CinemaCon 2025 Reads the Room

CinemaCon 2025 ran from 31 March to 3 April at Caesars Palace in Las Vegas, the annual convention at which the major studios present their upcoming slates to the exhibition industry and at which the National Association of Theatre Owners holds its principal trade meetings. Attendance was reported at approximately 6,500 delegates, up roughly 8% on 2024 and the highest post-pandemic figure on record.

The event’s tone, across the four days, was cautiously more confident than 2024. The 2024 edition was conducted under the shadow of the previous year’s dual strikes and a first-quarter 2024 box office that had underperformed expectations. The 2025 edition arrived after a 2024 full-year North American box office of approximately $8.7 billion, up roughly 3% year on year but still about 25% below the 2019 pre-pandemic baseline.

The slate presentations

Each of the major studios used CinemaCon to present its 2025 and 2026 slate. The specific presentations, across the four days, broke down as follows.

Disney used its Tuesday presentation to showcase the live-action Lilo & Stitch (scheduled for May 2025 release), the Avatar third instalment (scheduled for December 2025), the untitled Marvel reset (scheduled 2026), and the Zootopia sequel (scheduled Thanksgiving 2025). Disney’s presentation was specifically heavy on IP-driven theatrical production, consistent with the Iger-era strategic posture.

Warner Bros Discovery presented on Wednesday, with Michael De Luca and Pam Abdy focusing on Superman (July 2025), the new Paul Thomas Anderson collaboration with Leonardo DiCaprio titled One Battle After Another (September 2025), the Minecraft movie (already released in early April), and the DC Studios slate as directed by James Gunn. The presentation specifically emphasised theatrical-first production.

Universal presented Thursday, with the full 2025 slate including M3GAN 2.0, Wicked Part Two (November 2025), the Jurassic World reboot (July 2025), and How to Train Your Dragon (live-action, June 2025). Universal’s presentation was specifically heavy on franchise continuation and sequel-of-sequel structures.

Paramount, in its first post-Skydance CinemaCon appearance, presented Friday. David Ellison delivered the keynote personally, signalling the new leadership’s theatrical-first commitment. The slate included the Star Trek reboot (2026), Top Gun: Maverick sequel (2027), the untitled Mission: Impossible follow-up, and a commitment to theatrical-first distribution for the slate.

Sony presented a tight slate including Spider-Man franchise updates, the Yorgos Lanthimos Bugonia (late 2025), and mid-budget titles. Lionsgate and the independents (A24, Neon, Mubi, Focus) filled the smaller slots, with Neon’s post-Anora presentation specifically well-attended.

The NATO policy agenda

The National Association of Theatre Owners, which represents the exhibition side of the industry, used the convention to advance a specific policy agenda with the studios.

The first policy priority was the theatrical window. NATO’s stated position remains that the 45-day theatrical window, which has become the de facto industry standard across the last three years, should be maintained or extended rather than further compressed. The studios, in their private presentations to NATO leadership, were specifically more accommodating than in prior years, reflecting the post-pandemic recognition that theatrical release drives substantial subsequent streaming and home-video revenue.

The second policy priority was the release calendar. NATO has been advocating for more consistent weekly release flow, with the specific goal of reducing the multi-week stretches (particularly in September and January-February) during which theatrical volume is specifically thin. The 2025 release calendar, as presented across the convention, shows marginal improvement in weekly consistency compared to 2024.

The third policy priority was event-cinema programming. NATO specifically encouraged studios to support alternative-content programming (concert films, sports, specialty anime releases, opera broadcasts, reissue programming) during weeks of thin new-release flow. The post-Eras Tour success of concert films as a theatrical category has specifically reinforced this policy position.

The exhibitor business

Seat renovation continued as a prominent trend. Premium recliner seating drives meaningful per-screen revenue increases; outstanding renovation capital projects across the major North American chains total approximately $2 billion across the next three to five years. IMAX’s partnership with AMC and Regal remains the largest premium-format revenue driver. Dolby Cinema reported stronger growth across 2024. The exhibitor conversation’s single largest structural concern is that premium-format ticket pricing has been absorbing per-attendee willingness-to-pay at levels that compress concession revenue.

What to watch

Three things across the final weeks of 2025 and into the first quarter of 2026. First, whether the 2025 full-year box office, which the studios collectively estimated at approximately $9.2 billion across the convention, comes in at or above the mark. The first quarter was weak; the summer slate was strong. Second, whether the theatrical window settles at 45 days or compresses further. The studios are not publicly pressuring for compression; the private negotiations remain open. Third, whether the NATO policy priorities translate into industry agreements or remain aspirational.

CinemaCon is a public performance of industry sentiment. The 2025 performance was more confident than 2024. The question is whether the sentiment survives contact with the quarterly box-office data across the rest of the cycle.