National CineMedia, Inc. (NCMI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Imagine una potencia de marketing que capta la atención indivisa de millones de espectadores todos los días, eso es National Cinemedia, Inc. (NCMI) en pocas palabras. Al transformar las pantallas de cine en lienzos publicitarios dinámicos, esta empresa innovadora ha revolucionado cómo las marcas se conectan con el público durante esos momentos cruciales previos al espectáculo. Con una red sofisticada que abarca las principales cadenas de teatro como AMC, Regal y Cinemark, NCMI ofrece a los anunciantes una plataforma incomparable para el marketing dirigido y de alto impacto que garantiza la participación de los espectadores en un entorno único inmersivo.

National Cinemedia, Inc. (NCMI) - Modelo de negocios: asociaciones clave

Grandes cadenas de cine

National Cinemedia tiene asociaciones estratégicas con tres cadenas de cine principales:

Cadena de cine	Porcentaje de propiedad	Número de pantallas
Teatros AMC	29.2%	7,962 pantallas
Cines regal	22.7%	7,318 pantallas
Cine	16.3%	4.434 pantallas

Agencias de publicidad y compradores de medios

Las asociaciones de publicidad clave incluyen:

• Interpublic Group (IPG)
• Grupo de medios de Omnicom
• Grupo WPP
• Publicis groupe

Marcas publicitarias locales y nacionales

Categoría	Los mejores anunciantes	Gasto publicitario anual
Automotor	Ford, Toyota, Chevrolet	$ 45.2 millones
Tecnología	Apple, Samsung, Microsoft	$ 38.7 millones
Entretenimiento	Netflix, Disney, Warner Bros.	$ 32.5 millones

Proveedores de tecnología

Socios de tecnología de plataforma de publicidad digital:

• Plataforma de publicidad de Google
• Adobe publicidad en la nube
• Mediamath
• La mesa de comercio

Producción de contenido y compañías de entretenimiento

Compañía	Tipo de asociación	Alcance de contenido
Walt Disney Studios	Distribución de contenido	1.200 teatros
Imágenes universales	Integración publicitaria	1.100 teatros
Warner Bros.	Colaboración de marketing	950 teatros

National Cinemedia, Inc. (NCMI) - Modelo de negocios: actividades clave

Gestión de la red de publicidad de cine digital

National Cinemedia administra la red de publicidad de cine digital más grande de los Estados Unidos, que cubre aproximadamente 20,000 pantallas en 1,600 ubicaciones de teatro. A partir de 2023, la red alcanza aproximadamente 711 millones de espectadores anualmente.

Métrico de red	Cantidad
Pantallas totales cubiertas	20,000
Ubicaciones de teatro	1,600
Alcance anual de los cinéfilos	711 millones

Ventas y colocación publicitarias en las pantallas de teatro

NCMI genera ingresos publicitarios a través de estrategias estratégicas de ventas y colocación. En 2022, la compañía reportó $ 428.5 millones en ingresos publicitarios totales.

• Tasa de publicidad promedio por pantalla: $ 21,425
• Cobertura de inventario publicitario: 98% de las pantallas de teatro digital
• Categorías de publicidad primaria: entretenimiento, automotriz, comida & Bebida

Creación de contenido y programación para el entretenimiento previo al show

La compañía produce aproximadamente 2,500 horas de contenido personalizado de entretenimiento previo al espectáculo anualmente, con un tiempo de visualización promedio de 20 minutos por filmación.

Métrico de contenido	Cantidad
Producción de contenido anual	2.500 horas
Tiempo promedio de visualización previo al espectáculo	20 minutos

Análisis de datos y orientación de audiencia

NCMI utiliza plataformas avanzadas de análisis de datos para apuntar a aproximadamente 74 millones de espectadores únicos mensualmente, con capacidades de orientación de precisión demográfica.

• Alcance de audiencia único mensual: 74 millones
• Segmentación demográfica de la audiencia: edad, ingresos, ubicación
• Puntos de recopilación de datos: 20,000 pantallas digitales

Desarrollo de tecnología de publicidad de teatro

La compañía invierte aproximadamente $ 12.7 millones anuales en investigación y desarrollo de tecnología para mejorar las capacidades de publicidad digital.

