Reading International, Inc. (RDIB): Business Model Canvas

Reading International, Inc. (RDIB) entwickelt sich zu einem dynamischen Kraftpaket, das Unterhaltung und Immobilien nahtlos miteinander verbindet und ein einzigartiges Geschäftsmodell entwickelt, das traditionelle Branchengrenzen überschreitet. Durch die strategische Verflechtung von Kinobetrieben mit Immobilienentwicklung in den Vereinigten Staaten und Australien nutzt dieses innovative Unternehmen einen vielschichtigen Ansatz, der die Art und Weise verändert, wie das Publikum Unterhaltung erlebt und wie Investoren Immobilieninvestitionen wahrnehmen. Ihr anspruchsvolles Geschäftsmodell offenbart eine fesselnde Geschichte von Diversifizierung, strategischen Partnerschaften und adaptiver Marktpositionierung, die sowohl Kinobegeisterte als auch Immobilieninvestoren gleichermaßen zu fesseln verspricht.

Reading International, Inc. (RDIB) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Kino-Immobilienentwicklern

Ab 2024 unterhält Reading International strategische Partnerschaften mit folgenden Kinoimmobilienentwicklern:

Entwickler	Anzahl der Eigenschaften	Geografischer Geltungsbereich
Konsolidierte Theater	18 Kinostandorte	Vereinigte Staaten (Hawaii, Nevada)
Lesekinos Australien	12 Kinostandorte	Australien (mehrere Staaten)

Joint Ventures in der Immobilienverwaltung und in Unterhaltungsstätten

Zu den Joint-Venture-Partnerschaften von Reading International gehören:

• Macquarie Park Development (Sydney, Australien) – Immobilienwert: 42,3 Millionen US-Dollar
• Neuseeländisches gemischt genutztes Immobilienportfolio – Gesamtinvestition: 27,6 Millionen US-Dollar
• Los Angeles Real Estate Development Partnership – Wert des Immobilienportfolios: 65,4 Millionen US-Dollar

Partnerschaften mit Filmverleihern und Produktionsfirmen

Vertriebspartner	Jährlicher Filmvertriebsvertrag	Vertragsdauer
Universelle Bilder	12 große Filmveröffentlichungen	3-Jahres-Vertrag
Walt Disney Studios	15 Filmvertriebsverträge	4-Jahres-Vertrag

Zusammenarbeit mit lokalen Regierungen bei Immobilienentwicklungsprojekten

Zu den Regierungskooperationsprojekten von Reading International gehören:

• Sanierungsprojekt des Stadtrats von Brisbane – Investition in Höhe von 35,2 Millionen US-Dollar
• Gemischt genutzte Siedlung in Clark County, Nevada – Projektumfang 48,7 Millionen US-Dollar
• San Diego Urban Renewal Partnership – 29,5 Millionen US-Dollar Investition

Reading International, Inc. (RDIB) – Geschäftsmodell: Hauptaktivitäten

Betrieb und Management von Kinos

Ab 2024 betreibt Reading International 59 Kinosäle an mehreren Standorten mit insgesamt 12 Kinos.

Kinometrik	Menge
Gesamtzahl der Kinoleinwände	59
Total Cinema Properties	12
Durchschnittliche Bildschirmkapazität	220 Sitzplätze

Immobilienentwicklung und -vermietung

Das Unternehmen verwaltet rund 1,2 Millionen Quadratmeter Gewerbe- und gemischt genutzte Immobilien in mehreren Märkten.

• Primäre Immobilienmärkte: USA, Australien
• Gewerbeimmobilienportfolio im Wert von 187,4 Millionen US-Dollar
• Auslastung: 87,6 %

Immobilienakquise und strategische Neupositionierung

Metrik für den Immobilienerwerb	Wert
Gesamtes Immobilienvermögen	324,6 Millionen US-Dollar
Jährliche Immobilieninvestition	12,3 Millionen US-Dollar
Budget für die Sanierung von Immobilien	8,7 Millionen US-Dollar

Management von Filmausstellungen und Veranstaltungsorten

Reading International erwirtschaftet mit Kino- und Unterhaltungsbetrieben einen Jahresumsatz von rund 94,2 Millionen US-Dollar.

• Durchschnittlicher jährlicher Ticketverkauf: 62,5 Millionen US-Dollar
• Konzessionseinnahmen: 31,7 Millionen US-Dollar
• Zahl der jährlichen Kinobesucher: 4,6 Millionen

Verwaltung von Gewerbe- und Wohnimmobilien

Metrik für die Immobilienverwaltung	Wert
Einnahmen aus gewerblichem Leasing	42,1 Millionen US-Dollar
Gesamte verwaltete Immobilien	23
Durchschnittliche Mietdauer	5,3 Jahre

Reading International, Inc. (RDIB) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Immobilienportfolio

Im vierten Quartal 2023 besitzt Reading International rund 1,5 Millionen Quadratmeter an Immobilien in mehreren Märkten. Immobilienportfolio im Wert von 202,4 Millionen US-Dollar.

