindung

NCM-Berichte 97 % Zuschaueraufmerksamkeit während der Pre-Show-Werbesegmente.

Engagement-Metrik	Prozentsatz
Aufmerksamkeitsrate des Zuschauers	97%
Anzeigenabschlussrate	95%

Präzise demografische Targeting-Funktionen

NCM bietet eine detaillierte Zielgruppensegmentierung mit detaillierte demografische Daten.

• Ausrichtung auf Altersgruppe: 13–49 Jahre
• Verfolgung der Einkommensklasse: 50.000 bis 150.000 US-Dollar
• Geografische Präzision: Lokale und nationale Kampagnenoptionen

Einzigartige Entertainment-Marketing-Umgebung

NCM generiert 428,3 Millionen US-Dollar an jährlichen Werbeeinnahmen mit exklusive Kinowerberechte.

Finanzkennzahl	Wert
Jährliche Werbeeinnahmen	428,3 Millionen US-Dollar
Marktanteil in der Kinowerbung	58%

National CineMedia, Inc. (NCMI) – Geschäftsmodell: Kundenbeziehungen

Langfristige Werbeverträge

National CineMedia hat mit großen Werbekunden eine durchschnittliche Vertragslaufzeit von 3–5 Jahren. Im Jahr 2023 meldete das Unternehmen 93 langfristige Werbeverträge mit einem Gesamtvertragswert von rund 365 Millionen US-Dollar.

Vertragstyp	Anzahl der Verträge	Gesamtvertragswert
Langfristige Werbeverträge	93	365 Millionen Dollar

Maßgeschneiderte Werbelösungen

NCMI bietet maßgeschneiderte Werbepakete für mehrere Kinoplattformen:

• Digitale Werbung auf dem Bildschirm
• Lobby-Display-Werbung
• Integrationen mobiler und digitaler Plattformen
• Gezielte demografische Werbelösungen

Leistungsverfolgung und Berichterstattung

Das Unternehmen bietet detaillierte Analysen mit den folgenden Kennzahlen:

Metrisch	Messung
Zielgruppenreichweite	Über 700 Millionen jährliche Zuschauer
Werbeimpressionen	Ungefähr 3,4 Milliarden jährliche Impressionen

Dedizierte Kontoverwaltung

NCMI behauptet 42 engagierte Account-Management-Experten Wir bedienen erstklassige Werbekunden aus verschiedenen Branchensegmenten.

Regelmäßige Kundenkommunikations- und Strategiesitzungen

Das Unternehmen führt vierteljährlich Strategiesitzungen mit wichtigen Kunden durch 168 strategische Treffen jährlich.

Kommunikationshäufigkeit	Anzahl der jährlichen Interaktionen
Vierteljährliche Strategiesitzungen	168
Monatliche Leistungsbeurteilungen	Ungefähr 504

National CineMedia, Inc. (NCMI) – Geschäftsmodell: Kanäle

Direktvertriebsteam

National CineMedia beschäftigt ab dem vierten Quartal 2023 ein engagiertes Direktvertriebsteam von 87 Vertriebsprofis, das sich auf den nationalen und regionalen Werbeverkauf in seinem gesamten Kinonetzwerk konzentriert.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	87
Durchschnittlicher Jahresumsatz pro Vertriebsmitarbeiter	$624,000
Geografische Abdeckung	48 Staaten

Digitale Werbeplattformen

NCMI nutzt mehrere digitale Werbeplattformen, um Reichweite und Engagement zu erhöhen.

• Lobby-Entertainment-Netzwerk
• Digitale Pre-Show-Werbeplattformen
• Mobilintegrierte Werbelösungen

Medieneinkaufsagenturen

NCMI arbeitet im Jahr 2024 mit 42 großen Medieneinkaufsagenturen zusammen, die etwa 215 Millionen US-Dollar an jährlichen Werbeausgaben repräsentieren.

Beziehung zu einer Medienagentur	Statistik 2024
Total Media-Einkaufsagenturen	42
Jährliche Werbeausgaben	$215,000,000
Top-Agenturbeziehungen	GroupM, Publicis, Omnicom

Partnerschaftsnetzwerke für Kinoketten

NCMI unterhält Partnerschaften mit drei großen Kinoketten: AMC Theatres, Regal Cinemas und Cinemark Theatres, die landesweit 20.300 Leinwände abdecken.

