National Cinemedia, Inc. (NCMI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Imagine uma potência de marketing que captura a atenção total de milhões de espectadores todos os dias - que é a National Cinemedia, Inc. (NCMI) em poucas palavras. Ao transformar as telas de cinema em telas dinâmicas de publicidade, essa empresa inovadora revolucionou como as marcas se conectam com o público durante esses momentos cruciais de pré-show. Com uma rede sofisticada que abrange grandes redes de teatro como AMC, Regal e Cinemark, a NCMI oferece aos anunciantes uma plataforma incomparável para o marketing direcionado e de alto impacto que garante o envolvimento dos espectadores em um ambiente exclusivamente imersivo.

National Cinemedia, Inc. (NCMI) - Modelo de negócios: Parcerias -chave

Principais cadeias de cinema

A National Cinemedia possui parcerias estratégicas com três cadeias de cinema primárias:

Cadeia de cinema	Porcentagem de propriedade	Número de telas
Teatros da AMC	29.2%	7.962 telas
Cinemas reais	22.7%	7.318 telas
Cinemark	16.3%	4.434 telas

Agências de publicidade e compradores de mídia

As principais parcerias de publicidade incluem:

• Grupo Interpublic (IPG)
• Omnicom Media Group
• Grupo WPP
• Publicis Groupe

Marcas de publicidade local e nacional

Categoria	Os principais anunciantes	Gastos anuais anuais
Automotivo	Ford, Toyota, Chevrolet	US $ 45,2 milhões
Tecnologia	Apple, Samsung, Microsoft	US $ 38,7 milhões
Entretenimento	Netflix, Disney, Warner Bros.	US $ 32,5 milhões

Provedores de tecnologia

Digital Advertising Platform Technology Partners:

• Plataforma de publicidade do Google
• Adobe Advertising Cloud
• MediaMath
• A mesa de comércio

Empresas de produção e entretenimento de conteúdo

Empresa	Tipo de parceria	Alcance de conteúdo
Walt Disney Studios	Distribuição de conteúdo	1.200 teatros
Imagens universais	Integração de publicidade	1.100 teatros
Warner Bros.	Colaboração de marketing	950 teatros

National Cinemedia, Inc. (NCMI) - Modelo de negócios: Atividades -chave

Gerenciamento de rede de publicidade de cinema digital

A National Cinemedia gerencia a maior rede de publicidade de cinema digital nos Estados Unidos, cobrindo aproximadamente 20.000 telas em 1.600 locais de teatro. A partir de 2023, a rede atinge aproximadamente 711 milhões de espectadores anualmente.

Métrica de rede	Quantidade
Telas totais cobertas	20,000
Locais de teatro	1,600
Alcance anual de espectador	711 milhões

Vendas e colocação de anúncios nas telas de teatro

O NCMI gera receita de publicidade por meio de estratégias estratégicas de vendas e colocação. Em 2022, a empresa registrou US $ 428,5 milhões em receitas totais de publicidade.

• Taxa média de publicidade por tela: US $ 21.425
• Cobertura de inventário de publicidade: 98% das telas de teatro digital
• Categorias de publicidade primária: entretenimento, automotivo, comida & Bebida

Criação de conteúdo e programação para entretenimento pré-show

A empresa produz aproximadamente 2.500 horas de conteúdo de entretenimento pré-show personalizado anualmente, com um tempo médio de visualização de 20 minutos por espectador.

Métrica de conteúdo	Quantidade
Produção anual de conteúdo	2.500 horas
Tempo médio de visualização antes do show	20 minutos

Análise de dados e segmentação de público -alvo

A NCMI utiliza plataformas avançadas de análise de dados para segmentar aproximadamente 74 milhões de espectadores exclusivos mensalmente, com recursos demográficos de segmentação de precisão.

• Alcance mensal de público -alvo: 74 milhões
• Segmentação demográfica do público: idade, renda, localização
• Pontos de coleta de dados: 20.000 telas digitais

Desenvolvimento de tecnologia de publicidade de teatro

A empresa investe aproximadamente US $ 12,7 milhões anualmente em pesquisa e desenvolvimento de tecnologia para aprimorar os recursos de publicidade digital.

