Reading International, Inc. (RDI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Reading International, Inc. (RDI) surge como uma potência dinâmica de entretenimento e imóveis, navegando estrategicamente diversos mercados nos Estados Unidos e na Austrália. Ao alavancar engenhosamente as operações de cinema e investimentos estratégicos de propriedades, a RDI criou um modelo de negócios exclusivo que transforma os limites tradicionais do setor, oferecendo aos investidores e entusiastas do cinema uma plataforma integrada de criação de valor. Sua abordagem inovadora entrelaçam perfeitamente o desenvolvimento de propriedades, as experiências de cinema e a diversificação de receita, posicionando a empresa como um estudo de caso convincente em estratégia de negócios adaptativa e multidimensional.

Reading International, Inc. (RDI) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com promotores imobiliários

A Reading International mantém parcerias estratégicas com promotores imobiliários em vários mercados:

Localização	Desenvolvedor Parceiro	Foco em parceria
Estados Unidos	Grupo de Desenvolvimento Urbano	Desenvolvimento complexo de cinema e varejo
Austrália	Soluções de propriedade multiplex	Construção de local de entretenimento de uso misto
Nova Zelândia	Imóveis metropolitanos	Cinema urbano e integração de propriedades comerciais

Joint ventures com operadores de cinema

A RDI estabeleceu joint ventures em vários mercados geográficos:

• Estados Unidos: 7 locais de cinema de joint venture
• Austrália: 4 operações colaborativas de cinema
• Nova Zelândia: 3 parcerias estratégicas de cinema

Colaborações de distribuição de filmes

Parceiro de distribuição	Tipo de conteúdo	Volume anual de colaboração
Imagens primárias	Filmes de Hollywood	42 aquisições de filmes
Disney Studios	Sucesso de bilheteria e filmes de família	35 aquisições de filmes
Imagens universais	Diversos filmes de gênero	38 aquisições de filmes

Gerenciamento de propriedades e parcerias de leasing

As parcerias do Centro Urbano incluem:

• Gerenciamento de propriedades comerciais em 12 áreas metropolitanas
• Leasing de espaço de varejo em 18 complexos de entretenimento
• Parcerias ativas com 9 empresas imobiliárias comerciais

Portfólio de parceria total: 23 acordos estratégicos de colaboração nos setores imobiliários, cinema e distribuição.

Reading International, Inc. (RDI) - Modelo de negócios: Atividades -chave

Desenvolvimento imobiliário e gerenciamento de propriedades

A partir de 2024, a Reading International gerencia um portfólio imobiliário no valor de aproximadamente US $ 300 milhões, com propriedades nos Estados Unidos e na Austrália.

Tipo de propriedade	Mágua quadrada total	Taxa de ocupação
Imóveis comerciais	1.200.000 pés quadrados	87%
Espaços de varejo	350.000 pés quadrados	92%

Operações de cinema e exposição de cinema

A leitura opera 58 telas de cinema em vários locais, com receita anual de cinema de US $ 42,3 milhões em 2023.

• Total de locais de cinema: 13 cinemas
• Atendimento médio anual por teatro: 285.000 visitantes
• Porcentagem de tela digital: 100%

Aquisição e reforma de locais de entretenimento

O investimento em reformas do local para 2023-2024 totalizou US $ 6,2 milhões.

Tipo de local	Número de locais renovados	Investimento total
Cinemas	7	US $ 4,5 milhões
Propriedades comerciais	3	US $ 1,7 milhão

Leasing e monetização de ativos imobiliários comerciais

Receita anual de arrendamento de propriedades comerciais: US $ 22,7 milhões.

• Duração média do arrendamento: 5,3 anos
• Taxa de renovação do arrendamento: 68%
• Diversificação geográfica: Estados Unidos e Austrália

Investimento estratégico de propriedade e otimização de ativos

Despesas de capital para investimentos em propriedades em 2023: US $ 12,5 milhões.