Inversión tecnológica	Cantidad
Gastos anuales de I + D	$ 12.7 millones
Áreas de enfoque tecnológico	Plataformas de publicidad digital

National Cinemedia, Inc. (NCMI) - Modelo de negocios: recursos clave

Extensa red de pantalla de teatro nacional

A partir de 2024, National Cinemedia opera en 46 estados con una red de 20,300 pantallas en aproximadamente 1,600 teatros. La compañía tiene presencia en 171 teatros consolidados y 52 teatros independientes.

Cobertura de pantalla	Número
Pantallas totales	20,300
Estados cubiertos	46
Teatros consolidados	171
Teatros independientes	52

Infraestructura de publicidad digital

NCMI mantiene una sólida plataforma de publicidad digital con las siguientes especificaciones:

• Red de publicidad digital previa al espectáculo
• Capacidades de publicidad programática
• Tecnologías de orientación avanzada

Tecnología de medición de audiencia patentada

La compañía utiliza Movio Cinema Plataforma de medición de la audiencia, que rastrea:

• Datos demográficos de la audiencia
• Comportamientos de películas
• Seguimiento de asistencia en tiempo real

Relaciones fuertes con las cadenas de cine

NCMI tiene asociaciones estratégicas con las principales cadenas de cine:

Cadena de cine	Estaca de propiedad
AMC Entertainment	29.7%
Cines regal	22.4%
Teatros para cine	18.9%

Equipos de ventas y marketing calificados

A partir de 2024, NCMI emplea aproximadamente 280 profesionales a tiempo completo dedicados a ventas, marketing y desarrollo tecnológico.

Composición del equipo	Número de empleados
Equipo de ventas	120
Equipo de marketing	85
Equipo de tecnología	75

National Cinemedia, Inc. (NCMI) - Modelo de negocios: propuestas de valor

Publicidad dirigida a la audiencia de cine cautivo

Cinemedia nacional llega 20,541 pantallas al otro lado de 1.600 sitios de teatro en los Estados Unidos. La compañía ofrece publicidad a aproximadamente 700 millones de espectadores anuales.

Métrica de publicidad	Valor
Cobertura de pantalla total	20,541 pantallas
Alcance anual de los cinéfilos	700 millones
Red de sitios de teatro	1.600 sitios

Plataforma de marketing de alta calidad y gran pantalla

NCM proporciona publicidad en pantalla con pantallas digitales de alta resolución a través de las principales cadenas de teatro.

• Resolución de pantalla promedio: proyección digital 4K
• Publicidad Duración del lugar: 15-30 segundos
• Cobertura publicitaria previa al espectáculo: 96% de la audiencia teatral

Compromiso de espectadores garantizado

Informes de NCM 97% de tasa de atención del espectador Durante los segmentos publicitarios previos al espectáculo.

Métrico de compromiso	Porcentaje
Tasa de atención del espectador	97%
Tasa de finalización de anuncios	95%

Capacidades de orientación demográfica precisa

NCM ofrece segmentación de audiencia granular con datos demográficos detallados.

• Dirección de rango de edad: 13-49 años
• Seguimiento de los ingresos: $ 50,000- $ 150,000
• Precisión geográfica: opciones de campaña local y nacional

Entorno de marketing de entretenimiento único

NCM genera $ 428.3 millones en ingresos publicitarios anuales con Derechos de publicidad de cine exclusivos.

Métrica financiera	Valor
Ingresos publicitarios anuales	$ 428.3 millones
Cuota de mercado en la publicidad del cine	58%

National Cinemedia, Inc. (NCMI) - Modelo de negocios: relaciones con los clientes

Contratos publicitarios a largo plazo

National Cinemedia mantiene una duración promedio del contrato de 3 a 5 años con importantes clientes de publicidad. A partir de 2023, la compañía reportó 93 contratos de publicidad a largo plazo con un valor de contrato total de aproximadamente $ 365 millones.

