National CineMedia, Inc. (NASDAQ: NCMI)

National CineMedia, Inc. is the largest cinema advertising platform in the United States. The company connects brands with young diverse audiences through the power of movies and pop culture. It operates the Noovie Show and the CineLife Show across more than 17,000 screens in over 1,300 theaters spanning 184 Designated Market Areas. These pre movie entertainment and advertising programs are shown exclusively in theaters operated by major chains and independent exhibitors. In November 2025 the company acquired Spotlight and the Spotlight Cinema Network extending its reach to art house luxury and dine in venues.

The company generates revenue primarily by selling advertising to national, regional and local businesses through its Noovie Show and CineLife Show cinema advertising programs. Additional revenue comes from the Lobby Entertainment Network which places video screens in theater lobbies and from the NCMx suite of products that extends advertising reach through digital channels, connected TV and out of home venues such as convenience stores and college campuses. The company also earns fees from long term exhibitor services agreements that grant exclusive advertising rights in partner theaters.

National CineMedia holds a leading position in the U. S. cinema advertising market which is a small slice of the estimated 409 billion dollar advertising industry. As the largest cinema advertising network the company benefits from extensive national coverage, long term exhibitor agreements and a proprietary digital distribution system. Its competitive advantages include access to a highly engaged audience, strong measurement capabilities and the ability to bundle on screen advertising with lobby digital and out of home offerings.

The company serves a diverse customer base that includes national, regional and local advertisers as well as the advertising agencies that represent them. These clients range from large consumer brands seeking broad exposure to smaller businesses looking to target specific geographic or demographic groups. Revenue is also derived from exhibitor services agreements with theater chains and from concessionaire arrangements that require on screen advertising for beverage partners.