• AMC-Theater: 8.100 Leinwände
• Königliche Kinos: 7.300 Leinwände
• Cinemark-Theater: 4.900 Leinwände

Online-Marketing-Portale

NCMI nutzt digitale Marketingkanäle mit etwa 1,2 Millionen aktiven digitalen Impressionen pro Monat auf verschiedenen Online-Plattformen.

Online-Marketing-Kanal	Monatliche Kennzahlen
Digitale Impressionen	1,200,000
Durchschnittliche digitale Engagement-Rate	3.7%
Online-Werbeeinnahmen	18.500.000 $ jährlich

National CineMedia, Inc. (NCMI) – Geschäftsmodell: Kundensegmente

Nationale Markenwerbetreibende

National CineMedia bedient große nationale Werbetreibende aus verschiedenen Branchen. Im Jahr 2022 meldete das Unternehmen Werbeeinnahmen von 428,4 Millionen US-Dollar.

Die wichtigsten nationalen Werbesektoren	Prozentsatz der Werbeausgaben
Unterhaltung	22%
Verpackte Konsumgüter	18%
Automobil	15%
Technologie	12%

Lokale und regionale Unternehmen

Lokale Werbetreibende stellen einen bedeutenden Teil des Kundenstamms von NCMI dar.

• Lokale Werbeausgaben über NCMI: 87,6 Millionen US-Dollar im Jahr 2022
• Durchschnittlicher Vertragswert lokaler Werbetreibender: 12.500 $ pro Kampagne
• Anzahl der jährlich bedienten lokalen Unternehmen: Ungefähr 3.400

Vermarkter der Unterhaltungsbranche

Filmstudios und Unterhaltungsunternehmen sind wichtige Kunden für Kinowerbung.

Kategorie Unterhaltungswerbetreibender	Jährliche Werbeausgaben
Große Filmstudios	94,2 Millionen US-Dollar
Streaming-Dienste	42,5 Millionen US-Dollar
Fernsehsender	23,7 Millionen US-Dollar

Automobil- und Einzelhandelssektor

NCMI bietet gezielte Werbelösungen für Automobil- und Einzelhandelsmarken.

• Werbeausgaben im Automobilsektor: 64,3 Millionen US-Dollar im Jahr 2022
• Werbeausgaben im Einzelhandel: 55,9 Millionen US-Dollar im Jahr 2022
• Anzahl der Automobilinserenten: 127
• Anzahl der Werbetreibenden im Einzelhandel: 214

Technologie- und Konsumgüterunternehmen

Technologie- und Konsumgüterunternehmen nutzen die Kinowerbeplattform von NCMI.

Segment der Technologie-Werbetreibenden	Jährliche Werbeinvestition
Unterhaltungselektronik	38,6 Millionen US-Dollar
Mobilfunk/Telekommunikation	29,4 Millionen US-Dollar
Software-/Internetunternehmen	22,1 Millionen US-Dollar

National CineMedia, Inc. (NCMI) – Geschäftsmodell: Kostenstruktur

Wartung des Kinoleinwandnetzwerks

Jährliche Wartungskosten für digitale Kinoleinwände: 12,4 Millionen US-Dollar im Jahr 2022

Kostenkategorie	Jährliche Ausgaben
Technische Wartung des Bildschirms	7,2 Millionen US-Dollar
Geräteaustausch	5,2 Millionen US-Dollar

Investition in digitale Werbetechnologie

Technologieinvestitionsausgaben: 8,6 Millionen US-Dollar im Jahr 2022

• Entwicklung digitaler Plattformen: 4,3 Millionen US-Dollar
• Werbe-Targeting-Software: 2,1 Millionen US-Dollar
• Datenanalyse-Infrastruktur: 2,2 Millionen US-Dollar

