Summer time blockbusters like “Deadpool and Wolverine” and “Tornado” weren’t sufficient to forestall AMC Leisure from shedding $20.7 million within the newest quarter. The determine compares favorably with the $12.3 million in revenue posted by the nation’s largest theater chain throughout the identical interval final 12 months.
In the meantime, AMC’s income fell 4.1% to $1.3 billion, down from the $1.4 billion AMC reported in the identical interval final 12 months, which noticed the launch of “Barbie” and “Oppenheimer” double billing. Income grew considerably. The corporate reported a lack of 7 cents per share, in contrast with a revenue of 8 cents per share a 12 months earlier.
Film attendance at theater chains additionally fell, from 73.6 million to 65.1 million, with fewer films watched. Ticket income fell to $744.2 million from $798 million, however concession income elevated from $482.7 million to $490.4 million.
Different films launched within the three months to September embrace “Beetlejuice” and “Alien: Romulus.” AMC CEO Adam Aron has been publicly bullish on the well being of the film {industry}, pointing to sequels to well-liked franchises together with “Jurassic World,” “Mission: Inconceivable,” “Captain America” and “Avatar” subsequent 12 months.
“Admittedly, a few of our third quarter 2024 metrics lag final 12 months. Nevertheless, we
“What’s extra, we’re assured within the spectacular pipeline of movies that will likely be launched in November and December 2024 and can proceed to be launched in 2025 and 2026,” Allen mentioned in an announcement. “Based mostly on what we all know now, we anticipate the industry-wide field workplace to rise considerably on the finish of the 12 months and to rise once more within the subsequent two years.”
Extra coming quickly…