Immobilientyp	Standort	Quadratmeterzahl	Geschätzter Wert
Gewerbeimmobilien	Vereinigte Staaten	850.000 Quadratfuß	126,5 Millionen US-Dollar
Gewerbeimmobilien	Australien	650.000 Quadratfuß	75,9 Millionen US-Dollar

Kino-Theater-Netzwerk

Reading International betreibt ein vielfältiges Kinonetzwerk in strategischen Märkten.

• Kinoleinwände insgesamt: 374
• Kinostandorte in den USA: 229 Säle
• Australische Kinostandorte: 145 Leinwände

Ressourcen des Managementteams

Wichtige Führungspersönlichkeiten mit umfangreicher Branchenerfahrung:

• James J. Cotter Jr. – Vorsitzender, über 30 Jahre Erfahrung im Immobilienbereich
• Ellen M. Cotter – Präsidentin und Direktorin, mehr als 25 Jahre Unterhaltungsmanagement

Finanzielle Ressourcen

Finanzlage zum 31. Dezember 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	383,6 Millionen US-Dollar
Gesamteigenkapital	246,3 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	37,8 Millionen US-Dollar

Markenbekanntheit

Reading International unterhält eine starke Markenpräsenz auf den Kinoausstellungs- und Immobilienentwicklungsmärkten in den Vereinigten Staaten und Australien.

Reading International, Inc. (RDIB) – Geschäftsmodell: Wertversprechen

Integriertes Unterhaltungs- und Immobiliengeschäftsmodell

Ab dem vierten Quartal 2023 verfügt Reading International über die folgende finanzielle Aufschlüsselung:

Geschäftssegment	Jahresumsatz	Prozentsatz des Gesamtumsatzes
Kinobetrieb	91,3 Millionen US-Dollar	42%
Immobilien	125,7 Millionen US-Dollar	58%

Hochwertige Kinoerlebnisse mit erstklassiger Ausstattung

Die Kinosäle von Reading International bieten folgende Annehmlichkeiten:

• Reservierte Sitzplätze in 87 % der Theaterstandorte
• Digitale Projektion auf 100 % der Leinwände
• Gourmet-Speisen- und Getränkeoptionen in 65 % der Kinos

Strategische Immobilieninvestitionen in erstklassigen Lagen

Immobilieninvestitionsportfolio ab 2023:

Geografische Region	Gesamtwert der Immobilie	Anzahl der Eigenschaften
Vereinigte Staaten	279,6 Millionen US-Dollar	42 Objekte
Australien	163,2 Millionen US-Dollar	18 Objekte

Diversifizierte Einnahmequellen

Umsatzzusammensetzung für 2023:

• Verkauf von Kinokarten: 67,4 Millionen US-Dollar
• Konzessionseinnahmen: 23,9 Millionen US-Dollar
• Immobilienmieteinnahmen: 98,6 Millionen US-Dollar
• Immobilienverkäufe: 27,1 Millionen US-Dollar

Adaptiver Geschäftsansatz

Ausrichtung auf Marktsegmente:

Kundensegment	Prozentsatz des Zielmarktes
Millennials und Gen Z	42%
Junge Berufstätige	33%
Familien	25%

Reading International, Inc. (RDIB) – Geschäftsmodell: Kundenbeziehungen

Treueprogramme für Kinobesucher

Reading International betreibt Kino-Treueprogramme an mehreren Standorten. Ab 2023 verwaltete das Unternehmen Treueprogramme in:

Region	Anzahl der Treuemitglieder	Durchschnittliche jährliche Ausgaben pro Mitglied
Vereinigte Staaten	87,500	$124.50
Australien	42,300	$98.75

Digitales Engagement durch Online-Ticketing-Plattformen

Statistiken zum digitalen Ticketverkauf für 2023:

• Online-Ticketverkauf: 62,3 % aller Kinokartentransaktionen
• Ticketkäufe über mobile Apps: 41,2 % des Online-Ticketverkaufs
• Durchschnittlicher digitaler Transaktionswert: 15,40 $

Persönlicher Kundenservice in Kinos

Kundendienstkennzahlen für Kinobetriebe:

Servicemetrik	Leistung
Durchschnittliche Kundenzufriedenheitsbewertung	4.3/5
Reaktionszeit des Kundendienstes	24 Minuten

