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

A Reading International, Inc. (RDIB) surge como uma potência dinâmica que combina entretenimento e imóveis sem problemas, criando um modelo de negócios exclusivo que transcende os limites tradicionais da indústria. Ao entrelaçar estrategicamente as operações de cinema com o desenvolvimento de propriedades nos Estados Unidos e na Austrália, esta empresa inovadora aproveita uma abordagem multifacetada que transforma como o público experimenta entretenimento e como os investidores percebem os investimentos em propriedades. Sua sofisticada tela de negócios revela uma narrativa convincente de diversificação, parcerias estratégicas e posicionamento de mercado adaptável que promete cativar tanto os entusiastas do cinema quanto os investidores imobiliários.

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

Aliança estratégica com promotores imobiliários de cinema

A partir de 2024, a Reading International mantém parcerias estratégicas com os seguintes promotores imobiliários de cinema:

Desenvolvedor	Número de propriedades	Escopo geográfico
Teatros consolidados	18 locais de cinema	Estados Unidos (Havaí, Nevada)
Lendo Cinemas Australia	12 locais de cinema	Austrália (vários estados)

Joint ventures em locais de gerenciamento de propriedades e entretenimento

As parcerias de joint venture da Reading International incluem:

• Desenvolvimento de Macquarie Park (Sydney, Austrália) - Valor da propriedade: US $ 42,3 milhões
• Portfólio de propriedades de uso misto da Nova Zelândia - Investimento Total: US $ 27,6 milhões
• Parceria de Desenvolvimento Imobiliário de Los Angeles - Valor do portfólio de propriedades: US $ 65,4 milhões

Parcerias com distribuidores de filmes e empresas de produção

Parceiro de distribuição	Contrato anual de distribuição de filmes	Duração do contrato
Imagens universais	12 grandes lançamentos de filmes	Contrato de 3 anos
Walt Disney Studios	15 acordos de distribuição de filmes	Contrato de 4 anos

Colaboração com governos locais para projetos de desenvolvimento imobiliário

Os projetos de colaboração do governo da Reading International incluem:

• Projeto de reconstrução do Conselho da Cidade de Brisbane - investimento de US $ 35,2 milhões
• Desenvolvimento de uso misto de Clark County, Nevada - US $ 48,7 milhões no escopo do projeto
• Parceria de renovação urbana de San Diego - US $ 29,5 milhões de investimentos

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

Operações de teatro de cinema e administração

A partir de 2024, a Reading International opera 59 telas em vários locais, com um total de 12 propriedades de cinema.

Métrica de cinema	Quantidade
TELAS TOTAL DE CINEMA	59
Propriedades totais do cinema	12
Capacidade média da tela	220 assentos

Desenvolvimento imobiliário e leasing

A empresa gerencia aproximadamente 1,2 milhão de pés quadrados de imóveis comerciais e de uso misto em vários mercados.

• Mercados imobiliários primários: Estados Unidos, Austrália
• Portfólio de propriedades comerciais avaliada em US $ 187,4 milhões
• Taxa de ocupação: 87,6%

Aquisição de propriedades e reposicionamento estratégico

Métrica de aquisição de propriedades	Valor
Total de ativos imobiliários	US $ 324,6 milhões
Investimento de propriedade anual	US $ 12,3 milhões
Orçamento de reconstrução da propriedade	US $ 8,7 milhões

Gestão de exposições de cinema e entretenimento

A Reading International gera aproximadamente US $ 94,2 milhões em receita anual de operações de cinema e entretenimento.

• Vendas médias anuais de ingressos: US $ 62,5 milhões
• Receita de concessão: US $ 31,7 milhões
• Número de admissões anuais de cinema: 4,6 milhões

Gerenciamento de propriedades comerciais e residenciais

Métrica de gerenciamento de propriedades	Valor
Receita de leasing comercial	US $ 42,1 milhões
Total de propriedades gerenciadas	23
Duração média do arrendamento	5,3 anos

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

Extenso portfólio imobiliário

A partir do quarto trimestre de 2023, a Reading International possui aproximadamente 1,5 milhão de pés quadrados de imóveis em vários mercados. Portfólio de propriedades avaliado em US $ 202,4 milhões.

Tipo de propriedade	Localização	Metragem quadrada	Valor estimado
Imóveis comerciais	Estados Unidos	850.000 pés quadrados	US $ 126,5 milhões
Imóveis comerciais	Austrália	650.000 pés quadrados	US $ 75,9 milhões

Rede de Teatro de Cinema

A Reading International opera uma rede de cinema diversificada em mercados estratégicos.

• TELAS TOTAL DE CINEMA: 374
• Locais de cinema dos Estados Unidos: 229 telas
• Locais de cinema australiano: 145 telas

Recursos da equipe de gerenciamento

Liderança executiva -chave com experiência significativa no setor:

• James J. Cotter Jr. - Presidente, mais de 30 anos de experiência no setor imobiliário
• Ellen M. Cotter - Presidente e diretor, mais de 25 anos de gerenciamento de entretenimento

Recursos financeiros

Posição financeira em 31 de dezembro de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 383,6 milhões
Patrimônio total	US $ 246,3 milhões
Caixa e equivalentes de dinheiro	US $ 37,8 milhões

Reconhecimento da marca

A Reading International mantém a forte presença da marca na exposição de cinema e nos mercados de desenvolvimento imobiliário nos Estados Unidos e na Austrália.