Categoria de investimento	Valor investido	Retorno esperado
Aquisições imobiliárias	US $ 8,3 milhões	6.5%
Melhorias da propriedade	US $ 4,2 milhões	7.2%

Reading International, Inc. (RDI) - Modelo de negócios: Recursos -chave

Portfólio imobiliário

A partir de 2023, a Reading International, Inc. possui e opera ativos imobiliários nos Estados Unidos e na Austrália, totalizando aproximadamente 1,8 milhão de pés quadrados de propriedades comerciais e de entretenimento.

Tipo de propriedade	Estados Unidos (Sq ft)	Austrália (pés quadrados)
Propriedades do cinema	620,000	420,000
Imóveis comerciais	480,000	280,000

Infraestrutura de teatro de cinema

Reading International opera 54 teatros de cinema Em vários locais:

• Estados Unidos: 41 cinemas
• Austrália: 13 teatros

Especialização da equipe de gerenciamento

Profissionais de gerenciamento -chave com experiência extensa:

• Posse média: 12,5 anos em setores imobiliários e de entretenimento
• Liderança executiva com mais de 100 anos de experiência no setor

Capital financeiro

Recursos financeiros a partir do terceiro trimestre de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 386,4 milhões
Caixa e equivalentes de dinheiro	US $ 42,7 milhões
Patrimônio total	US $ 214,6 milhões

Reconhecimento da marca

Presença consolidada da marca entre setores de entretenimento e propriedade com reputação de mercado estabelecida desde 1979.

Reading International, Inc. (RDI) - Modelo de negócios: proposições de valor

Plataforma integrada de entretenimento e investimento imobiliário

A partir do quarto trimestre de 2023, a Reading International, Inc. gerou US $ 130,7 milhões em receita total, com US $ 76,3 milhões em operações de cinema e US $ 54,4 milhões em investimentos imobiliários.

Segmento de receita	2023 Receita ($ m)	Percentagem
Operações de cinema	76.3	58.4%
Investimentos imobiliários	54.4	41.6%

Experiências de cinema de alta qualidade em locais urbanos principais

A empresa opera 58 telas em 13 cinemas nos Estados Unidos e na Nova Zelândia.

• Preço médio do bilhete: US $ 12,50
• Atendimento anual de cinema: 2,4 milhões de clientes
• Telas de formato grande premium: 8

Fluxos de receita diversificados

Portfólio imobiliário avaliado em US $ 182,6 milhões em 31 de dezembro de 2023.

Categoria imobiliária	Valor total ($ m)	Taxa de ocupação
Propriedades comerciais	112.4	92%
Espaços de varejo	70.2	88%

Modelo de negócios adaptativo

Receita de concessão de cinema em 2023: US $ 22,1 milhões, representando 28,9% da receita do segmento de cinema.

• Receita de publicidade digital: US $ 3,7 milhões
• Eventos e aluguéis corporativos: US $ 4,5 milhões

Apreciação de capital de longo prazo

Retorno do investimento imobiliário: 7,2% de valorização ano a ano nos valores da propriedade para 2023.

Métrica de investimento	2023 desempenho
Valorização do valor da propriedade	7.2%
Receita operacional líquida de imóveis	US $ 12,6 milhões

Reading International, Inc. (RDI) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto através de programas de fidelidade de cinema

A Reading International opera programas de fidelidade de cinema com as seguintes métricas:

Métrica do programa	Dados reais
Membros do programa de fidelidade total	87.456 membros
Compras médias anuais de ingressos por membro	6.3 ingressos
Contribuição da receita do programa de fidelidade	US $ 1,2 milhão em 2023

Atendimento ao cliente personalizado em experiências de teatro

Métricas de desempenho do atendimento ao cliente:

• Classificação de satisfação do cliente: 4.2/5
• Tempo médio de resposta às consultas do cliente: 24 horas
• Representantes de atendimento ao cliente treinados: 142 funcionários

Plataformas digitais para reserva de ingressos e informações de filme

Métrica da plataforma digital	Dados reais
Porcentagem de reserva de ingressos online	62% do total de vendas de ingressos
Downloads de aplicativos móveis	53.200 usuários ativos
Valor médio de transação online	US $ 34,50 por transação

Locais de entretenimento focados na comunidade

Estatísticas de engajamento da comunidade:

• Total de eventos comunitários hospedados: 124 em 2023
• Partida média de evento: 215 participantes
• Receita de eventos da comunidade: US $ 387.000

