News

AMC Entertainment Narrows Q1 Losses Thanks to Superhero Movies

Sony Pictures’ Spider-Man: No Way Home and Warner Bros. Pictures’ The Batman contributed to AMC Entertainment narrowing its first-quarter fiscal loss (ended March 31) to $337.4 million, compared with a net loss of $567.2 million during the previous-year period when the world’s largest exhibitor was operating at less than 50% capacity. Revenue increased to $785.7 million, compared with $148.3 million for the first quarter of 2021.

“Our results represent AMC’s strongest first quarter in two full years,” CEO Adam Aron said in a statement. “We continue on our pandemic recovery trajectory, more than quintupling revenue and improving adjusted [pre-tax income] by nearly 80% compared to a year ago.”

Aron said the cumulative success of the aforementioned titles, along with Paramount Pictures’ Sonic the Hedgehog 2 drove the quarterly revenue gain.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

Indeed, global AMC attendance increased more than 39 million, from 6.8 million a year ago. U.S. theatrical attendance topped 25.8 million, from 6.2 million. International market attendance topped 13.2 million, from 558,000.
AMC operated an average of 10,099 screens in the quarter, compared with 6,724 screens a year ago.

“When Hollywood releases films that moviegoers want to see, people flock to cinemas in huge numbers to watch movies where they were designed to be seen, in theatres, on the big screen,” Aron said.

Leave a Reply

Your email address will not be published.

eleven − one =

This site uses Akismet to reduce spam. Learn how your comment data is processed.