Vertriebs- und Marketingkosten

Gesamtausgaben für Vertrieb und Marketing: 17,5 Millionen US-Dollar im Jahr 2022

Marketingkanal	Kosten
Digitales Marketing	6,8 Millionen US-Dollar
Direktvertriebsteam	5,3 Millionen US-Dollar
Werbekampagnen	5,4 Millionen US-Dollar

Kosten für die Produktion von Inhalten

Jährliche Ausgaben für die Produktion von Inhalten: 6,3 Millionen US-Dollar im Jahr 2022

• Unterhaltungsproduktion vor der Show: 3,1 Millionen US-Dollar
• Erstellung von Werbeinhalten: 2,5 Millionen US-Dollar
• Kreative Entwicklung: 0,7 Millionen US-Dollar

Entwicklung der Technologieinfrastruktur

Gesamtinvestition in die Technologieinfrastruktur: 9,2 Millionen US-Dollar im Jahr 2022

Infrastrukturkomponente	Investition
Netzwerkinfrastruktur	4,5 Millionen US-Dollar
Cloud-Computing	2,7 Millionen US-Dollar
Cybersicherheitssysteme	2,0 Millionen US-Dollar

National CineMedia, Inc. (NCMI) – Geschäftsmodell: Einnahmequellen

Werbeverkauf vor der Show

Im Jahr 2023 meldete National CineMedia Werbeeinnahmen vor der Show in Höhe von 81,6 Millionen US-Dollar, was einen erheblichen Teil ihrer gesamten Werbeeinnahmen darstellt.

Werbetyp	Umsatz (2023)	Prozentsatz der Gesamtsumme
Werbung vor der Show	81,6 Millionen US-Dollar	42.3%

Kinowerbeverträge

NCMI hat Werbeverträge mit großen Theaterketten, darunter:

• AMC-Theater
• Königliche Kinos
• Cinemark-Theater

Theaterkette	Vertragswert	Bildschirmabdeckung
AMC-Theater	45,2 Millionen US-Dollar	Über 3.500 Bildschirme
Königliche Kinos	38,7 Millionen US-Dollar	Über 2.900 Bildschirme
Cinemark-Theater	33,5 Millionen US-Dollar	Über 2.500 Bildschirme

Digitale Plattformwerbung

Die Werbeeinnahmen auf digitalen Plattformen beliefen sich im Jahr 2023 auf 42,3 Millionen US-Dollar, mit einer Wachstumsrate von 7,2 %.

Monetarisierung von Zielgruppendaten

NCMI erwirtschaftet jährlich etwa 12,5 Millionen US-Dollar durch die Monetarisierung von Zuschauerdaten und verkauft anonymisierte demografische Informationen und Informationen zum Sehverhalten an Marketingfirmen.

Sponsoring- und Branded-Content-Partnerschaften

Sponsoring- und Branded-Content-Partnerschaften generierten im Jahr 2023 einen Umsatz von 25,4 Millionen US-Dollar.

Partnerkategorie	Einnahmen	Anzahl der Partnerschaften
Große Marken	18,6 Millionen US-Dollar	42 Partnerschaften
Mittelgroße Marken	6,8 Millionen US-Dollar	27 Partnerschaften

Die Gesamteinnahmen von National CineMedia beliefen sich im Jahr 2023 über diese fünf Hauptkanäle auf 193,5 Millionen US-Dollar.

National CineMedia, Inc. (NCMI) - Canvas Business Model: Value Propositions

You're looking at the core reasons advertisers choose National CineMedia, Inc. (NCMI) over other media buys right now. It boils down to attention, audience quality, and measurable results, especially as the media landscape gets more fragmented.

Unmatched audience engagement in a dark, distraction-free environment.

The environment itself is a primary value driver. You get an audience that is captive and focused. A study from late 2024 showed that 97% of viewers watched cinema ads, compared to only 38% watching TV ads. Furthermore, viewers spent 3 times longer watching cinema ads versus TV and CTV ads. Specific premium placements show this engagement translates to high recall; the Platinum Spot delivered an impressive 89% ad recall in a recent tech advertisers' campaign. The 4DX format also achieved approximately 85% ad recall in a recent automotive campaign.

Access to a sought-after young, diverse, and hard-to-reach moviegoing audience.

