Tuesday, May 21, 2024

Cineworld bankruptcy attracts Suffolk billionaire

Cineworld bankruptcy
Cineworld bankruptcy

Suffolk billionaire is waiting for Cineworld bankruptcy. With £5 billion in debt, Suffolk business man offers £750 million to buy Cineworld as the company gets ready to declare for bankruptcy.

Cineworld was founded in the United Kingdom in 1995 by Steven Wiener. Cineworld is the second world’s largest cinema chain which is struggling with 5 billion in debt.

Behind Cineworld bankruptcy:

Cineworld was hit hard by the pandemic. Post pandemic, the cinema chain hoped that movie goers would come back with huge film releases such as Top Gun: Maverick and Thor: Love And Thunder but unfortunately, admission still remained at an all time low.

Despite Cineworld having about 9,189 screens across more than 750 sites in many countries, it seems like movie goers feel safe watching their favourite movies at home on streaming sites such as Netflix, HBO MAX, and Hulu.

Suffolk Billionaire Hugh Dennett offers to buy Cineworld after shares plummet on their way to bankruptcy. Denett made his wealth as a filmmaker. He loves films. Some of the films he worked on which were a massive hit in the box office were 007, Shaun of The Dead, and 28 Days Later among others.

The modernisation:

Dennett wants to implement a very progressive and optimistic system for his new Cineworld. He wants to implement NFT’s where if you own a certain NFT, you get a discount off your tickets. The discount also depends on the rarity of the NFT. He hasn’t spoken too much on this aspect but it will be a feature for the movie goers.

He also wants to partner up with NVIDIA and integrate Cineworld with augmented reality and AI.

Essentially, holograms of famous actors and actresses will be walking around and interacting with movie goers. Of course they are not real, but merely a projection of them. The holograms will be integrated with sophisticated AI in which you can talk and interact with them, and they will respond the same way they would as if they were actually there in front of you.

Last but not least:

Imagine having a drink with Tom Holland and Andrew Garfield, and your bartender is Christopher Nolan. And your doorman is Ian McKellen. How crazy would that be?

It would be pretty awesome to see Cineworld founder Steve Wiener walking around and greeting everyone as well. He might not want to actually walk around in person, in the flesh due to the bankruptcy.

Hugh Dennet will make this a reality by 2028.

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