Investimento em tecnologia	Quantia
Despesas anuais de P&D	US $ 12,7 milhões
Áreas de foco em tecnologia	Plataformas de publicidade digital

National Cinemedia, Inc. (NCMI) - Modelo de negócios: Recursos -chave

Extensa rede nacional de teatro

Em 2024, a National Cinemedia opera em 46 estados com uma rede de 20.300 telas em aproximadamente 1.600 cinemas. A empresa tem presença em 171 teatros consolidados e 52 teatros independentes.

Cobertura de tela	Número
Telas totais	20,300
Estados cobertos	46
Teatros consolidados	171
Teatros independentes	52

Infraestrutura de publicidade digital

O NCMI mantém uma plataforma robusta de publicidade digital com as seguintes especificações:

• Rede de publicidade pré-show digital
• Recursos de publicidade programática
• Tecnologias avançadas de segmentação

Tecnologia de medição de público proprietária

A empresa utiliza Moviio Cinema Plataforma de medição do público, que rastreia:

• Dados demográficos do público
• Comportamentos de filmes
• Rastreamento de participação em tempo real

Relacionamentos fortes com correntes de cinema

O NCMI tem parcerias estratégicas com as principais redes de cinema:

Cadeia de cinema	Participação de propriedade
AMC Entertainment	29.7%
Cinemas reais	22.4%
Teatros de cinemas	18.9%

Equipes de vendas e marketing qualificadas

A partir de 2024, a NCMI emprega aproximadamente 280 profissionais em período integral dedicados a vendas, marketing e desenvolvimento tecnológico.

Composição da equipe	Número de funcionários
Equipe de vendas	120
Equipe de marketing	85
Equipe de tecnologia	75

National Cinemedia, Inc. (NCMI) - Modelo de negócios: proposições de valor

Publicidade direcionada para o público do cinema em cativeiro

A Cinemedia Nacional chega 20.541 telas entre 1.600 sites de teatro nos Estados Unidos. A empresa entrega publicidade para aproximadamente 700 milhões de espectadores anuais.

Métrica de publicidade	Valor
Cobertura total da tela	20.541 telas
Alcance anual de espectador	700 milhões
Rede de sites de teatro	1.600 sites

Plataforma de marketing de alta tela e tela grande

NCM fornece publicidade na tela com Displays digitais de alta resolução nas principais redes de teatro.

• Resolução média da tela: projeção digital 4K
• Duração do ponto de publicidade: 15-30 segundos
• Cobertura de publicidade pré-show: 96% do público do teatro

Engajamento garantido do espectador

Relatórios NCM Taxa de atenção de 97% do espectador Durante os segmentos de publicidade antes do show.

Métrica de engajamento	Percentagem
Taxa de atenção do espectador	97%
Taxa de conclusão do anúncio	95%

Recursos precisos de segmentação demográfica

NCM oferece segmentação de público granular com Dados demográficos detalhados.

• Faixa etária direcionada: 13-49 anos
• Rastreamento de suporte de renda: US $ 50.000 a US $ 150.000
• Precisão geográfica: opções de campanha local e nacional

Ambiente de marketing de entretenimento exclusivo

NCM gera US $ 428,3 milhões em receita anual de publicidade com Direitos de publicidade de cinema exclusivos.

Métrica financeira	Valor
Receita anual de publicidade	US $ 428,3 milhões
Participação de mercado na publicidade de cinema	58%

National Cinemedia, Inc. (NCMI) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de publicidade de longo prazo

A National Cinemedia mantém uma duração média do contrato de 3-5 anos com os principais clientes de publicidade. A partir de 2023, a empresa registrou 93 contratos de publicidade de longo prazo com um valor total do contrato de aproximadamente US $ 365 milhões.

