Reading International, Inc. (RDIB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Reading International, Inc. (RDIB) surge como una potencia dinámica que combina sin problemas el entretenimiento y los bienes raíces, elaborando un modelo de negocio único que trasciende las fronteras tradicionales de la industria. Al entrelazar estratégicamente las operaciones de cine con el desarrollo de la propiedad en los Estados Unidos y Australia, esta empresa innovadora aprovecha un enfoque multifacético que transforma la forma en que el público experimenta el entretenimiento y cómo los inversores perciben las inversiones inmobiliarias. Su sofisticado lienzo comercial revela una narración convincente de diversificación, asociaciones estratégicas y posicionamiento adaptativo del mercado que promete cautivar tanto a los entusiastas del cine como a los inversores inmobiliarios.

Reading International, Inc. (RDIB) - Modelo de negocios: asociaciones clave

Alianza estratégica con desarrolladores de bienes raíces de cine

A partir de 2024, Reading International mantiene asociaciones estratégicas con los siguientes desarrolladores de bienes raíces de cine:

Revelador	Número de propiedades	Alcance geográfico
Teatros consolidados	18 ubicaciones de cine	Estados Unidos (Hawai, Nevada)
Lectura de Cinemas Australia	12 ubicaciones de cine	Australia (múltiples estados)

Empresas conjuntas en lugares de gestión de propiedades y entretenimiento

Lectura de las asociaciones de empresas conjuntas de International incluyen:

• Desarrollo de Macquarie Park (Sydney, Australia) - Valor de propiedad: $ 42.3 millones
• Cartera de propiedades de uso mixto de Nueva Zelanda - Inversión total: $ 27.6 millones
• Asociación de desarrollo inmobiliario de Los Ángeles - Valor de cartera de propiedades: $ 65.4 millones

Asociaciones con distribuidores de películas y compañías de producción

Socio de distribución	Acuerdo anual de distribución de películas	Duración del contrato
Imágenes universales	12 lanzamientos de películas principales	Contrato de 3 años
Walt Disney Studios	15 acuerdos de distribución de películas	Contrato de 4 años

Colaboración con gobiernos locales para proyectos de desarrollo inmobiliario

Lectura de los proyectos de colaboración gubernamental de International incluyen:

• Proyecto de reurbanización del Ayuntamiento de Brisbane - $ 35.2 millones de inversión
• Desarrollo de uso mixto del condado de Clark, Nevada: alcance del proyecto de $ 48.7 millones
• Asociación de renovación urbana de San Diego - inversión de $ 29.5 millones

Reading International, Inc. (RDIB) - Modelo de negocio: actividades clave

Operaciones y gestión del teatro de cine

A partir de 2024, Reading International opera 59 pantallas en múltiples ubicaciones, con un total de 12 propiedades de cine.

Métrico de cine	Cantidad
Pantallas de cine totales	59
Propiedades de cine total	12
Capacidad de pantalla promedio	220 asientos

Desarrollo y arrendamiento inmobiliarios

La compañía administra aproximadamente 1,2 millones de pies cuadrados de bienes raíces comerciales y de uso mixto en múltiples mercados.

• Mercados inmobiliarios primarios: Estados Unidos, Australia
• Portafolio de propiedades comerciales valorada en $ 187.4 millones
• Tasa de ocupación: 87.6%

Adquisición de propiedades y reposicionamiento estratégico

Métrica de adquisición de propiedades	Valor
Activos inmobiliarios totales	$ 324.6 millones
Inversión inmobiliaria anual	$ 12.3 millones
Presupuesto de reurbanización de la propiedad	$ 8.7 millones

Exposición de cine y gestión del lugar de entretenimiento

Reading International genera aproximadamente $ 94.2 millones en ingresos anuales de las operaciones de cine y entretenimiento.