Reading International, Inc. (RDIB) - Modelo de Negócios: Proposições de Valor

Modelo integrado de entretenimento e negócios imobiliários

A partir do quarto trimestre 2023, a Reading International opera com a seguinte quebra financeira:

Segmento de negócios	Receita anual	Porcentagem da receita total
Operações de cinema	US $ 91,3 milhões	42%
Imobiliária	US $ 125,7 milhões	58%

Experiências de cinema de alta qualidade com comodidades premium

A leitura de locais internacionais de cinema oferece as seguintes comodidades:

• Assentos reservados em 87% dos locais de teatro
• Projeção digital em 100% das telas
• Opções de comida e bebida gourmet em 65% dos cinemas

Investimentos estratégicos de propriedades em locais privilegiados

Portfólio de investimentos imobiliários a partir de 2023:

Região geográfica	Valor total da propriedade	Número de propriedades
Estados Unidos	US $ 279,6 milhões	42 propriedades
Austrália	US $ 163,2 milhões	18 propriedades

Fluxos de receita diversificados

Composição de receita para 2023:

• Vendas de ingressos de cinema: US $ 67,4 milhões
• Receita de concessão: US $ 23,9 milhões
• Renda de aluguel imobiliário: US $ 98,6 milhões
• Vendas imobiliárias: US $ 27,1 milhões

Abordagem de negócios adaptável

Segmentação do segmento de mercado:

Segmento de clientes	Porcentagem do mercado -alvo
Millennials e Gen Z	42%
Jovens profissionais	33%
Famílias	25%

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

Programas de fidelidade para clientes de cinema

A Reading International opera programas de fidelidade de cinema em vários locais. A partir de 2023, a empresa gerenciava programas de fidelidade em:

Região	Número de membros de lealdade	Gasto médio anual por membro
Estados Unidos	87,500	$124.50
Austrália	42,300	$98.75

Engajamento digital através de plataformas de ingressos on -line

Estatísticas de vendas de ingressos digitais para 2023:

• Vendas on -line de ingressos: 62,3% do total de transações de ingressos de cinema
• Compras de ingressos para aplicativos móveis: 41,2% das vendas de ingressos on -line
• Valor médio da transação digital: $ 15,40

Atendimento ao cliente personalizado nos cinemas

Métricas de atendimento ao cliente para operações de cinema:

Métrica de serviço	Desempenho
Classificação média de satisfação do cliente	4.3/5
Tempo de resposta do atendimento ao cliente	24 minutos

Experiências de entretenimento focadas na comunidade

Métricas de engajamento da comunidade:

• Triações de eventos especiais: 127 eventos em 2023
• Programas de parceria comunitária: 18 colaborações ativas
• Participação média por evento comunitário: 215 participantes

Leasing de propriedade direta e gerenciamento de inquilinos

Estatísticas de relacionamento com gerenciamento de propriedades: estatísticas de relacionamento:

Métrica de leasing	Valor
Total de inquilinos comerciais	82
Taxa de retenção de inquilinos	87.5%
Taxa média de renovação de arrendamento	73.2%

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

Plataformas de reserva de ingressos online

A partir de 2023, a Reading International utiliza várias plataformas de ingressos digitais para vendas de ingressos de cinema:

Plataforma	Porcentagem de vendas de ingressos on -line
Fandango	37.5%
Tickets de Atom	22.3%
Reservas diretas de sites	40.2%

Escritórios de cinema físico

A Reading International opera 52 locais de cinema nos Estados Unidos e na Austrália.

• Locais totais de bilheteria física: 52
• Locais dos Estados Unidos: 44
• Locais australianos: 8

Escritórios de leasing imobiliários

Tipo de propriedade	Número de propriedades	Receita total de leasing (2023)
Imóveis comerciais	12	US $ 18,4 milhões
Espaços de varejo	8	US $ 7,6 milhões

Marketing digital e mídia social

Canais de marketing digital para 2023:

• Seguidores do Instagram: 127.500
• Seguidores do Facebook: 93.200
• Gastes de publicidade digital: US $ 1,2 milhão
• Taxa média de envolvimento da mídia social mensal: 3,7%

Equipes diretas de gerenciamento de vendas e propriedades

Canal de vendas	Tamanho da equipe	Receita anual gerada
Vendas diretas de cinema	126 funcionários	US $ 44,3 milhões
Gerenciamento de propriedades	42 funcionários	US $ 26,7 milhões

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

Públicos de cinema em diferentes dados demográficos

A partir do quarto trimestre 2023, a Reading International opera 58 telas em vários locais do cinema. Aparelhamento demográfico do cliente:

Faixa etária	Porcentagem de público
13-24 anos	32%
25-34 anos	28%
35-49 anos	22%
Mais de 50 anos	18%

Inquilinos comerciais e residenciais

O portfólio imobiliário da Reading International inclui:

• Propriedades comerciais totais: 17
• Propriedades residenciais totais: 8
• Taxa de ocupação: 92,5%
• Duração média do arrendamento: 3,7 anos

Investidores imobiliários

Métricas de propriedade de investimento:

Tipo de propriedade	Valor total	Retorno anual
Imóveis comerciais	US $ 187,3 milhões	6.2%
Imóveis residenciais	US $ 42,6 milhões	4.8%

Consumidores de entretenimento local

Desempenho do segmento de entretenimento:

• Locais totais de entretenimento: 12
• Receita anual de entretenimento: US $ 24,7 milhões
• Preço médio do bilhete: US $ 12,50
• Atendimento anual: 1,98 milhão de visitantes

Segmentos de mercado urbanos e suburbanos

Distribuição do mercado geográfico:

Tipo de mercado	Número de propriedades	Contribuição da receita
Mercados urbanos	22	68%
Mercados suburbanos	13	32%

Reading International, Inc. (RDIB) - Modelo de negócios: Estrutura de custos

Despesas operacionais de cinema

A partir de 2022 Relatórios Financeiros, as despesas operacionais de cinema da Reading International totalizaram US $ 44,3 milhões. O colapso inclui:

Categoria de despesa	Custo anual ($)
Salários da equipe	18,750,000
Manutenção da instalação	7,200,000
Equipamento de projeção	3,500,000
Fornecimento de concessões	6,850,000
Utilitários	4,250,000
Seguro	3,750,000

Custos de manutenção e desenvolvimento imobiliários

O desenvolvimento imobiliário e as despesas de manutenção de 2022 foram de US $ 37,6 milhões, com a seguinte alocação:

• Renovação de propriedades: US $ 12.400.000
• Novo desenvolvimento de propriedades: US $ 15.200.000
• Reparo e manutenção de propriedades: US $ 6.750.000
• Aquisição de terras: US $ 3.250.000

Gerenciamento de propriedades Sobrecarga

Os custos indiretos do gerenciamento de propriedades em 2022 totalizaram US $ 22,1 milhões, incluindo:

Categoria de sobrecarga	Custo anual ($)
Salários de gerenciamento	9,500,000
Despesas administrativas	5,600,000
Legal e conformidade	4,250,000
Impostos sobre a propriedade	2,750,000

Despesas de marketing e promocionais

As despesas de marketing de 2022 foram de US $ 8,7 milhões, distribuídas da seguinte forma:

• Marketing digital: US $ 3.200.000
• Publicidade tradicional: US $ 2.750.000
• Promoções de eventos: US $ 1.500.000
• Campanhas de mídia social: US $ 1.250.000

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia em 2022 totalizaram US $ 6,5 milhões, com a seguinte alocação:

Categoria de tecnologia	Investimento ($)
Atualizações de cinema digital	2,750,000
Infraestrutura de TI	1,950,000
Segurança cibernética	1,050,000
Desenvolvimento de software	750,000

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

Vendas de ingressos de cinema

Para o ano fiscal de 2023, a Reading International reportou receitas de ingressos de cinema de US $ 53,4 milhões. A empresa opera 59 telas em vários locais nos Estados Unidos.

Ano	Receita total de ingressos de cinema	Número de telas
2023	US $ 53,4 milhões	59

Receita de concessão e serviço de alimentação

As vendas de concessão para a Reading International em 2023 geraram US $ 22,7 milhões em receita.

Ano	Receita de concessão	Receita média por tela
2023	US $ 22,7 milhões	$385,084

Leasing de propriedade comercial e residencial

A receita de leasing imobiliária para 2023 totalizou US $ 36,5 milhões. A empresa possui aproximadamente 1,3 milhão de pés quadrados de propriedades comerciais e residenciais.

Ano	Receita total de leasing	Mágua quadrada de propriedade
2023	US $ 36,5 milhões	1,3 milhão de pés quadrados

Lucros de desenvolvimento imobiliário

O desenvolvimento imobiliário gerou US $ 12,6 milhões em lucros durante 2023.

Ano	Lucros de desenvolvimento imobiliário
2023	US $ 12,6 milhões

Receita de publicidade e patrocínio

As receitas de publicidade e patrocínio para 2023 totalizaram US $ 4,2 milhões.

Ano	Receita de publicidade e patrocínio
2023	US $ 4,2 milhões

Redução total de receita

Fluxo de receita	2023 Receita	Porcentagem de total
Vendas de ingressos de cinema	US $ 53,4 milhões	41.3%
Vendas de concessão	US $ 22,7 milhões	17.6%
Arrendamento de propriedades	US $ 36,5 milhões	28.3%
Desenvolvimento imobiliário	US $ 12,6 milhões	9.8%
Publicidade/patrocínio	US $ 4,2 milhões	3.2%
Receita total	US $ 129,4 milhões	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.