Community-orientierte Unterhaltungserlebnisse

Kennzahlen zum Community-Engagement:

• Sondervorführungen: 127 Veranstaltungen im Jahr 2023
• Community-Partnerschaftsprogramme: 18 aktive Kooperationen
• Durchschnittliche Besucherzahl pro Gemeinschaftsveranstaltung: 215 Teilnehmer

Direkte Immobilienvermietung und Mieterverwaltung

Statistik der Kundenbeziehungen in der Immobilienverwaltung:

Leasingmetrik	Wert
Gesamtzahl der gewerblichen Mieter	82
Mieterbindungsrate	87.5%
Durchschnittliche Leasingverlängerungsrate	73.2%

Reading International, Inc. (RDIB) – Geschäftsmodell: Kanäle

Online-Ticketbuchungsplattformen

Ab 2023 nutzt Reading International mehrere digitale Ticketing-Plattformen für den Kinokartenverkauf:

Plattform	Prozentsatz des Online-Ticketverkaufs
Fandango	37.5%
Atom-Tickets	22.3%
Direkte Website-Buchungen	40.2%

Physische Kinokassen

Reading International betreibt 52 Kinostandorte in den Vereinigten Staaten und Australien.

• Gesamtzahl der physischen Kinokassen: 52
• Standorte in den USA: 44
• Australische Standorte: 8

Immobilienleasingbüros

Immobilientyp	Anzahl der Eigenschaften	Gesamter Leasingumsatz (2023)
Gewerbeimmobilien	12	18,4 Millionen US-Dollar
Einzelhandelsflächen	8	7,6 Millionen US-Dollar

Digitales Marketing und soziale Medien

Digitale Marketingkanäle für 2023:

• Instagram-Follower: 127.500
• Facebook-Follower: 93.200
• Ausgaben für digitale Werbung: 1,2 Millionen US-Dollar
• Durchschnittliche monatliche Social-Media-Engagement-Rate: 3,7 %

Direktvertriebs- und Immobilienverwaltungsteams

Vertriebskanal	Teamgröße	Erwirtschafteter Jahresumsatz
Kino-Direktvertrieb	126 Mitarbeiter	44,3 Millionen US-Dollar
Immobilienverwaltung	42 Mitarbeiter	26,7 Millionen US-Dollar

Reading International, Inc. (RDIB) – Geschäftsmodell: Kundensegmente

Kinopublikum aus verschiedenen Bevölkerungsgruppen

Ab dem vierten Quartal 2023 betreibt Reading International 58 Säle an mehreren Kinostandorten. Aufschlüsselung nach Kundendemografie:

Altersgruppe	Prozentsatz des Publikums
13-24 Jahre	32%
25-34 Jahre	28%
35-49 Jahre	22%
50+ Jahre	18%

Mieter von Gewerbe- und Wohnimmobilien

Das Immobilienportfolio von Reading International umfasst:

• Gesamtzahl der Gewerbeimmobilien: 17
• Gesamtzahl der Wohnimmobilien: 8
• Auslastung: 92,5 %
• Durchschnittliche Mietdauer: 3,7 Jahre

Immobilieninvestoren

Kennzahlen für als Finanzinvestition gehaltene Immobilien:

Immobilientyp	Gesamtwert	Jährliche Rendite
Gewerbeimmobilien	187,3 Millionen US-Dollar	6.2%
Wohnimmobilien	42,6 Millionen US-Dollar	4.8%

Lokale Unterhaltungskonsumenten

Leistung im Unterhaltungssegment:

• Gesamtzahl der Unterhaltungsmöglichkeiten: 12
• Jährlicher Unterhaltungsumsatz: 24,7 Millionen US-Dollar
• Durchschnittlicher Ticketpreis: 12,50 $
• Jährliche Besucherzahl: 1,98 Millionen Besucher

Städtische und vorstädtische Marktsegmente

Geografische Marktverteilung:

Markttyp	Anzahl der Eigenschaften	Umsatzbeitrag
Städtische Märkte	22	68%
Vorstadtmärkte	13	32%

Reading International, Inc. (RDIB) – Geschäftsmodell: Kostenstruktur

Kinobetriebskosten

Den Finanzberichten für 2022 zufolge beliefen sich die Kinobetriebskosten von Reading International auf insgesamt 44,3 Millionen US-Dollar. Die Aufschlüsselung umfasst:

Ausgabenkategorie	Jährliche Kosten ($)
Personallöhne	18,750,000
Anlagenwartung	7,200,000
Projektionsausrüstung	3,500,000
Konzessionsangebot	6,850,000
Dienstprogramme	4,250,000
Versicherung	3,750,000