National CineMedia, Inc. connects brands to audiences that are harder to capture elsewhere. In the fourth quarter of 2024, Gen Z and millennials made up 69% of the viewership, with a median age of 30. This reach is concentrated in premium environments. For instance, the Q3 2025 quarterly audience reached 109 million people, even with an 11% year-over-year decline in attendance. The company is actively expanding this reach into higher-disposable-income segments by acquiring Spotlight Cinema Networks in November 2025, which focuses on luxury boutique theaters.

Full-funnel marketing solutions with measurable, performance-driven outcomes.

The pitch here is moving beyond simple brand awareness to provable performance. Nearly half of National CineMedia, Inc.'s ad revenue now comes from its NCMX intelligence platform. This platform delivered a 47% average lift in retail foot traffic for major retail clients in Q4 2024. For a cellular campaign, this data-driven approach resulted in more than 283,000 verified incremental store visits, which is a 110% lift. The integration with iSpot helped show campaign conversion rates that were 3x faster than linear TV. The partnership with TransUnion announced in December 2025 further embeds this data by integrating NCMx into their cross-platform attribution model.

Premium video advertising at scale, a strong alternative to linear TV.

National CineMedia, Inc. offers scale through its massive physical footprint. The cinema advertising platform consists of more than 17,500 screens across over 1,350 theaters in 184 Designated Market Areas®, covering all of the top 50 DMAs. This scale is translating into better monetization, especially in national advertising. The company reported Q3 2025 total revenue of $63.4 million. National advertising revenue for that quarter was $49.9 million, an increase of 6.6% year-over-year. National advertising revenue per attendee in Q3 2025 hit $0.46, marking a 20% year-over-year increase and the highest third-quarter national ad revenue per attendee in the last 5 years. Digital channels are also growing rapidly; Programmatic revenue in Q3 2025 was approximately 4x the prior year.

Here's a quick look at the recent financial scale and performance drivers:

Metric	Period/Context	Amount/Value
Q4 2025 Revenue Guidance	Projected	$91 million to $98 million
Q3 2025 Total Revenue	Actual	$63.4 million
Q3 2025 National Ad Revenue	Actual	$49.9 million
Q3 2025 Local/Regional Ad Revenue	Actual	$9.6 million
Q3 2025 Net Income	Actual	$1.6 million
Total Screens in Network	Current Scale	More than 17,500

Hyper-localized ad targeting using AI, making cinema media buying defintely more precise.

National CineMedia, Inc. is integrating technology to refine targeting beyond just the movie genre. The company is investing in predictive AI models to make sales more efficient. This is being applied through products like Bullseye and Boost, which deliver concrete results. The November 2025 acquisition of Spotlight Cinema Networks specifically allows for blending luxury screen inventory into the NCMX data and Bullseye geotargeting products to create new addressable audience segments for Programmatic campaigns.

• Programmatic revenue grew 82% sequentially in Q3 2025.
• Self-serve platform revenue increased 23% quarter-over-quarter in Q3 2025.
• The company secured a new five-year extension with AMC Theatres through 2042.

National CineMedia, Inc. (NCMI) - Canvas Business Model: Customer Relationships

You're looking at how National CineMedia, Inc. (NCMI) manages its key client connections, which is critical given the reliance on advertising spend. The relationship strategy blends high-touch sales with scalable automation.

For major advertising agencies and brands, National CineMedia, Inc. (NCMI) deploys dedicated national sales teams. This direct approach is clearly driving results in the national segment, which brought in $49.9 million in revenue for the third quarter of 2025. Management is focused on this channel, noting investments in new sales talent to execute an aggressive sales plan.

For streamlined, automated buying, the self-serve and programmatic platforms are gaining serious traction. Programmatic advertiser volume grew by more than 50% quarter-over-quarter in the second quarter of 2025. By the third quarter of 2025, Programmatic revenue delivered approximately 4x compared to the prior year. The self-serve platform also saw its revenue climb by 23% quarter-over-quarter in Q3 2025.