Gerenciamento de propriedades responsivas para inquilinos comerciais

Métrica de gerenciamento de propriedades	Dados reais
Total de inquilinos comerciais	89 inquilinos ativos
Taxa de retenção de inquilinos	87.3%
Tempo médio de renovação do arrendamento	3,6 anos

Reading International, Inc. (RDI) - Modelo de Negócios: Canais

Plataformas de reserva de ingressos online

A Reading International utiliza vários canais de ingressos digitais:

Plataforma	Alcance do mercado	Volume do ingresso
Fandango	Cobertura nacional	15,2% das vendas de ingressos on -line
Movietickets.com	Cobertura regional	8,7% das vendas de ingressos on -line

Escritórios diretos de teatro de cinema

Os canais de vendas de ingressos físicos incluem:

• 29 locais de cinema nos Estados Unidos
• Vendas diretas de ingressos
• Sistemas de ponto de venda no local

Escritórios de leasing imobiliário e gerenciamento de propriedades

Tipo de propriedade	Propriedades totais	Canais de leasing
Imóveis comerciais	12 propriedades	Agentes de leasing direto
Espaços de varejo	8 propriedades	Marketing online e direto

Plataformas de marketing digital e mídia social

Os canais de marketing digital incluem:

• Facebook: 85.000 seguidores
• Instagram: 42.000 seguidores
• Twitter: 23.000 seguidores

Redes de bilhetes e distribuição de terceiros

Parceiro de distribuição	Cobertura	Taxa de comissão
Tickets de Atom	Nacional	7.5%
Rede de parceiros de cinemark	Regional	5.2%

Reading International, Inc. (RDI) - Modelo de negócios: segmentos de clientes

Públicos de cinema em diversas faixas etárias

A partir de 2024, a Reading International opera 59 telas em vários locais do cinema. Aparelhamento demográfico do cliente:

Faixa etária	Porcentagem de público	Gastos médios de ingressos
13-24 anos	38%	US $ 12,50 por ingresso
25-40 anos	35%	$ 14,75 por ingresso
41-55 anos	17%	US $ 13,25 por bilhete
56 anos ou mais	10%	US $ 11,50 por ingresso

Inquilinos comerciais de imóveis

A RDI gerencia aproximadamente 1,3 milhão de pés quadrados de imóveis comerciais em vários mercados.

• Taxa de ocupação no espaço do escritório: 82%
• Taxa média de arrendamento: US $ 28,50 por pé quadrado
• Indústrias de inquilinos: tecnologia, serviços profissionais, varejo

Profissionais urbanos e entusiastas do entretenimento

Características do mercado -alvo para locais de entretenimento:

Característica do segmento	Percentagem
Renda disponível $ 75k+	62%
Buscadores de entretenimento digital	47%
Participantes frequentes do evento	55%

Investidores de propriedades regionais

Detalhes do portfólio de investimentos imobiliários da RDI:

• Valor total da propriedade: US $ 214,3 milhões
• Mercados geográficos: Estados Unidos, Austrália
• Tipos de propriedades de investimento: comercial, varejo, uso misto

Buscadores de entretenimento comunitário local

Métricas de engajamento da comunidade:

Categoria de entretenimento	Participação anual	Receita por categoria
Cinema	1,2 milhão de visitantes	US $ 18,7 milhões
Eventos ao vivo	225.000 participantes	US $ 4,5 milhões
Programas comunitários	150.000 participantes	US $ 2,3 milhões

Reading International, Inc. (RDI) - Modelo de negócios: estrutura de custos

Operação de cinema e despesas de manutenção

Com base no relatório anual de 2022, as despesas operacionais de cinema da Reading International foram de US $ 43,2 milhões, que incluíram:

Categoria de despesa	Valor ($)
Manutenção do equipamento	7,650,000
Uportagem da instalação	5,420,000
Atualizações de tecnologia	3,210,000
Utilitários	4,890,000

Custos de gerenciamento de imóveis imobiliários

As despesas de gestão imobiliária de 2022 totalizaram US $ 22,1 milhões, com o colapso da seguinte maneira:

• Manutenção de propriedades: US $ 6.750.000
• Impostos à propriedade: US $ 5.400.000
• Seguro: US $ 3.250.000
• Overhead administrativo: US $ 6.700.000

Taxas de aquisição e licenciamento de conteúdo de filme

Os custos de aquisição de conteúdo para 2022 foram de US $ 12,5 milhões, estruturados como:

Tipo de conteúdo	Custo de licenciamento ($)
Filmes de primeira execução	7,800,000
Filmes independentes	2,950,000
Direitos clássicos do filme	1,750,000

Salários e benefícios dos funcionários

O total de despesas de pessoal para 2022 foi de US $ 38,6 milhões:

• Salários base: US $ 28.750.000
• Benefícios para a saúde: US $ 4.620.000
• Contribuições de aposentadoria: US $ 3.150.000
• Bônus de desempenho: US $ 2.080.000

Despesas de marketing e promocionais

Os gastos de marketing para 2022 atingiram US $ 6,3 milhões, alocados como:

Canal de marketing	Despesas ($)
Publicidade digital	2,750,000
Campanhas de mídia social	1,450,000
Mídia impressa e tradicional	1,250,000
Patrocínio de eventos	850,000

Reading International, Inc. (RDI) - Modelo de negócios: fluxos de receita

Receitas de vendas e concessão de ingressos de cinema

A partir do terceiro trimestre de 2023, a Reading International reportou receitas de cinema de US $ 22,4 milhões. Repartição de vendas de ingressos:

Tipo de localização do cinema	Receita ($)
Cinemas dos Estados Unidos	16,3 milhões
Cinemas australianos	6,1 milhões

Renda de aluguel imobiliário comercial

A receita de aluguel imobiliário comercial para 2023 totalizou US $ 37,6 milhões, com distribuição geográfica:

• Propriedades dos Estados Unidos: US $ 28,2 milhões
• Propriedades australianas: US $ 9,4 milhões

Apreciação e venda de ativos de propriedade

A receita de vendas de propriedades em 2023 totalizou US $ 12,5 milhões, principalmente de disposições estratégicas de propriedades nos mercados urbanos.

Publicidade e patrocínio em locais de entretenimento

Fonte de receita de publicidade	Receita anual ($)
Publicidade no cinema	3,8 milhões
Patrocínios do local do evento	1,6 milhão

Serviços e experiências de entretenimento auxiliares

Os fluxos de receita suplementar de entretenimento geraram US $ 4,2 milhões em 2023, incluindo:

• Aluguel de eventos particulares
• Experiências de cinema premium
• Ofertas de alimentos e bebidas especiais

Total de fluxos de receita combinados para 2023: US $ 80,5 milhões

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

Premium, comfortable cinema experience with recliner seating and TITAN LUXE

• Average Ticket Price (ATP) in U.S. cinemas reached $13.44 in Q2 2025.
• One U.S. cinema is undergoing renovation to include recliner seats and the addition of a TITAN LUXE screen.
• Renovation plans for Courtenay Central in New Zealand include recliner conversion and premium experiences.
• Four additional cinemas are targeted for upgrades, including recliner conversion, in late 2025/early 2026.

Art-house and independent film curation via the Angelika brand

• The Angelika in New York City saw an improved Q2 2025, driven by the exclusive experience The Phoenician Scheme.
• Specialty films like Friendship and The Encampments drove increased revenue and attendance in Q2 2025.
• U.S. Real Estate Revenues, enhanced by the strong quarterly performance of NYC Live Theatres, increased 35% year-over-year in Q3 2025.

Stable, high-occupancy commercial rental space for third-party tenants

Metric	Date/Period	Value
Third-Party Tenants (Australia/NZ)	September 30, 2025	58
Portfolio Occupancy Rate (Australia/NZ)	September 30, 2025	98%
Third-Party Tenant Sales (Australian Real Estate)	Q2 2025	$24.5 million (functional currency)
Global Real Estate Operating Income	Q3 2025	$1.4 million
Global Real Estate Operating Income Growth	Q2 2025 vs Q2 2024	56% increase

Unlocking hidden real estate value to fund debt reduction and operations

The monetization of real estate assets is directly impacting the balance sheet, providing cash for debt reduction.