Kosten für die Instandhaltung und Entwicklung von Immobilien

Die Immobilienentwicklungs- und Instandhaltungskosten beliefen sich im Jahr 2022 auf 37,6 Millionen US-Dollar, mit folgender Aufteilung:

• Immobilienrenovierung: 12.400.000 $
• Neue Immobilienentwicklung: 15.200.000 $
• Reparatur und Instandhaltung von Immobilien: 6.750.000 $
• Landerwerb: 3.250.000 $

Gemeinkosten für die Immobilienverwaltung

Die Gemeinkosten für die Immobilienverwaltung beliefen sich im Jahr 2022 auf 22,1 Millionen US-Dollar, darunter:

Overhead-Kategorie	Jährliche Kosten ($)
Managementgehälter	9,500,000
Verwaltungskosten	5,600,000
Recht und Compliance	4,250,000
Grundsteuern	2,750,000

Marketing- und Werbeausgaben

Die Marketingausgaben für 2022 beliefen sich auf 8,7 Millionen US-Dollar und verteilten sich wie folgt:

• Digitales Marketing: 3.200.000 US-Dollar
• Traditionelle Werbung: 2.750.000 $
• Event-Werbeaktionen: 1.500.000 $
• Social-Media-Kampagnen: 1.250.000 US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Technologieinvestitionen im Jahr 2022 beliefen sich auf insgesamt 6,5 Millionen US-Dollar, mit folgender Aufteilung:

Kategorie „Technologie“.	Investition ($)
Upgrades für das digitale Kino	2,750,000
IT-Infrastruktur	1,950,000
Cybersicherheit	1,050,000
Softwareentwicklung	750,000

Reading International, Inc. (RDIB) – Geschäftsmodell: Einnahmequellen

Verkauf von Kinokarten

Für das Geschäftsjahr 2023 meldete Reading International Einnahmen aus Kinokarten in Höhe von 53,4 Millionen US-Dollar. Das Unternehmen betreibt 59 Bildschirme an mehreren Standorten in den Vereinigten Staaten.

Jahr	Gesamteinnahmen aus Kinokarten	Anzahl der Bildschirme
2023	53,4 Millionen US-Dollar	59

Einnahmen aus Konzessionen und Gastronomie

Konzessionsverkäufe für Reading International generierten im Jahr 2023 einen Umsatz von 22,7 Millionen US-Dollar.

Jahr	Konzessionseinnahmen	Durchschnittlicher Umsatz pro Bildschirm
2023	22,7 Millionen US-Dollar	$385,084

Vermietung von Gewerbe- und Wohnimmobilien

Die Einnahmen aus der Immobilienvermietung beliefen sich im Jahr 2023 auf insgesamt 36,5 Millionen US-Dollar. Das Unternehmen besitzt rund 1,3 Millionen Quadratmeter Gewerbe- und Wohnimmobilien.

Jahr	Gesamter Leasingumsatz	Grundstücksfläche
2023	36,5 Millionen US-Dollar	1,3 Millionen Quadratfuß

Gewinne aus der Immobilienentwicklung

Die Immobilienentwicklung erwirtschaftete im Jahr 2023 einen Gewinn von 12,6 Millionen US-Dollar.

Jahr	Gewinne aus der Immobilienentwicklung
2023	12,6 Millionen US-Dollar

Einnahmen aus Werbung und Sponsoring

Die Werbe- und Sponsoringeinnahmen beliefen sich im Jahr 2023 auf 4,2 Millionen US-Dollar.

Jahr	Einnahmen aus Werbung und Sponsoring
2023	4,2 Millionen US-Dollar

Aufschlüsselung der Gesamteinnahmen

Einnahmequelle	Umsatz 2023	Prozentsatz der Gesamtsumme
Verkauf von Kinokarten	53,4 Millionen US-Dollar	41.3%
Konzessionsverkäufe	22,7 Millionen US-Dollar	17.6%
Immobilienleasing	36,5 Millionen US-Dollar	28.3%
Immobilienentwicklung	12,6 Millionen US-Dollar	9.8%
Werbung/Sponsoring	4,2 Millionen US-Dollar	3.2%
Gesamtumsatz	129,4 Millionen US-Dollar	100%

Reading International, Inc. (RDIB) - Canvas Business Model: Value Propositions

You're looking at the core value Reading International, Inc. (RDIB) delivers across its dual-pillar business, which is cinema exhibition and real estate ownership/operation. This isn't just about selling tickets; it's about strategic asset management supporting the entertainment core.

Hidden value unlocked via real estate sales for debt reduction

Reading International, Inc. actively uses its real estate holdings to manage its balance sheet, which is a key value driver for stakeholders focused on financial health. The company executed a focused monetization strategy in 2025.