Data-driven consulting through the NCMx suite is designed to prove out the media value. For instance, a recent tech advertisers campaign using the Platinum Spot, an NCMx component, achieved an impressive 89% ad recall. Furthermore, a cellular campaign utilizing the Bullseye product delivered more than 283,000 verified incremental store visits, which is a 110% lift. This is further supported by a new partnership integrating theatrical exposure data into TransUnion's cross platform attribution, which covers 98% of US adults.

The foundation of many of these relationships is cemented by long-term, high-value contracts. The agreement with AMC Theatres was extended and modified, prolonging the collaboration through February 13, 2042, effective July 1, 2025. This strategic move secures National CineMedia, Inc. (NCMI)'s exclusive rights to display third-party advertising in AMC theatre lobbies.

Here's a quick look at the performance metrics tied to these customer relationship channels as of the latest reported data:

Relationship Channel	Key Metric	Value (Latest Reported Period)
Dedicated National Sales	National Advertising Revenue	$49.9 million (Q3 2025)
Programmatic/Self-Serve	Programmatic Revenue Growth (YoY)	Approximately 4x (Q3 2025 vs. prior year)
Programmatic/Self-Serve	Self-Serve Platform Revenue Growth (QoQ)	23% (Q3 2025)
Data-Driven Consulting (NCMx)	Ad Recall (Platinum Spot Campaign)	89%
Key Cinema Partner Contract	AMC Partnership End Date	February 13, 2042

You can see the focus on performance measurement is intense, especially with the new AMC payment structure tying funds to attendance, screen count, and advertising revenue.

The company is also actively working to enhance client relationships through strategic partnerships and technology investments.

• NCM's cinema advertising platform covers more than 17,500 screens in over 1,350 theaters.
• The platform reaches all of the top 50 Designated Market Areas® across 184 DMAs.
• The company declared a quarterly cash dividend of $0.03 per share in Q3 2025.
• Year to date through September 25, 2025, National CineMedia, Inc. (NCMI) had repurchased 3.3 million shares at an average price of $5.78 per share.

National CineMedia, Inc. (NCMI) - Canvas Business Model: Channels

You're looking at how National CineMedia, Inc. (NCMI) gets its advertising inventory-the premium video and out-of-home (OOH) space-in front of audiences. This is all about scale and access, which they deliver through a few distinct pipes.

In-Theater Screens for the Noovie® Show and Feature Advertising

The core channel is the big screen itself, where the Noovie® Show runs before the feature. This inventory is massive, anchored by the largest cinema advertising platform in the US. As of the third quarter of 2025 reporting, National CineMedia, Inc. operates a platform consisting of more than 17,500 screens across over 1,350 theaters. This reach covers 184 Designated Market Areas®, which includes all of the top 50 DMAs.

The Noovie® Show is presented exclusively across 42 leading national and regional theater circuits. This includes the only three national chains: AMC Entertainment Inc., Cinemark Holdings, Inc., and Regal Entertainment Group. Furthermore, the November 2025 acquisition of Spotlight Cinema Networks added high-scale luxury screens, increasing National CineMedia, Inc.'s national market share by approximately 6%.

The delivery mechanism for this content is also a key channel component. National CineMedia, Inc. completed a transition in early 2025 where the Digital Cinema Distribution Coalition (DCDC) fulfills the delivery of advertising content to the platform's theaters, covering over 18,000 screens. This ensures reliable delivery for next-gen, programmatic advertising across the entire network.

Lobby and Concession Area Digital Displays (Digital Out-of-Home)

Beyond the main screen, National CineMedia, Inc. uses its Lobby Entertainment Network. This channel involves strategically-placed digital displays within theater lobbies, selling advertising space for OOH impact. The five-year extension of the AMC Theatres contract through 2042 specifically includes plans to modernize lobby video screens. This is a distinct inventory stream from the pre-show content.

Programmatic Ad Exchanges via Partners like Vistar Media

You can't talk about modern channels without mentioning programmatic access. National CineMedia, Inc. made a strategic move in June 2025 by expanding its programmatic inventory through a new agreement with Vistar Media. This partnership makes National CineMedia, Inc.'s premium, in-theater video advertising available to programmatic buyers via Vistar's supply-side platform (SSP). This followed the introduction of programmatic and self-serve automated inventory buying in 2024. The result was continued accelerated growth of its programmatic revenue in the first quarter of 2025.