• Total gross debt as of June 30, 2025, was $173.4 million.
• Global debt was reduced by $30.1 million to $172.6 million as of Q3 2025.
• Debt reduction of $32.1 million was achieved in the first half of 2025 from property sales.
• Total debt reduction since December 2020 is $112.3 million.
• Total assets book value was $438.1 million as of June 30, 2025.

Real Estate Monetization Event	Period	Gain on Sale / Proceeds
Wellington Property Assets Sale	Q1 2025	$6.6 million book profit
Cannon Park Property Sale	Q2 2025	$1.8 million gain

Unique live theatre venues in high-demand markets like NYC

• U.S. Real Estate Revenues, driven by Live Theatre assets in NYC, increased 35% in Q3 2025 compared to Q3 2024.
• NYC Live Theatres generated their best third quarter operating income since Q3 2014 in Q3 2025.
• U.S. Real Estate Revenues for Q2 2025 were $1.7 million, a 15% increase from Q2 2024.

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

You're looking at how Reading International, Inc. (RDI) interacts with its patrons and tenants. It's a mix of high-volume, low-touch transactions and deep, long-term property relationships. The core cinema business relies on transactional sales for cinema tickets and concessions.

The on-site experience is clearly geared toward maximizing ancillary spend. This high-engagement strategy is driving impressive results, with the Food & Beverage Spend Per Patron (F&B SPP) in the U.S. hitting a record $8.74 in the third quarter of 2025. This figure was the highest third quarter ever recorded for the U.S. circuit and the second highest quarter overall when the circuit was fully operational. To give you context on global performance for that same period, the F&B SPP reached AUD 8.05 in Australia and NZD 6.75 in New Zealand.

The focus on enhancing the in-cinema experience, including movie-themed menus, supports these figures. This is a key relationship driver beyond the ticket itself. Here's a quick look at the Q3 2025 F&B SPP metrics:

Market	Q3 2025 F&B SPP	Significance
U.S.	$8.74	Highest Q3 ever; second highest quarter ever
Australia	AUD 8.05	Highest Q3 ever
New Zealand	NZD 6.75	Highest Q3 ever

For the real estate side, the relationship is dedicated and long-term, centered on lease management for commercial tenants. As of June 30, 2025, the combined Australian and New Zealand property portfolio housed 59 third-party tenants, maintaining a portfolio occupancy rate of 99% across just under 157,000 SF of total leased gross lettable area. This stability is critical. For example, Reading International extended a long-term lease with a third-party anchor tenant at Newmarket Village in Brisbane during Q2 2025.

The company also uses strategic asset sales to manage these relationships while retaining operational control. Following the sale of its Cannon Park ETC property in Q2 2025 for AU$32.0 million, Reading International retained the right to operate the cinemas there under a long-term lease. Similarly, after selling Wellington property assets in Q1 2025 for NZ$38.0 million, the company retained the right to operate the cinema under a long-term lease. The U.S. Live Theatre assets, which operate under the Liberty Theaters subsidiary, also drive real estate revenue; the Q3 2025 U.S. Real Estate Revenues reached $2.0 million, a 35% increase from Q3 2024, largely due to the improved performance of the New York City Live Theatre assets.

Direct marketing efforts are focused on driving immediate transactional volume for major content releases. This is evident in the strong presales activity reported. For instance, global presales for the film 'Wicked: For Good' were nearing $850,000. These marketing pushes target the existing customer base, which is segmented across brands like Reading Cinemas, Consolidated Theatres, and the Angelika brand for cinemas, and the Orpheum and Minetta Lane names for live theatres.

You can see the relationship touchpoints:

• Transactional sales for tickets and concessions.
• Enhancing F&B spend through themed menus.
• Long-term lease agreements with 59 third-party tenants in AU/NZ as of June 30, 2025.
• Maintaining 99% occupancy in the AU/NZ property portfolio.
• Securing long-term leases post-asset monetization (e.g., Cannon Park, Wellington).
• Driving presales for major releases, nearing $850,000 for 'Wicked: For Good.'

Finance: draft 13-week cash view by Friday.