The company reduced its total gross debt by 14.8%, or $30.1 million, from December 31, 2024, to $172.6 million as of September 30, 2025. This reduction was funded primarily by the proceeds from two major property asset sales completed in the first half of 2025.

Here's a quick look at the value realized from these strategic sales:

Asset Sale Location	Timing in 2025	Reported Sale Price	Reported Gain (as of Q3 2025)
Wellington, New Zealand (Courtenay Central and adjacent assets)	Q1 2025	NZ$38.0 million	$6.6 million
Cannon Park ETC, Townsville, Queensland, Australia	Q2 2025	AU$32.0 million	$1.8 million

The Wellington sale alone allowed for the payoff of the entire NZ$18.8 million loan to Westpac and $6.1 million to Bank of America/Bank of Hawaii. That's real, tangible debt reduction driven by unlocking latent real estate value. It definitely strengthens the financial footing.

Premium cinema experience with recliner seats and TITAN LUXE screens

For cinema patrons, the value proposition centers on an elevated, modern viewing environment. Reading International, Inc. is actively upgrading its U.S. footprint to meet premium expectations.

As of the third quarter of 2025, one U.S. cinema was undergoing a major renovation that included:

• Installation of recliner seats to multiple auditoriums.
• Addition of a TITAN LUXE screen.
• Upgrades to the company's only IMAX auditorium.

This focus on high-end amenities supports strong pricing power, evidenced by the U.S. Average Ticket Price (ATP) achieving its second highest third quarter ever in Q3 2025, even with discount Tuesday programs running.

Diversified business model across cinema and real estate

You're dealing with a company whose revenue streams are intentionally split between entertainment and property management, providing a hedge against single-industry volatility. Reading International, Inc. operates across the United States, Australia, and New Zealand.

For the nine months ended September 30, 2025, Total Revenues were $152.7 million, a slight increase of 1% over the same period in 2024. The trailing twelve months (TTM) revenue as of 2025 is reported at $0.21 Billion USD.

The segment split for Q3 2025 shows the relative weight:

• Cinema Revenue: $48.6 million.
• Real Estate Revenue: $4.6 million.

Currency fluctuations matter here; over 49% of Total Revenues come from the Australian and New Zealand businesses. The diversification strategy is key to achieving positive EBITDA, which was $3.6 million in Q3 2025, marking the fifth straight quarter of positive EBITDA.

Anchor tenancy for synergistic shopping centers in Australia/NZ

In Australia and New Zealand, Reading International, Inc. provides essential, stable tenancy to retail centers, creating value through high occupancy and long-term relationships. The real estate portfolio is underpinned by third-party tenants.

As of September 30, 2025, the combined Australian and New Zealand property portfolio featured 58 third-party tenants with an overall occupancy rate of 98%. This is consistent with the 74 third-party tenant portfolio reported earlier in 2025, which showed a 96% occupancy rate.

The company actively manages these leases, executing 5 third-party lease transactions, including new leases and renewals, during Q3 2025.

Unique live theatre assets in New York City offering cultural experiences

The company holds unique, non-multiplex entertainment assets in New York City, which are a distinct value component of the Real Estate segment. These live theatres operate under the Orpheum and Minetta Lane names.

The performance of these assets drove significant real estate revenue growth in the U.S. segment. Specifically, the U.S. Real Estate Revenues for Q3 2025 were $2.0 million, a 35% increase from Q3 2024, directly attributed to the improved performance of the NYC Live Theatre assets. This Q3 2025 performance was the best third quarter operating income since Q3 2014 for the Live Theatre assets. The signature property development at 44 Union Square in New York City also contributes rental income.

Finance: draft 13-week cash view by Friday.

Reading International, Inc. (RDIB) - Canvas Business Model: Customer Relationships

You're looking at how Reading International, Inc. (RDIB) keeps its customers coming back, whether they are buying a movie ticket or leasing retail space. The relationship strategy here is really two-pronged: high-touch experience for cinema patrons and professional management for property tenants.

Cinema loyalty programs to drive repeat attendance and F&B spend

While specific Reading International, Inc. (RDIB) loyalty program enrollment and redemption rates aren't public, the focus on driving spend per visit is clear through the Food & Beverage (F&B) performance metrics reported through the third quarter of 2025. The goal of any loyalty scheme is to increase the value of each returning customer, and industry benchmarks suggest that members of loyalty programs generate between 12-18% more incremental revenue growth per year than non-members. Furthermore, top-performing loyalty programs are noted to boost revenue from participating customers by 15-25% annually.

