National CineMedia (NCM) is the largest cinema advertising network in the U.S. NCM sells advertising to brands that want to reach moviegoers before the feature film begins, primarily through its Noovie Show — a pre-movie entertainment and advertising program running across a network of over 17,000 screens in more than 1,300 theaters. NCM recently acquired Spotlight, adding roughly 1,200 screens in art house, luxury, and dine-in theaters. NCM holds exclusive rights to sell advertising in its theaters through long-term agreements with AMC, Cinemark, and over 40 regional circuits. The most premium inventory is the "Platinum Spot," a short ad embedded within the movie trailers at trailer lighting and volume levels, running just before the feature film. National advertisers make up roughly 80% of advertising revenue and are sold on a CPM basis through the annual upfront marketplace or the scatter market. Local and regional advertisers are sold on a per-theater, per-week basis. NCM also earns a smaller, contractually guaranteed revenue stream from AMC and Cinemark satisfying their beverage supplier advertising obligations. Beyond on-screen ads, NCM sells lobby screens, brand activations, and digital out-of-home placements. NCM is expanding into programmatic and self-serve advertising, and offers data and retargeting tools under its NCMx platform, using first-party moviegoer data to extend campaigns to connected TV and mobile. Revenue is closely tied to domestic box office attendance and is highly seasonal, with Q4 typically the strongest quarter.