Tipo de contrato	Número de contratos	Valor total do contrato
Contratos de publicidade de longo prazo	93	US $ 365 milhões

Soluções de publicidade personalizadas

O NCMI oferece pacotes de publicidade personalizados em várias plataformas de cinema:

• Publicidade digital na tela
• Lobby Display Advertising
• Integrações de plataformas móveis e digitais
• Soluções de publicidade demográfica direcionadas

Rastreamento e relatório de desempenho

A empresa fornece análises detalhadas com as seguintes métricas:

Métrica	Medição
Alcance do público	Mais de 700 milhões de espectadores anuais
Impressões de publicidade	Aproximadamente 3,4 bilhões de impressões anuais

Gerenciamento de conta dedicado

NCMI mantém 42 profissionais de gerenciamento de contas dedicadas Servindo clientes de publicidade de primeira linha em vários segmentos do setor.

Sessões regulares de comunicação e estratégia do cliente

A empresa realiza sessões de estratégia trimestral com clientes -chave, com uma média de 168 reuniões estratégicas anualmente.

Frequência de comunicação	Número de interações anuais
Sessões de estratégia trimestral	168
Revisões mensais de desempenho	Aproximadamente 504

National Cinemedia, Inc. (NCMI) - Modelo de Negócios: Canais

Equipe de vendas diretas

A National Cinemedia emprega uma equipe de vendas direta dedicada de 87 profissionais de vendas a partir do quarto trimestre 2023, com foco em vendas de publicidade nacional e regional em sua rede de cinema.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	87
Receita anual média por representante de vendas	$624,000
Cobertura geográfica	48 estados

Plataformas de publicidade digital

O NCMI utiliza várias plataformas de publicidade digital para expandir o alcance e o engajamento.

• Lobby Entertainment Network
• Plataformas de publicidade pré-show digital
• Soluções de publicidade integrada a dispositivos móveis

Agências de compra de mídia

A NCMI colabora com 42 principais agências de compra de mídia em 2024, representando aproximadamente US $ 215 milhões em gastos anuais anuais.

Relacionamento da agência de mídia	2024 Estatísticas
Total de agências de compra de mídia	42
Gastos anuais anuais	$215,000,000
Relacionamentos principais da agência	GrupoM, Publicis, Omnicom

Redes de parceria em cadeia de cinema

O NCMI mantém parcerias com 3 principais cadeias de cinema: cinemas da AMC, cinemas reais e cinemas de cinemas, cobrindo 20.300 telas em todo o país.

• Teatros da AMC: 8.100 telas
• Cinemas Regal: 7.300 telas
• Teatros de cinemas: 4.900 telas

Portais de marketing on -line

O NCMI aproveita os canais de marketing digital com aproximadamente 1,2 milhão de impressões digitais ativas mensais em várias plataformas on -line.

Canal de marketing online	Métricas mensais
Impressões digitais	1,200,000
Taxa média de engajamento digital	3.7%
Receita de publicidade on -line	US $ 18.500.000 anualmente

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

Anunciantes nacionais de marca

A National Cinemedia atende aos principais anunciantes nacionais de várias indústrias. A partir de 2022, a empresa registrou receita de publicidade de US $ 428,4 milhões.

Principais setores nacionais de anunciantes	Porcentagem de gastos com anúncios
Entretenimento	22%
Bens de consumo embalados	18%
Automotivo	15%
Tecnologia	12%

Empresas locais e regionais

Os anunciantes locais representam um segmento significativo da base de clientes da NCMI.

• Gastes de anúncios locais através da NCMI: US $ 87,6 milhões em 2022
• Valor médio do contrato de anunciante local: US $ 12.500 por campanha
• Número de empresas locais servidas anualmente: aproximadamente 3.400

Profissionais de marketing da indústria de entretenimento

Os estúdios de cinema e empresas de entretenimento são clientes -chave para publicidade no cinema.

Categoria de anunciante de entretenimento	Gastos anuais de anúncios
Principais estúdios de cinema	US $ 94,2 milhões
Serviços de streaming	US $ 42,5 milhões
Redes de TV	US $ 23,7 milhões

Setores automotivo e de varejo

O NCMI fornece soluções de publicidade direcionadas para marcas automotivas e de varejo.