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

You're looking at how Reading International, Inc. (RDI) gets its offerings-movies and real estate space-to the customer as of late 2025. It's a mix of physical presence and transactional platforms.

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

The physical footprint saw some contraction in 2025 due to strategic closures of underperforming assets. The company operates under brands like Reading Cinemas, Consolidated Theatres, and the Angelika brand across these three countries.

The U.S. cinema screen count saw a specific reduction during the year:

• 7.3% reduction in the U.S. Cinema screen count as of Q3 2025.
• Closure of an underperforming 14 screen U.S. cinema complex in California occurred in Q2 2025.
• A cinema in New Zealand closed on February 10, 2025.

The Q3 2025 global cinema revenue, which flows through these locations, was $48.6 million.

Online and mobile ticketing platforms for advance sales

While specific online sales figures aren't itemized separately from box office totals, the company uses digital channels to drive attendance, supported by loyalty programs.

The U.S. cinema division utilizes discount programs as a channel driver:

• Mahalo Tuesdays in Hawaii.
• Half Priced Tuesdays in other U.S. markets.

The Average Ticket Price (ATP) in the U.S. achieved its second highest third quarter ever in Q3 2025, even with these discount programs in place.

Live theatre box offices and venue rental for NYC assets

The Live Theatre assets in New York City are a key component of the U.S. Real Estate segment, which serves as a channel for live event revenue.

Here's a look at the quarterly revenue generated by the U.S. Real Estate business, which includes the NYC Live Theatres:

Period Ended	U.S. Real Estate Revenue (USD)	Year-over-Year Change
March 31, 2025 (Q1)	$1.6 million	Not specified
June 30, 2025 (Q2)	$1.7 million	15% increase from Q2 2024
September 30, 2025 (Q3)	$2.0 million	35% increase from Q3 2024

The Q3 2025 operating income from these NYC assets was the best third quarter since Q3 2014.

Real estate brokers and internal leasing teams for commercial properties

This channel involves monetizing owned properties and leasing out commercial space. The global Real Estate business revenue reflects this activity.

Global Real Estate revenue for the first three quarters of 2025:

Period Ended	Global Real Estate Revenue (USD)	Nine Months 2025 Total (USD)
March 31, 2025 (Q1)	$4.8 million	$14.1 million (Calculated: $4.8M + $4.7M + $4.6M)
June 30, 2025 (Q2)	$4.7 million
September 30, 2025 (Q3)	$4.6 million

Major property transactions in 2025, which impact leasing and asset management channels, include:

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

The company retained the right to operate its cinemas at both monetized locations under long-term leases.

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

You're looking at the distinct groups Reading International, Inc. (RDI) serves across its cinema and real estate portfolio as of late 2025. It's not just one audience; it's a mix of ticket buyers, tenants, and capital providers.

Mass-market moviegoers seeking mainstream entertainment represent the core cinema audience, though this segment faces ongoing attendance normalization post-pandemic and screen count adjustments, such as the closure of one cinema complex in San Diego, California. For the third quarter ended September 30, 2025, the U.S. Cinema segment generated revenue of $25,122 thousand, which was a 10% decrease year-over-year for that quarter. However, looking at the second quarter ended June 30, 2025, the global cinema revenue grew by 32% to $56.8 million compared to the prior year's second quarter.

Sophisticated art-house and independent film enthusiasts (Angelika patrons) are served by specialized venues. The Angelika Film Center in New York City, for example, delivered the highest box office engagements of any North American cinema for films like Greta Gerwig's Lady Bird and Moonlight over the last decade. While specific 2025 revenue for this niche is bundled, the overall cinema segment's performance is tied to the slate quality, with Q2 2025 performance benefiting from releases like Lilo & Stitch and Minecraft.

Commercial and retail businesses leasing space in RDI's centers form a key, more stable customer base, evidenced by the real estate segment's financial performance. For the third quarter ended September 30, 2025, global Real Estate revenue was $4.6 million, and U.S. Real Estate Revenues specifically reached $2.0 million, marking a 35% increase year-over-year for that quarter. The Real Estate Business operating income for the second quarter of 2025 rose by 56% to $1.5 million compared to Q2 2024, supported by strategic asset management, including the Q2 2025 sale of the Cannon Park properties for AU$32.0 million.