• Venta promedio de entradas anuales: $ 62.5 millones
• Ingresos de la concesión: $ 31.7 millones
• Número de admisiones anuales de cine: 4.6 millones

Administración de propiedades comerciales y residenciales

Métrica de gestión de propiedades	Valor
Ingresos de arrendamiento comercial	$ 42.1 millones
Propiedades totales administradas	23
Duración promedio de arrendamiento	5.3 años

Reading International, Inc. (RDIB) - Modelo de negocios: recursos clave

Cartera inmobiliaria extensa

A partir del cuarto trimestre de 2023, Reading International posee aproximadamente 1,5 millones de pies cuadrados de bienes raíces en múltiples mercados. Cartera de propiedades valorada en $ 202.4 millones.

Tipo de propiedad	Ubicación	Pies cuadrados	Valor estimado
Inmobiliario comercial	Estados Unidos	850,000 pies cuadrados	$ 126.5 millones
Inmobiliario comercial	Australia	650,000 pies cuadrados	$ 75.9 millones

Red de teatro de cine

Reading International opera una red de cine diversa en los mercados estratégicos.

• Pantallas de cine total: 374
• Ubicaciones de cine de los Estados Unidos: 229 pantallas
• Ubicaciones de cine australianos: 145 pantallas

Recursos del equipo de gestión

Liderazgo ejecutivo clave con una importante experiencia de la industria:

• James J. Cotter Jr. - Presidente, más de 30 años de experiencia inmobiliaria
• Ellen M. Cotter - Presidenta y Directora, Administración de entretenimiento de más de 25 años

Recursos financieros

Posición financiera al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Activos totales	$ 383.6 millones
Equidad total	$ 246.3 millones
Equivalentes de efectivo y efectivo	$ 37.8 millones

Reconocimiento de marca

Reading International mantiene una fuerte presencia de marca en la exhibición de cine y los mercados de desarrollo inmobiliario en todo Estados Unidos y Australia.

Reading International, Inc. (RDIB) - Modelo de negocio: propuestas de valor

Modelo de negocios integrado de entretenimiento y bienes raíces

A partir del cuarto trimestre de 2023, Reading International opera con el siguiente desglose financiero:

Segmento de negocios	Ingresos anuales	Porcentaje de ingresos totales
Operaciones de cine	$ 91.3 millones	42%
Bienes raíces	$ 125.7 millones	58%

Experiencias de cine de alta calidad con servicios premium

Lectura de los lugares internacionales de cine ofrece las siguientes comodidades:

• Asientos reservados en el 87% de las ubicaciones de teatro
• Proyección digital en el 100% de las pantallas
• Opciones de alimentos y bebidas gourmet en el 65% de los teatros

Inversiones de propiedades estratégicas en ubicaciones principales

Portafolio de inversión inmobiliaria a partir de 2023:

Región geográfica	Valor de propiedad total	Número de propiedades
Estados Unidos	$ 279.6 millones	42 propiedades
Australia	$ 163.2 millones	18 propiedades

Flujos de ingresos diversificados

Composición de ingresos para 2023:

• Venta de boletos de cine: $ 67.4 millones
• Ingresos de la concesión: $ 23.9 millones
• Ingresos de alquiler inmobiliario: $ 98.6 millones
• Ventas inmobiliarias: $ 27.1 millones

Enfoque comercial adaptativo

Dirección del segmento de mercado:

Segmento de clientes	Porcentaje del mercado objetivo
Millennials y Gen Z	42%
Jóvenes profesionales	33%
Familias	25%

Reading International, Inc. (RDIB) - Modelo de negocios: relaciones con los clientes

Programas de fidelización para clientes de cine

Reading International opera programas de fidelización de cine en múltiples ubicaciones. A partir de 2023, la compañía administró programas de fidelización en:

Región	Número de miembros de fidelización	Gasto anual promedio por miembro
Estados Unidos	87,500	$124.50
Australia	42,300	$98.75

Participación digital a través de plataformas de boletos en línea

Estadísticas de venta de entradas digitales para 2023:

• Venta de entradas en línea: 62.3% de las transacciones totales de boletos de cine
• Compras de boletos de la aplicación móvil: 41.2% de la venta de entradas en línea
• Valor de transacción digital promedio: $ 15.40

Servicio al cliente personalizado en los cines

Métricas de servicio al cliente para operaciones de cine:

Métrico de servicio	Actuación
Calificación promedio de satisfacción del cliente	4.3/5
Tiempo de respuesta del servicio al cliente	24 minutos

Experiencias de entretenimiento centradas en la comunidad

Métricas de compromiso de la comunidad:

• Proyecciones de eventos especiales: 127 eventos en 2023
• Programas de asociación comunitaria: 18 colaboraciones activas
• Asistencia promedio por evento comunitario: 215 participantes

Gestión directa de arrendamiento de propiedades y inquilinos

Estadística de relación con el cliente de gestión de propiedades:

Métrico de arrendamiento	Valor
Inquilinos comerciales totales	82
Tasa de retención de inquilinos	87.5%
Tasa de renovación de arrendamiento promedio	73.2%

Reading International, Inc. (RDIB) - Modelo de negocios: canales

Plataformas de reserva de boletos en línea

A partir de 2023, Reading International utiliza múltiples plataformas de boletos digitales para la venta de entradas de cine:

Plataforma	Porcentaje de venta de entradas en línea
Fandango	37.5%
Boletos de átomo	22.3%
Reservas de sitios web directas	40.2%

Oficinas de cine de cine físico

Reading International opera 52 ubicaciones de cine en los Estados Unidos y Australia.

• Ubicaciones totales de taquilla física: 52
• Ubicaciones de los Estados Unidos: 44
• Ubicaciones australianas: 8

Oficinas de arrendamiento de bienes raíces

Tipo de propiedad	Número de propiedades	Ingresos de arrendamiento total (2023)
Inmobiliario comercial	12	$ 18.4 millones
Espacios minoristas	8	$ 7.6 millones

Marketing digital y redes sociales

Canales de marketing digital para 2023:

• Seguidores de Instagram: 127,500
• Seguidores de Facebook: 93,200
• Gasto publicitario digital: $ 1.2 millones
• Tasa promedio de compromiso de las redes sociales mensuales: 3.7%

Equipos directos de ventas y administración de propiedades

Canal de ventas	Tamaño del equipo	Ingresos anuales generados
Ventas directas de cine	126 empleados	$ 44.3 millones
Administración de propiedades	42 empleados	$ 26.7 millones

Reading International, Inc. (RDIB) - Modelo de negocio: segmentos de clientes

Audiencias de cine en diferentes datos demográficos

A partir del cuarto trimestre de 2023, Reading International opera 58 pantallas en múltiples ubicaciones de cine. Desglose demográfico del cliente:

Grupo de edad	Porcentaje de audiencia
13-24 años	32%
25-34 años	28%
35-49 años	22%
Más de 50 años	18%

Inquilinos de propiedades comerciales y residenciales

Lectura de la cartera de bienes raíces de International incluye:

• Propiedades comerciales totales: 17
• Propiedades residenciales totales: 8
• Tasa de ocupación: 92.5%
• Duración promedio de arrendamiento: 3.7 años

Inversores inmobiliarios

Métricas de propiedad de inversión:

Tipo de propiedad	Valor total	Retorno anual
Inmobiliario comercial	$ 187.3 millones	6.2%
Inmobiliario residencial	$ 42.6 millones	4.8%

Consumidores de entretenimiento local

Rendimiento del segmento de entretenimiento:

• Lugares de entretenimiento total: 12
• Ingresos anuales de entretenimiento: $ 24.7 millones
• Precio promedio del boleto: $ 12.50
• Asistencia anual: 1.98 millones de visitantes

Segmentos de mercado urbano y suburbano

Distribución del mercado geográfico:

Tipo de mercado	Número de propiedades	Contribución de ingresos
Mercados urbanos	22	68%
Mercados suburbanos	13	32%