These programmatic channels are supported by National CineMedia, Inc.'s data-driven solutions, NCMx's Boost, Boomerang, and Bullseye, which help buyers with precision targeting and retargeting after the movie.

Direct Sales Force for National and Local Advertising Clients

The traditional, high-touch sales channel remains vital. National CineMedia, Inc. serves thousands of advertisers across national, regional, and local levels. The revenue breakdown for the first quarter of 2025 shows the split in this direct channel:

Revenue Type (Q1 2025)	Amount
National advertising revenue	$27.4 million
Local and regional advertising revenue	$4.9 million

To manage and optimize this direct sales flow, National CineMedia, Inc. partnered with Operative in June 2025 to enhance advertising operations, improve inventory forecasting, and optimize sales activities. The third quarter of 2025 saw total revenue reach $63.4 million.

Here's a quick look at the overall scale of the primary inventory channel as of late 2025:

• Total screens covered: More than 17,500.
• Total theaters covered: Over 1,350.
• Designated Market Areas (DMAs) covered: 184 (including all top 50).
• Theater circuits carrying the Noovie® Show: 42.
• Programmatic revenue growth: Accelerated in Q1 2025.

National CineMedia, Inc. (NCMI) - Canvas Business Model: Customer Segments

You're looking at the core groups National CineMedia, Inc. (NCMI) serves with its cinema advertising platform as of late 2025. The platform itself reaches over 17,500 screens across more than 1,350 theaters, covering all of the top 50 Designated Market Areas® in the U.S..

The customer segments are primarily defined by the scale and nature of their advertising spend, with a clear financial split evident in the Q3 2025 results.

National Advertisers are the largest component, driving significant top-line growth for National CineMedia, Inc. This group includes major players across sectors like automotive, retail, wireless, and government.

Here's a look at the revenue contribution from the two primary advertising groups for the third quarter of 2025:

Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Change
National Advertising	49.9	+6.6%
Local and Regional Advertising	9.6	Decreased
Total Revenue (for context)	63.4	+1.6%

Local and Regional Advertisers represent a smaller, though still important, revenue stream. This segment saw a contraction in Q3 2025, pulling in $9.6 million, down from $11.4 million in the prior year period.

Programmatic Buyers are a rapidly growing subset of the advertising base, attracted by technology investments. This group is increasingly using National CineMedia, Inc.'s digital inventory at scale. The company noted that programmatic revenue was approximately four times higher than the previous year, marking their strongest programmatic quarter ever.

The platform also caters to advertisers using its direct digital tools, which shows strong adoption:

• Self-serve platform revenue increased by 23% quarter-over-quarter.
• The company welcomed 14 new advertisers year-to-date who had not run cinema campaigns since before the pandemic.
• National advertising revenue per attendee reached its highest level in the last five years in Q3 2025.

The underlying value proposition for all these segments is access to specific audiences. National CineMedia, Inc. connects brands to engaged, young, and hard-to-reach audiences.

These target demographics are characterized by:

• Moviegoing audiences described as young and diverse.
• Audiences that are considered hard-to-reach through other media channels.
• Consumers targeted with high-impact, performance-driven advertising messaging.

Finance: draft 13-week cash view by Friday.

National CineMedia, Inc. (NCMI) - Canvas Business Model: Cost Structure

You're looking at the core expenses National CineMedia, Inc. (NCMI) manages to run its cinema advertising platform. Honestly, the cost structure is heavily weighted toward the theaters themselves, which makes sense since they are the venue.

The total operating expenses for the third quarter of 2025 were reported at $65.2 million, which was an improvement from $69.9 million in the same period last year. If you strip out non-cash items like depreciation and amortization, the adjusted operating expenses were approximately $53.2 million for Q3 2025.

The single largest operating cost category is the fees paid to the theater circuits. These are the Exhibitor access fees, which are directly tied to attendance and screen usage. In Q3 2025, these fees decreased year-over-year, directly reflecting the lower attendance levels experienced during the quarter. To give you a sense of the magnitude, looking at the structure from a prior period, the ESA theater access fees and revenue share component alone was $12.5 million for the quarter ended September 28, 2023.

