The fourth edition of UNIC's Giants of Exhibition rankings reveals a European cinema landscape in transformation, with traditional powerhouses scaling back whilst nimble regional operators seize growth opportunities.
The latest Giants of Exhibition: Europe rankings, published by UNIC and Boxoffice Pro, paint a picture of a European exhibition sector undergoing significant structural change. Whilst the headline figures—a 3.1% decline in total screens and an 11.5% reduction in venues—might suggest cause for concern, a deeper analysis reveals a strategic consolidation that could strengthen the industry's long-term prospects.
The 2025 rankings encompass 18,600 screens across 2,300 venues, down from 19,200 screens and 2,600 venues in 2024. However, this contraction has driven average venue size from 7.4 to 8.1 screens, indicating a clear trend towards larger, more sophisticated multiplexes. This shift aligns with global exhibition strategies focused on premium experiences and operational efficiency, topics that were at the forefront of the discussions at CineEurope, where this study was celebrated with a reception and awards ceremony.
"This year's edition, which sees 22 circuits climbing the ranks and 17 holding steady, amply demonstrates the resilience and dynamism of the European exhibition sector," noted UNIC President Phil Clapp at the announcement. Notably, UNIC and The Boxoffice Company also stated that they jointly agreed not to include the names and screen counts of the Russian companies, which would otherwise have featured in the Top 50.
Top Tier Turbulence
The most significant story of the latest ranking is arguably CGR Cinémas' ascension to fifth place—a position achieved not through expansion, but by maintaining their 710-screen footprint whilst competitors contracted. This mathematical promotion speaks volumes about the current European cinema market dynamics.
Odeon Cinemas Group (part of AMC), whilst retaining the top spot, shed 61 screens and seven locations. More dramatically, Cineworld Group—beleaguered by well-documented financial challenges—reduced its European footprint by 122 screens and 15 locations. These reductions enabled CGR's rise and also pushed Türkiye's Paribu Cineverse from fifth to seventh position.
The top four's multi-national presence remains formidable, each operating over 1,200 screens across multiple territories. However, CGR's entry into this elite group as a single-territory operator (France only) represents a fascinating anomaly that underscores the French market's unique characteristics in more ways than one. France was notably the European territory with the highest proportion of domestic films bolstering admissions, which helped it recover its post-pandemic gap.
The French Connection
Perhaps the most compelling narrative emerging from the 2025 rankings concerns the remarkable performance of French regional operators. Cineville claimed the "Fastest Moving Giant" award with an impressive 18.3% growth rate, adding nearly 30 screens during the year. This achievement is particularly noteworthy given the challenging operating environment, with strong competition between both small and mid-size operators.
Grand Ecran matched this enthusiasm with 18.2% growth, whilst Megarama expanded by 9% across its French and Spanish operations. These regional success stories contrast sharply with the struggles of international mega-chains, suggesting that local market knowledge and operational agility provide significant competitive advantages. Whilst it is Belgian rather than French, #6 ranked Kinepolis also notched up a 1.5% growth in screen numbers, to 678 screens across 63 locations, thanks to growth outside its core market in Benelux, as well as being unique from a European perspective in having a presence in both Canada and the United States with Landmark and MJR.
Malcolm MacMillan, EVP Exhibitor Relations for The Boxoffice Company, emphasised this point: "It's an opportunity to spotlight the rising stars—the Breakthrough and Fastest Moving Giants—who are making bold moves and shaping the future of the market." At a time when the prevailing narrative around European cinema continues to be post-Covid and post-strikes recovery, this is a point worth emphasising.
Geographic Power Dynamics and Mid-Tier Momentum
The rankings reveal a notable shift in European exhibition geography. UK-headquartered circuits now represent 6,981 screens across 801 locations, establishing clear dominance over French operators' 3,470 screens in 381 locations. This represents a reversal from 2024, when France led in the number of Top 50 circuits.
This shift reflects broader industry consolidation patterns, with the UK's mature multiplex market providing stable platforms for major operators despite recent contractions. The increased venue count in French operations (381 versus UK's 801) suggests a more fragmented market structure that may offer greater opportunities for regional players. It is also worth noting that sales rumours have swirled around several of the major UK and French operators, but with no deals materialising, while growth instead came from venues of the defunct Empire Cinemas being picked up by its competitors and one significant new entrant – Ireland's Omniplex Cinemas!