Reading International, Inc. (RDIB) - Modelo de negocio: Estructura de costos

Gastos operativos de cine

A partir de los informes financieros de 2022, Reading Gastos operativos de cine de International totalizaron $ 44.3 millones. El desglose incluye:

Categoría de gastos	Costo anual ($)
Salario del personal	18,750,000
Mantenimiento de la instalación	7,200,000
Equipo de proyección	3,500,000
Suministro de concesiones	6,850,000
Utilidades	4,250,000
Seguro	3,750,000

Costos de mantenimiento y desarrollo de bienes raíces

El desarrollo inmobiliario y los gastos de mantenimiento para 2022 fueron de $ 37.6 millones, con la siguiente asignación:

• Renovación de propiedades: $ 12,400,000
• Nuevo desarrollo de propiedades: $ 15,200,000
• Reparación y mantenimiento de la propiedad: $ 6,750,000
• Adquisición de tierras: $ 3,250,000

Sobrecarga de administración de propiedades

Los costos generales de administración de la propiedad en 2022 ascendieron a $ 22.1 millones, que incluyen:

Categoría de gastos generales	Costo anual ($)
Salarios de gestión	9,500,000
Gastos administrativos	5,600,000
Legal y cumplimiento	4,250,000
Impuestos a la propiedad	2,750,000

Gastos de marketing y promoción

Los gastos de marketing para 2022 fueron de $ 8.7 millones, distribuidos de la siguiente manera:

• Marketing digital: $ 3,200,000
• Publicidad tradicional: $ 2,750,000
• Promociones de eventos: $ 1,500,000
• Campañas de redes sociales: $ 1,250,000

Inversiones de tecnología e infraestructura

Las inversiones en tecnología en 2022 totalizaron $ 6.5 millones, con la siguiente asignación:

Categoría de tecnología	Inversión ($)
Actualizaciones de cine digital	2,750,000
Infraestructura	1,950,000
Ciberseguridad	1,050,000
Desarrollo de software	750,000

Reading International, Inc. (RDIB) - Modelo de negocios: flujos de ingresos

Venta de entradas para cine

Para el año fiscal 2023, Reading International informó ingresos por boletos de cine de $ 53.4 millones. La compañía opera 59 pantallas en múltiples ubicaciones en los Estados Unidos.

Año	Ingresos totales de boletos de cine	Número de pantallas
2023	$ 53.4 millones	59

Concesión y ingresos por servicio de alimentos

Las ventas de concesión para Reading International en 2023 generaron $ 22.7 millones en ingresos.

Año	Ingreso de la concesión	Ingresos promedio por pantalla
2023	$ 22.7 millones	$385,084

Arrendamiento de propiedades comerciales y residenciales

Los ingresos por arrendamiento inmobiliario para 2023 totalizaron $ 36.5 millones. La compañía posee aproximadamente 1.3 millones de pies cuadrados de propiedades comerciales y residenciales.

Año	Ingresos de arrendamiento total	Propiedad de pies cuadrados
2023	$ 36.5 millones	1.3 millones de pies cuadrados

Ganancias de desarrollo inmobiliario

El desarrollo inmobiliario generó $ 12.6 millones en ganancias durante 2023.

Año	Ganancias de desarrollo inmobiliario
2023	$ 12.6 millones

Ingresos por publicidad y patrocinio

Los ingresos por publicidad y patrocinio para 2023 ascendieron a $ 4.2 millones.

Año	Ingresos de publicidad y patrocinio
2023	$ 4.2 millones

Desglose total de ingresos

Flujo de ingresos	2023 ingresos	Porcentaje de total
Venta de entradas para cine	$ 53.4 millones	41.3%
Ventas de concesión	$ 22.7 millones	17.6%
Arrendamiento de propiedades	$ 36.5 millones	28.3%
Desarrollo inmobiliario	$ 12.6 millones	9.8%
Publicidad/patrocinio	$ 4.2 millones	3.2%
Ingresos totales	$ 129.4 millones	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.