• Gastes de anúncios do setor automotivo: US $ 64,3 milhões em 2022
• Gastes de anúncios do setor de varejo: US $ 55,9 milhões em 2022
• Número de anunciantes automotivos: 127
• Número de anunciantes de varejo: 214

Empresas de tecnologia e produtos de consumo

As empresas de tecnologia e produtos de consumo utilizam a plataforma de publicidade de cinema da NCMI.

Segmento de anunciante de tecnologia	Investimento anual de anúncios
Eletrônica de consumo	US $ 38,6 milhões
Mobile/Telecomunicações	US $ 29,4 milhões
Empresas de software/Internet	US $ 22,1 milhões

National Cinemedia, Inc. (NCMI) - Modelo de negócios: estrutura de custos

Manutenção de rede de tela de cinema

Custos de manutenção anuais para telas de cinema digital: US $ 12,4 milhões em 2022

Categoria de custo	Despesa anual
Tela de manutenção técnica	US $ 7,2 milhões
Substituição do equipamento	US $ 5,2 milhões

Investimento em tecnologia de publicidade digital

Despesas de investimento em tecnologia: US $ 8,6 milhões em 2022

• Desenvolvimento da plataforma digital: US $ 4,3 milhões
• Software de segmentação por publicidade: US $ 2,1 milhões
• Infraestrutura de análise de dados: US $ 2,2 milhões

Despesas de vendas e marketing

Despesas totais de vendas e marketing: US $ 17,5 milhões em 2022

Canal de marketing	Despesa
Marketing digital	US $ 6,8 milhões
Equipe de vendas diretas	US $ 5,3 milhões
Campanhas de publicidade	US $ 5,4 milhões

Custos de produção de conteúdo

Despesas anuais de produção de conteúdo: US $ 6,3 milhões em 2022

• Produção de entretenimento pré-show: US $ 3,1 milhões
• Criação de conteúdo de publicidade: US $ 2,5 milhões
• Desenvolvimento criativo: US $ 0,7 milhão

Desenvolvimento de infraestrutura tecnológica

Investimento total de infraestrutura de tecnologia: US $ 9,2 milhões em 2022

Componente de infraestrutura	Investimento
Infraestrutura de rede	US $ 4,5 milhões
Computação em nuvem	US $ 2,7 milhões
Sistemas de segurança cibernética	US $ 2,0 milhões

National Cinemedia, Inc. (NCMI) - Modelo de negócios: fluxos de receita

Vendas de publicidade antes do show

Em 2023, a National Cinemedia registrou receita de publicidade antes do show de US $ 81,6 milhões, representando uma parcela significativa de sua receita total de publicidade.

Tipo de publicidade	Receita (2023)	Porcentagem de total
Publicidade pré-show	US $ 81,6 milhões	42.3%

Contratos de publicidade de cinema

O NCMI possui contratos de publicidade com grandes redes de teatro, incluindo:

• Teatros da AMC
• Cinemas reais
• Teatros de cinemas

Cadeia de teatro	Valor do contrato	Cobertura de tela
Teatros da AMC	US $ 45,2 milhões	3.500 mais de telas
Cinemas reais	US $ 38,7 milhões	2.900 mais de telas
Teatros de cinemas	US $ 33,5 milhões	2.500 mais de telas

Publicidade da plataforma digital

A receita de publicidade da plataforma digital para 2023 foi de US $ 42,3 milhões, com uma taxa de crescimento de 7,2%.

Monetização de dados do público

O NCMI gera aproximadamente US $ 12,5 milhões anualmente da monetização de dados do público, vendendo informações demográficas anonimizadas e visualizando informações de padrões para empresas de marketing.

Patrocínio e parcerias de conteúdo da marca

O patrocínio e as parcerias de conteúdo da marca geraram US $ 25,4 milhões em receita para 2023.

Categoria de parceiro	Receita	Número de parcerias
Principais marcas	US $ 18,6 milhões	42 parcerias
Marcas de tamanho médio	US $ 6,8 milhões	27 parcerias

Os fluxos totais de receita para a Cinemedia Nacional em 2023 atingiram US $ 193,5 milhões nesses cinco canais principais.

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.