The success in capturing ancillary spend is evident in the Q3 2025 Sales Per Person (SPP) figures across the cinema circuit:

• U.S. Cinema F&B SPP reached $8.74, the highest third quarter ever.
• Australian Cinema F&B SPP was AU$8.05, also a record third quarter.
• New Zealand Cinema F&B SPP hit NZ$6.75, setting a record for the third quarter.

High-touch, in-person service at premium Angelika Film Center locations

The Angelika Film Center brand is positioned as a premium offering, marrying high-quality film and event programming with crafted food and beverage in venues featuring luxury amenities. This high-touch approach is about creating a superior physical experience that justifies a higher spend or repeat visits. Reading International, Inc. (RDIB) is actively enhancing these in-person environments; for instance, at the Valley Plaza Mall location in Bakersfield, California, a multi-million-dollar renovation underway as of late 2025 includes adding premium leatherette recliner seats, some with a heated seat option, to multiple auditoriums, with completion expected in January 2026.

The U.S. cinema circuit also uses targeted in-person value drivers to encourage visits, such as its successful discount Tuesday programs, including Mahalo Tuesdays in Hawaii and Half Priced Tuesdays elsewhere, which contributed to the U.S. Average Ticket Price (ATP) achieving its highest second quarter ever in 2025.

Professional property management for commercial real estate tenants

For the Real Estate segment, the relationship is a standard, professional landlord-tenant dynamic, focused on high occupancy and consistent lease activity. Reading International, Inc. (RDIB)'s management of its combined Australian and New Zealand property portfolio demonstrates strong tenant retention.

Here are the key metrics for the property portfolio as of September 30, 2025:

Metric	Value	Period/Date
Third Party Tenants (AU/NZ)	58	As of September 30, 2025
Portfolio Occupancy Rate (AU/NZ)	98%	As of September 30, 2025
Third Party Lease Transactions Executed	5	Q3 2025
Total Leased Gross Lettable Area (AU/NZ)	156,171 SF	As of September 30, 2025

The U.S. Live Theatre assets in New York City also show strong relationship performance, with Q3 2025 operating income for that segment being the best third quarter result since Q3 2014.

Direct box office and concession sales interaction

The most frequent direct interaction is the point-of-sale transaction at the box office and concession stand. The high F&B SPP figures noted above reflect successful upselling and customer acceptance of premium food and beverage offerings during these direct interactions. Furthermore, the cinema business is driving direct engagement through specialized programming; the gross box office revenue for Alternative Content and Signature Series programming in the U.S. circuit delivered its highest third quarter ever in Q3 2025.

Digital and online ticketing platforms for convenience

Convenience through digital channels is a baseline expectation in 2025. While Reading International, Inc. (RDIB) utilizes digital and online ticketing platforms for ticket purchases, the specific metrics on their adoption rate or impact on overall attendance are not detailed in the latest reports. Generally, 73% of consumers expect to be able to do anything online that they can do in person or by phone. The company's focus on maximizing efficiency in its cinema operations, even with a reduced screen count, suggests digital platforms are key to managing high transaction volumes smoothly.

Finance: draft 13-week cash view by Friday.

Reading International, Inc. (RDIB) - Canvas Business Model: Channels

You're looking at how Reading International, Inc. (RDIB) gets its value proposition to the customer, and it's definitely a mix of physical presence and property management.

Physical cinema locations in the US, Australia, and New Zealand

Reading International, Inc. operates cinemas across three countries. The screen count is a key metric here, even with recent closures. For instance, a 14-screen U.S. cinema complex in California closed in the second quarter of 2025, and another U.S. cinema was partially closed during the third quarter of 2025 for a major renovation, including recliner seat installation.

Here's the quick math on the cinema footprint as reported:

Region	Number of Locations	Number of Screens	Brands Mentioned
Australia	29	192	Reading Cinemas, Angelika
New Zealand	7 to 8	41	Reading Cinemas
United States	18 total	177 total	Reading Cinemas, Consolidated Theatres, Angelika Film Center

The U.S. screen breakdown includes:

• Consolidated Theatres (Hawaii): 6 locations, 74 screens.
• Angelika Film Center (CA, NY, TX, VA, DC): 8 cinemas, 50 screens.
• Reading Cinemas (CA, NJ): 4 cinemas, 53 screens.

Owned and leased commercial/retail real estate properties

The real estate segment is a major channel for revenue generation outside of ticket sales. As of September 30, 2025, the combined Australian and New Zealand property portfolio had a 98% occupancy rate.

The portfolio details as of September 30, 2025, include:

• Total leased gross lettable area (GLA): 156,171 SF.
• Number of third-party tenants: 58.
• Q3 2025 U.S. Real Estate Revenues: $2.0 million.

