What does the cryptic crossword clue "Cinema in the red a long time (5)" mean?

The definition is "Cinema". The wordplay uses a homophone (sounds like). Sounds like OWED + EON. The only problem is that there’s no homophone indicator. Any other suggestions? The answer is ODEON.

Cinema in the red a long time (5)

Times Cryptic #28555 | 14 Across | 2023-03-20 flower

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