Do Streaming Services Replace Theatrical Releases?

Tim Richards is the CEO and Founder of Vue International—one of Europe’s largest cinema groups. He joins Will Bain for the Big Boss Interview to share his remarkable journey from mergers and acquisitions (M&A) lawyer to major Hollywood player, all sparked by a chance ad in the Financial Times. The anonymous job listing turned out to be for a role at Paramount and Universal, leading to first-class travel on Concorde and a front-row seat in the film industry.

Despite the glitz and glamour, Tim recounts a moment of reckoning when he realised his division was in trouble. That prompted him to seek a new venture—and Vue was born. Raising capital and acquiring the Warner Brothers circuit became, pardon the pun, paramount to Vue’s success. In a scene straight out of a Hollywood film, Tim describes a rival cinema boss who, over lunch, threatened to build across the street from every Vue location in a bid to run them out of town.

Tim reflects on how the industry has evolved over his four decades in it, including the catastrophic impact of COVID-19, which forced all Vue cinemas worldwide to close for two years. He describes the experience as an “emotional rollercoaster,” admitting to moments of real struggle.

The conversation shifts to the rise of streaming and the so-called “content wars.” Tim doesn’t see Netflix and Disney+ as direct competitors. Instead, he views other out-of-home entertainment—like theme parks and football matches—as the real rivals. He’s confident there’s room for both streaming and theatrical releases and is optimistic about the future, especially with a new wave of films and innovations on the horizon.

He also addresses the challenge of attracting younger audiences and keeping cinema affordable, while criticising government policies that raise costs for the leisure sector—arguing they often hurt the very people they aim to help.

Despite the hardships the industry has faced, Tim believes 2026 could break all box office records.

His story has all the trappings of blockbuster movie, but it's unlikely to be streamed first.

00:18 Sean Farrington and Will Bain set out who Tim Richards is and give overview of topics 01:42 Tim Richards joins the interview 02:55 Tim's early career as a lawyer and move into entertainment 04:01 Working at Paramount and Universal; global cinema industry in the 80s/90s 06:05 Tim's transition from studio executive to entrepreneur 09:38 Identifying a gap in the cinema market 11:28 The pivotal Warner Brothers Circuit acquisition 12:48 Innovations in cinema experience: stadium seating and customer focus 14:00 The impact of the pandemic and streaming on the cinema industry 16:21 Theatrical vs. streaming releases; industry changes post-pandemic 19:45 The ongoing role of made-for-TV movies and studio strategies 22:05 The emotional toll of the pandemic and business survival 23:55 Innovations in customer experience: frictionless cinema visits 26:30 Record-breaking attendance across genres and demographics 27:30 The challenge of attracting younger audiences 28:30 Cinema pricing, accessibility, and dynamic pricing strategies 29:45 Navigating rising costs and government policy impacts 30:45 The future of cinema: upcoming films and industry optimism 32:00 Supporting British and independent films; new ventures 36:00 Closing remarks and outro

Presenter: Will Bain Producer: Olie D'Albertanson Editor: Henry Jones