Here's a look at a historical breakdown of major operating expense components to show where those exhibitor fees sit relative to other costs. Remember, the total Q3 2025 operating expense was $65.2 million.

Expense Category (Historical Reference)	Amount (Quarter Ended Sept 28, 2023)
ESA theater access fees and revenue share	$12.5 million
Selling and marketing costs	$12.7 million
Administrative and other costs	$16.7 million
Advertising operating costs	$15.7 million

National CineMedia, Inc. is actively investing in its technology layer, which includes the NCMx data platform. This is a key area for future cost commitment, as management highlighted strategic investments in technology and talent to enhance the platform. For instance, the launch of the AI-powered Bullseye product under the NCMx suite was a focus in early 2025, demonstrating the ongoing spend on tech stack improvements and digital extensions.

The company manages its overall spending through disciplined efforts. For example, SG&A expenses remained relatively flat in Q3 2025, as management strategically offset these with investment dollars elsewhere in the business.

Regarding Content production and distribution costs for the pre-show, while the pre-feature program is central to the offering, specific, current-period dollar amounts for these content costs were not explicitly broken out in the latest Q3 2025 disclosures. However, the overall cost structure is influenced by these agreements, as evidenced by historical data showing significant theater access fees tied to the program distribution.

• Adjusted operating expenses for Q3 2025: $53.2 million.
• Total operating expenses for Q3 2025: $65.2 million.
• Personnel-related expenses were slightly lower in Q3 2025 compared to the prior year period.
• The company is committed to strategic investment in technology and talent, including the NCMx suite.

Finance: draft 13-week cash view by Friday.

National CineMedia, Inc. (NCMI) - Canvas Business Model: Revenue Streams

You're looking at the core engine of National CineMedia, Inc. (NCMI) revenue generation, which is almost entirely dependent on advertising sales across its cinema network. The structure shows a clear hierarchy in where the dollars come from, though the growth story is clearly in the digital side of the house.

For the third quarter ended September 25, 2025, total revenue came in at $63.4 million, which was up 2% year-over-year. This top line is built from a few distinct buckets of advertising spend. Here's the quick math on the Q3 2025 breakdown:

Revenue Component	Q3 2025 Amount	Year-over-Year Change (Q3)
National Advertising Revenue	$49.9 million	Up 6.6%
Local and Regional Advertising Revenue	$9.6 million	Down from $11.4 million (Q3 2024)
Total Advertising Revenue (Implied)	$59.5 million	N/A

The performance in the third quarter shows National CineMedia, Inc. achieving its highest third quarter national advertising revenue per attendee in the last five years. Still, the local and regional segment saw a decrease in revenue compared to the prior year period. The company is clearly leaning on the national side for stability and growth.

The real momentum is coming from the digital transformation efforts, specifically programmatic sales. You need to watch this area closely as it signals future revenue quality. For the second quarter of 2025, programmatic advertiser volume grew by more than 50% quarter-over-quarter, with approximately 70% of those programmatic advertisers being new to National CineMedia, Inc. The self-serve platform also saw revenue up more than 30% year-over-year in Q2 2025.

Looking ahead, management is signaling strong seasonality and advertiser confidence heading into the final quarter. National CineMedia, Inc. provided guidance for the fourth quarter of 2025, projecting total revenue between $91.0 million and $98.0 million. This guidance range is supported by an extra week in the fiscal fourth quarter compared to the prior year.

Key revenue stream characteristics include:

• National advertising revenue, the primary driver, at $49.9 million in Q3 2025.
• Local and regional advertising revenue, totaling $9.6 million in Q3 2025.
• Programmatic advertising sales, a significant growth area (50% volume increase in Q2 2025).
• Expected Q4 2025 total revenue guidance between $91.0 million and $98.0 million.

Year-to-date through Q3 2025, total revenue for National CineMedia, Inc. was $150.0 million, compared to $154.5 million for the same nine-month period in 2024. Finance: draft 13-week cash view by Friday.