Whilst global giants grapple with post-pandemic restructuring, mid-tier operators continue expanding strategically. Omniplex delivered solid 5% growth, adding 18 screens to reach 360 total, mainly thanks to the Empire sites. However, these were not just buy-and-play, with Omniplex having invested significant sums and efforts on refurbishment (CinemaNext was part of this), resulting in this year’s ICTA Award for Best Refurb to its Wigan multiplex.
Spain's Ocine achieved 6% growth, expanding its presence across both Spanish and French markets. These operators appear to be striking an optimal balance between growth ambition and operational prudence, often targeting underserved markets or premium positioning strategies that larger chains might overlook.
Consolidation and Post-Pandemic Adjustment
Industry observers (we are looking at you, Rob Arthur) note that the current consolidation phase, whilst painful in headline terms, may be necessary for long-term sustainability. The reduction in venue count alongside maintained or growing screen numbers suggests operators are closing marginal locations whilst investing in flagship sites.
This strategy aligns with evolving consumer preferences for premium experiences, from enhanced food and beverage offerings to luxury seating and advanced projection and immersive sound technologies. The average venue size increase to 8.1 screens provides greater programming flexibility and operational efficiency.
The 2025 rankings also reflect ongoing industry adjustment following the COVID-19 pandemic's profound impact. Major chains appear focused on optimising their portfolios rather than pursuing aggressive expansion, whilst regional operators capitalise on market gaps and changing consumer behaviours.
The success of French regional chains particularly highlights the value of local market expertise during uncertain times. These operators' intimate understanding of their communities' preferences and viewing habits provides advantages that scale and financial resources alone cannot match.
Technology and Experience Differentiation
Whilst the rankings focus on screen counts, the underlying competition increasingly centres on technology implementation and experience differentiation. The trend towards larger venues supports greater investment in premium formats, from IMAX and Dolby Cinema to luxury recliner seating and enhanced F&B operations, with an increased focus on hot food and alcoholic beverages.
Regional operators' growth success suggests they're effectively competing on experience quality rather than pure scale, often delivering more personalised service and community connection than larger chains. Even as larger cinema chains trim their real estate portfolio and lean into premium (pace Poland’s Helios announcing the deal with IMAX on the eve of CineEurope), they will increasingly also have to look at opportunities offered by generative AI, with Vue having led the way. Vue CEO Tim Richards has highlighted at the EDCF Convention in Milan and elsewhere, that the use of custom made AI for programming and scheduling has enabled them to play 50% more titles than their competitors and make non-English films 43% of their titles played. Vue may not have overtaken Odeon and Cineworld on a screen count, but as it rolls out its AI system across its European real estate, it will definitely challenge them on the box office front too.
Looking Forward
The 2025 Giants of Exhibition rankings capture a European exhibition landscape in transition. Market maturation in key territories has shifted competitive dynamics from pure expansion to strategic optimisation. Regional operators are proving that agility and local expertise can triumph over scale advantages, whilst major chains focus on portfolio quality over quantity.
The emergence of "Breakthrough Giants" Artesiete (Spain) and CineWest (France) alongside established growth champions suggests that opportunities remain for well-positioned local and regional operators. The key appears to be identifying underserved markets or unmet consumer needs rather than competing directly with established players.
As the industry continues adapting to post-pandemic realities, the 2025 rankings suggest that success increasingly depends on operational excellence, strategic positioning, and deep market understanding rather than pure scale. The winners are those operators—whether regional specialists or international giants—that can deliver compelling experiences whilst maintaining financial discipline.
For investors and industry observers, the message is clear: the European exhibition market is consolidating around excellence rather than size, creating opportunities for those prepared to think strategically about location, experience, technology and customer connection.
The full Giants of Exhibition: Europe 2025 rankings were celebrated at a ceremony during CineEurope in Barcelona on 17 June, recognising the achievements of Europe's leading exhibition operators.
European Giants of Exhibition 2025: Market Contraction Masks Strategic Consolidation as Regional Players Surge