Tipo de contrato	Número de contratos	Valor total del contrato
Contratos publicitarios a largo plazo	93	$ 365 millones

Soluciones publicitarias personalizadas

NCMI ofrece paquetes de publicidad personalizados en múltiples plataformas de cine:

• Publicidad digital en pantalla
• Publicidad de visualización de lobby
• Integraciones de plataforma móvil y digital
• Soluciones publicitarias demográficas específicas

Seguimiento e informes de rendimiento

La compañía proporciona análisis detallados con las siguientes métricas:

Métrico	Medición
Alcance de la audiencia	Más de 700 millones de espectadores anuales
Impresiones publicitarias	Aproximadamente 3.400 millones de impresiones anuales

Gestión de cuentas dedicada

NCMI mantiene 42 profesionales dedicados de gestión de cuentas Sirviendo a los clientes de publicidad de primer nivel en varios segmentos de la industria.

Sesiones regulares de comunicación y estrategia del cliente

La compañía realiza sesiones de estrategia trimestrales con clientes clave, con un promedio de 168 reuniones estratégicas anualmente.

Frecuencia de comunicación	Número de interacciones anuales
Sesiones de estrategia trimestrales	168
Revisiones mensuales de rendimiento	Aproximadamente 504

National Cinemedia, Inc. (NCMI) - Modelo de negocios: canales

Equipo de ventas directas

National Cinemedia emplea un equipo de ventas directo dedicado de 87 profesionales de ventas a partir del cuarto trimestre de 2023, centrándose en ventas publicitarias nacionales y regionales en su red de cine.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	87
Ingresos anuales promedio por representante de ventas	$624,000
Cobertura geográfica	48 estados

Plataformas de publicidad digital

NCMI utiliza múltiples plataformas de publicidad digital para expandir el alcance y el compromiso.

• Red de entretenimiento del lobby
• Plataformas de publicidad digital previa al espectáculo
• Soluciones publicitarias integradas en dispositivos móviles

Agencias de compra de medios

NCMI colabora con 42 principales agencias de compra de medios en 2024, que representan aproximadamente $ 215 millones en gasto publicitario anual.

Relación de agencia de medios	2024 estadísticas
Agencias totales de compra de medios	42
Gasto publicitario anual	$215,000,000
Las principales relaciones de la agencia	Groupm, Publicis, Omnicom

Redes de asociación de la cadena de cine

NCMI mantiene asociaciones con 3 cadenas de cine principales: teatros AMC, cines regales y teatros cinematográficos, que cubren 20.300 pantallas en todo el país.

• Teatros de AMC: 8,100 pantallas
• Regal Cinemas: 7.300 pantallas
• Teatros Cinemark: 4,900 pantallas

Portales de marketing en línea

NCMI aprovecha los canales de marketing digital con aproximadamente 1,2 millones de impresiones digitales activas mensuales en varias plataformas en línea.

Canal de marketing en línea	Métricas mensuales
Impresiones digitales	1,200,000
Tasa promedio de compromiso digital	3.7%
Ingresos publicitarios en línea	$ 18,500,000 anualmente

National Cinemedia, Inc. (NCMI) - Modelo de negocios: segmentos de clientes

Anunciantes de la marca nacional

National Cinemedia atiende a los principales anunciantes nacionales en diversas industrias. A partir de 2022, la compañía reportó ingresos por publicidad de $ 428.4 millones.

Los mejores sectores de anunciantes nacionales	Porcentaje de gasto publicitario
Entretenimiento	22%
Productos envasados ​​por el consumidor	18%
Automotor	15%
Tecnología	12%

Empresas locales y regionales

Los anunciantes locales representan un segmento significativo de la base de clientes de NCMI.

• Gasto publicitario local a través de NCMI: $ 87.6 millones en 2022
• Valor promedio de contrato del anunciante local: $ 12,500 por campaña
• Número de empresas locales atendidas anualmente: aproximadamente 3,400

Vendedores de la industria del entretenimiento

Los estudios de cine y las compañías de entretenimiento son clientes clave para la publicidad de cine.

Categoría de anunciante de entretenimiento	Gasto publicitario anual
Grandes estudios de cine	$ 94.2 millones
Servicios de transmisión	$ 42.5 millones
Redes de televisión	$ 23.7 millones

Sectores automotrices y minoristas

NCMI ofrece soluciones publicitarias específicas para marcas automotrices y minoristas.