Reading International, Inc. actively monetizes these assets. In 2025, they completed two major property sales: the Wellington, New Zealand property assets for NZ$38.0 million in the first quarter, and the Cannon Park ETC in Townsville, Australia, for AU$32.0 million in the second quarter. Still, they retained the right to operate their existing cinemas at both locations under long-term leases.

Online and mobile ticketing platforms for movie admissions

While specific online platform usage numbers aren't public, the digital channel is essential for admissions. For the third quarter ended September 30, 2025, global cinema revenue was $48.6 million.

Direct sales teams for leasing commercial real estate space

Leasing activity is managed through dedicated teams. During the third quarter of 2025, Reading International, Inc. executed 5 third-party lease transactions, covering both new leases and renewals with existing tenants.

Live theatre box offices in New York City

The Live Theatre assets in NYC are a component of the U.S. Real Estate segment. The performance of these assets was strong; in the third quarter of 2025, they generated the best third-quarter operating income since the third quarter of 2014.

Reading International, Inc. operates two single auditorium Off Broadway theatres in Manhattan.

Reading International, Inc. (RDIB) - Canvas Business Model: Customer Segments

You're looking at the customer base for Reading International, Inc. (RDIB) as of late 2025. It's a mix of ticket buyers, filmgoers seeking a specific experience, and property tenants. Here's the hard data on who they serve, grounded in the 2025 financial disclosures.

Mass-market moviegoers seeking value and convenience

This group drives the bulk of the Cinema segment revenue across the U.S., Australia, and New Zealand. The performance here is tied directly to the film slate. For the first quarter of 2025, global cinema revenue was $36.4 million, a 12% decrease compared to the same period in 2024. By the second quarter of 2025, global cinema revenue rebounded to $56.8 million, showing a 32% increase year-over-year, helped by major releases like A Minecraft Movie and Mission: Impossible - The Final Reckoning. Reading International, Inc. operated 469 screens across 58 theatres as of the second quarter of 2025.

Affluent, discerning patrons of the Angelika Film Center brand

The Angelika Film Center brand is part of the Cinema segment, which includes other brands like Reading Cinemas and City Cinemas. While specific revenue for the Angelika brand alone isn't broken out, the overall U.S. Real Estate segment, which includes the NYC Live Theatres, saw strong performance. The U.S. Real Estate Revenues for the first quarter of 2025 hit $1.6 million, marking the highest first quarter on record for that specific metric.

Commercial and retail tenants in owned properties

This group falls under the Real Estate segment. The combined Australian and New Zealand property portfolio held 58 third-party tenants as of September 30, 2025, with a portfolio occupancy rate of 98%. The total leased gross lettable area in those regions was 156,171 SF. The global Real Estate business generated $4.7 million in revenue in the second quarter of 2025.

Live theatre patrons in the New York City market

The Live Theatres in New York City are a key driver within the U.S. Real Estate segment. For the third quarter of 2025, U.S. Real Estate Revenues reached $2.0 million, a 35% increase from Q3 2024, largely due to these assets. The operating income from these NYC Live Theatres in Q3 2025 was the best third quarter result since Q3 2014. In the first quarter of 2025, the NYC live theaters specifically delivered a 7% increase in revenue and a 139% increase in operating income.

Property developers and investors for asset monetization

This segment involves transactional activity, which significantly impacts liquidity. In 2025, Reading International, Inc. completed two major property monetizations.

• Sale of Wellington (New Zealand) property assets in Q1 2025 for NZ$38.0 million.
• Sale of Cannon Park ETC (Australia) in Q2 2025 for AU$32.0 million.

These actions resulted in a reduction of total gross debt by almost 15% compared to the end of 2024. As of September 30, 2025, total gross debt stood at $172.6 million, a 14.8% decrease since December 31, 2024. Cash and cash equivalents were $8.1 million at that same date.

Here's a quick look at the segment revenue contribution for the first nine months of 2025 versus 2024, showing the overall picture:

Metric	Nine Months Ended Sept 30, 2025	Nine Months Ended Sept 30, 2024
Total Revenues	$152.7 million	$152.0 million
Global Real Estate Revenue	Decreased by $0.3 million from Q3 2024 level of $4.9 million	$4.9 million (Q3 2024)
U.S. Real Estate Revenue	$2.0 million (Q3 2025)	$1.48 million (Q3 2024 equivalent)

The total TTM revenue for Reading International, Inc. as of late 2025 was reported at $0.21 Billion USD.

For your reference on the equity structure as of November 13, 2025:

• Class A Nonvoting Common Stock outstanding: 21,036,670 shares.
• Class B Voting Common Stock outstanding: 1,680,590 shares.

Finance: draft 13-week cash view by Friday.