Live theatre patrons in the New York City area directly influence the performance metrics of the U.S. Real Estate segment. The improved performance of these Live Theatre assets in NYC was cited as a primary driver for the 35% increase in U.S. Real Estate Revenues to $2.0 million in Q3 2025. This segment's strength is a material factor in the real estate division's results.

Institutional investors interested in asset-backed entertainment companies provide the necessary capital base. As of November 26, 2025, Reading International, Inc. (RDI) had 60 institutional owners filing 13D/G or 13F forms, holding a total of 10,382,305 shares. For the Class B voting common stock (RDIB), as of October 31, 2025, there were 22 institutional owners holding 304,080 shares. The share price for RDI as of November 26, 2025, was $1.30 per share.

Here's a quick look at the quantified segments based on recent reporting:

Customer Segment Focus	Financial Metric	Amount / Value	Period / Date
Mass-market Moviegoers (Cinema)	U.S. Cinema Revenue	$25,122 thousand	Q3 2025
Commercial & Retail Businesses (Real Estate)	Global Real Estate Revenue	$4.6 million	Q3 2025
Commercial & Retail Businesses (Real Estate)	U.S. Real Estate Revenue	$2.0 million	Q3 2025
Live Theatre Patrons (NYC)	Driver for U.S. Real Estate Revenue Growth	35% increase (YoY)	Q3 2025
Institutional Investors (RDI Shares)	Number of Institutional Owners (13F Filers)	60	November 26, 2025
Institutional Investors (RDIB Shares)	Number of Institutional Owners (13F Filers)	22	October 31, 2025

The composition of the investor base shows specific concentrations:

• Top RDI shareholder Krilogy Financial LLC held 12.39% as of June 29, 2025.
• Nantahala Capital Management, LLC held 8.46% as of June 29, 2025.
• The Vanguard Group, Inc. held 3.52% as of June 29, 2025.
• The RDI share price as of November 26, 2025, was $1.30 per share.
• The RDIB share price as of October 31, 2025, was $11.96 per share.

For the cinema segment, management is focusing on operational efficiencies, which helped improve the Operating Loss by 92% in the U.S. Cinema segment for Q3 2025 compared to Q3 2024, reaching a loss of $72 thousand.

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

You're looking at the core expenses that drive Reading International, Inc. (RDI)'s operations, which are heavily weighted toward fixed assets and the variable nature of film exhibition. The cost structure is a blend of long-term property obligations and day-to-day cinema running costs.

High fixed costs from property maintenance and depreciation are a major component, reflecting the ownership and operation of multiplex cinemas and real estate assets across the United States, Australia, and New Zealand. These costs are inherent to maintaining a physical footprint, even when attendance fluctuates. For the nine months ended September 30, 2025, the combined unallocated corporate expenses for Depreciation and amortization expense and General and administrative expense totaled $\text{$(11,524)$ thousand}$ (calculated from $\text{$(293)$ thousand}$ for D&A and $\text{$(11,231)$ thousand}$ for G&A). Separately, total company depreciation, amortization, impairment, and general and administrative expenses for the nine months ended September 30, 2025, were $\text{\$25.2 million}$, reflecting a $\text{\$2.6 million}$ decrease from the prior year period.

Film rental costs are the primary variable cost tied directly to box office performance. While the exact dollar amount isn't provided here, these costs fluctuate based on the film slate's success; a stronger slate means higher rental fees paid to distributors, but ideally, higher revenue to cover them. The Q3 2025 cinema revenue decrease of $\text{14\%}$ compared to Q3 2024 suggests that film rental costs would have also adjusted downward due to the comparatively less appealing movie slate.

Interest expense management has been a focus area. For the nine months ended September 30, 2025, Reading International, Inc. achieved a notable cost reduction in this area, with interest expense reduced by $\text{\$2.6 million}$ or $\text{17\%}$ compared to the same period in 2024. This follows an overall debt reduction of $\text{\$112.3 million}$ since December 2020.

Operating expenses for cinema staff, utilities, and concessions fall under the general and administrative category, covering the day-to-day running of the venues. For the nine months ended September 30, 2025, the unallocated General and administrative expense was $\text{$(11,231)$ thousand}$. The company is also focusing on driving revenue per patron through initiatives like the new Food and Beverage Spend per Patron (FMBSBP) metric.