• Gasto en anuncios del sector automotriz: $ 64.3 millones en 2022
• Gasto publicitario del sector minorista: $ 55.9 millones en 2022
• Número de anunciantes automotrices: 127
• Número de anunciantes minoristas: 214

Tecnología y compañías de productos de consumo

Las compañías de tecnología y productos de consumo utilizan la plataforma de publicidad de cine de NCMI.

Segmento de anunciante de tecnología	Inversión publicitaria anual
Electrónica de consumo	$ 38.6 millones
Móviles/telecomunicaciones	$ 29.4 millones
Software/compañías de Internet	$ 22.1 millones

National Cinemedia, Inc. (NCMI) - Modelo de negocio: Estructura de costos

Mantenimiento de la red de pantalla de cine

Costos de mantenimiento anual para pantallas de cine digital: $ 12.4 millones en 2022

Categoría de costos	Gasto anual
Mantenimiento técnico de pantalla	$ 7.2 millones
Reemplazo de equipos	$ 5.2 millones

Inversión en tecnología de publicidad digital

Gastos de inversión tecnológica: $ 8.6 millones en 2022

• Desarrollo de la plataforma digital: $ 4.3 millones
• Software de orientación publicitaria: $ 2.1 millones
• Infraestructura de análisis de datos: $ 2.2 millones

Gastos de ventas y marketing

Gastos totales de ventas y marketing: $ 17.5 millones en 2022

Canal de marketing	Gastos
Marketing digital	$ 6.8 millones
Equipo de ventas directas	$ 5.3 millones
Campañas publicitarias	$ 5.4 millones

Costos de producción de contenido

Gastos anuales de producción de contenido: $ 6.3 millones en 2022

• Producción de entretenimiento previo al espectáculo: $ 3.1 millones
• Creación de contenido publicitario: $ 2.5 millones
• Desarrollo creativo: $ 0.7 millones

Desarrollo de infraestructura tecnológica

Inversión de infraestructura tecnológica total: $ 9.2 millones en 2022

Componente de infraestructura	Inversión
Infraestructura de red	$ 4.5 millones
Computación en la nube	$ 2.7 millones
Sistemas de ciberseguridad	$ 2.0 millones

National Cinemedia, Inc. (NCMI) - Modelo de negocios: flujos de ingresos

Ventas de publicidad previa al espectáculo

En 2023, National Cinemedia reportó ingresos por publicidad previos al espectáculo de $ 81.6 millones, lo que representa una parte significativa de sus ingresos publicitarios totales.

Tipo de publicidad	Ingresos (2023)	Porcentaje de total
Publicidad previa al espectáculo	$ 81.6 millones	42.3%

Contratos de publicidad de cine

NCMI tiene contratos publicitarios con las principales cadenas de teatro que incluyen:

• Teatros AMC
• Cines regal
• Teatros para cine

Cadena de teatro	Valor de contrato	Cobertura de pantalla
Teatros AMC	$ 45.2 millones	3,500+ pantallas
Cines regal	$ 38.7 millones	2,900+ pantallas
Teatros para cine	$ 33.5 millones	2,500+ pantallas

Publicidad de plataforma digital

Los ingresos por publicidad de la plataforma digital para 2023 fueron de $ 42.3 millones, con una tasa de crecimiento del 7,2%.

Monetización de datos de audiencia

NCMI genera aproximadamente $ 12.5 millones anuales a partir de la monetización de datos de la audiencia, vendiendo información demográfica anonimizada e información de patrones de visualización a las empresas de marketing.

Patrocinio y asociaciones de contenido de marca

Las asociaciones de patrocinio y contenido de marca generaron $ 25.4 millones en ingresos para 2023.

Categoría de socio	Ganancia	Número de asociaciones
Marcas principales	$ 18.6 millones	42 asociaciones
Marcas de tamaño mediano	$ 6.8 millones	27 asociaciones

Las fuentes de ingresos totales para el cinemotedia nacional en 2023 alcanzaron $ 193.5 millones en estos cinco canales principales.

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.