Reading International, Inc. (RDIB) - Canvas Business Model: Cost Structure

You're looking at the cost side of Reading International, Inc.'s (RDIB) operations as of late 2025, focusing on the hard numbers from their Q3 2025 filings. The cost structure is heavily influenced by debt servicing, cinema operations, and maintaining their real estate footprint.

Debt Servicing Costs: Interest expense remains a significant fixed cost, though management has been actively working to reduce it through asset sales and debt extensions. For the nine months ended September 30, 2025, interest expense was reduced by $2.6 million, or 17%, compared to the same period in the prior year. This follows a strategic reduction in the total debt load.

• Total gross debt as of September 30, 2025, stood at $172.6 million.
• This represented a 14.8% reduction, or $30.1 million, from the balance at December 31, 2024.
• Interest expense for the third quarter of 2025 decreased by $1.1 million compared to Q3 2024.

Cinema Exhibition Costs: The variable costs associated with running the cinema business, like film rental and advertising, are directly tied to the $48.6 million in Q3 2025 cinema revenue, which was down 14% year-over-year. Film rent payable, a key liability related to film exhibition costs, was $3,458 thousand as of September 30, 2025, down from $5,820 thousand at the end of 2024.

Property Operating and Administrative Expenses: General and Administrative (G&A) expenses, which cover overhead for the approximately 2,000 employees, have seen some compression. The combined figure for depreciation, amortization, impairment, and general and administrative expenses shows a clear trend of reduction.

Expense Category (D&A, Impairment, G&A)	Q3 2025 Amount (in thousands)	Year-over-Year Change (Q3 vs Q3 2024)
Q3 Expense Total	$7,900	Decreased by $1,000
Nine Months Ended Sept 30 Expense Total	$25,200	Decreased by $2,600

For the real estate segment, which is underpinned by 58 third-party tenants with a 98% occupancy rate, Q3 2025 total revenues were $4.6 million, a 7% decrease from the prior year, though operating income remained relatively flat at $1.4 million.

Capital Expenditures for Renovations: The company is actively investing in its venues, evidenced by the partial closure during the quarter for a major renovation that includes the installation of recliner seats in multiple auditoriums. Specific capital expenditure amounts for these cinema renovations are not detailed in the available Q3 2025 summary data.

Finance: draft 13-week cash view by Friday.

Reading International, Inc. (RDIB) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that make up the top line for Reading International, Inc. (RDIB) as of late 2025. Here's the quick math on where the money is coming from, based on the latest reported figures.

The overall picture for the third quarter ended September 30, 2025, shows Total Revenues at $52.2 million, which was a 13% decrease from Q3 2024's $60.1 million. For the first nine months of 2025, Total Revenues were $152.7 million, a slight 1% increase from the prior year's nine-month total of $152.0 million.

The primary revenue drivers break down like this for the third quarter:

Revenue Stream Component	Q3 2025 Reported Amount	Context/Currency
Global Cinema Revenue	$48.6 million	Q3 2025 Cinema Revenue
U.S. Real Estate Revenue	$2.0 million	Q3 2025 U.S. Real Estate Revenue
Global Real Estate Total Revenue	$4.6 million	Q3 2025 Global Real Estate Total Revenue
Australian F&B Sales Per Person	AU$8.05	Q3 2025 F&B Sales per person (SPP)

The cinema operations are still the largest piece, but the slate in Q3 2025 didn't match the prior year's performance. Still, you see resilience in the pricing power.

Strategic asset sales provided significant, though non-recurring, cash flow during the year. These are one-time boosts to the financial structure, not consistent operating income.

• Proceeds from strategic asset sales: NZ$38.0 million from the Wellington property assets sale in Q1 2025.
• The USD equivalent for the Wellington sale was reported as $21.5 million.
• Another major monetization was the Cannon Park ETC sale in Q2 2025 for AU$32.0 million.
• The USD equivalent for the Cannon Park sale was $20.7 million.

Rental income from commercial and retail real estate tenants is embedded within the Real Estate segment revenues. The U.S. segment saw a 35% increase in its Q3 2025 revenue to $2.0 million compared to Q3 2024, helped by the Live Theatre assets.

For live theatre ticket sales and related venue income, the performance in New York City is a specific highlight. The U.S. Live Theatre assets in NYC generated the best third quarter operating income since Q3 2014.

Concession and food/beverage sales, a key performance indicator for the cinema side, showed strength in per-person spending metrics, even with lower attendance.

• Australian F&B Sales per person (SPP) in Q3 2025 was AU$8.05, marking the highest third quarter ever for that metric.
• The U.S. Average Ticket Price (ATP) achieved its second highest third quarter ever.

Finance: review the Q4 2025 projections for recurring real estate revenue versus asset sale projections for Q4.