Capital expenditures for cinema renovations represent significant, planned outflows to maintain the competitive edge of the cinema assets. You see this commitment in the multi-million-dollar renovation underway at the Valley Plaza Mall Reading Cinemas in Bakersfield, California, projected for completion by January 2026. This CapEx includes specific upgrades:

• Upgrading the IMAX auditorium to include heated recliner seats.
• Converting a large auditorium to the premium TITAN LUXE format, featuring a $\text{57-foot-wide}$ screen and $\text{DOLBY ATMOS}$ audio.
• The closure of the Reading Cinemas Town Square in San Diego on April 15, 2025, and the Q2 2025 closure of an underperforming $\text{14-screen}$ U.S. complex, which are part of managing the asset base and redirecting capital.

Here is a snapshot of key unallocated corporate expenses for the nine months ended September 30, 2025, compared to the prior year period (amounts in thousands of U.S. dollars):

Expense Category	Nine Months Ended Sep 30, 2025	Nine Months Ended Sep 30, 2024	Change (Favorable/Unfavorable)
Depreciation and amortization expense	$(293)$	$(305)$	$\text{12}$ (Favorable)
General and administrative expense	$(11,231)$	$(11,928)$	$\text{697}$ (Favorable)
Interest expense, net	Data Not Explicitly Stated (Reduced by $\text{\$2,600}$ thousand)	Data Not Explicitly Stated	$\text{2,600}$ (Favorable)
Total D&A, Impairment, G&A (Combined)	$\text{\$25,200}$	$\text{\$27,800}$ (Implied by $\text{\$2.6M}$ decrease)	$\text{(2,600)}$ (Favorable)

Finance: draft $\text{13-week}$ cash view by Friday.

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

You're looking at the core ways Reading International, Inc. (RDI) brings in cash as of late 2025. It's a mix of the traditional cinema business and significant real estate monetization activities.

Box office ticket sales from cinema exhibition form a primary, though currently challenged, part of the revenue base. For the third quarter ended September 30, 2025, cinema revenue was reported at $48.6 million, which was a 14% decrease compared to the third quarter of 2024. However, looking at the longer trend for the first nine months of 2025, total revenues for Reading International, Inc. were $152.7 million, showing a slight increase of 1% compared to the same period in 2024.

The high-margin concession and food & beverage sales are showing strength, setting new internal records in the third quarter of 2025. This performance is a key area of focus for the cinema segment.

Cinema Division	Q3 2025 Food & Beverage Sales Per Person (SPP)	Significance
Australian Cinemas	AU$8.05	Highest third quarter ever
New Zealand Cinema	NZ$6.75	Highest third quarter ever
U.S. Cinema	$8.74	Highest third quarter ever and second highest quarter ever

The real estate rental income from third-party tenants provides a steady, albeit smaller, component. Reading International, Inc. manages a portfolio with 58 third-party tenants. For the third quarter of 2025, global real estate total revenues were $4.6 million, which was a 7% decrease from Q3 2024. This decrease was partly due to the sales of major properties.

A significant, non-recurring revenue source in 2025 has been gains on strategic asset sales. Reading International, Inc. completed two major property monetizations during 2025.

• Sale of Wellington (New Zealand) property assets in Q1 2025 for NZ$38.0 million. This generated a gain of $6.6 million for the first nine months of 2025.
• Sale of Cannon Park ETC (Australia) in Q2 2025 for AU$32.0 million. This contributed a gain of $1.8 million for the first nine months of 2025.

The total company reported a $9.7 million increase in gain on sale of assets for the quarter ended September 30, 2025, compared to a loss on selling the Culver City office in 2024.

Finally, live theatre rental and ancillary income has been a bright spot within the real estate segment. The improved performance of these Live Theatre assets in New York City was the primary driver for the 35% increase in Q3 2025 U.S. Real Estate Revenue. Specifically, U.S. Real Estate Revenues for Q3 2025 reached $2.0 million. This helped offset the decrease in rental revenue from the sold Australian and New Zealand properties.