AMC Theatres, the world’s largest movie exhibitor, saw a string of box office hits revitalize the moviegoing business in the second quarter, ended June 30. The Leawood, Kan.-based company reported a quarterly loss of $121 million on revenue of $1.17 billion. That compared with a net loss of $343.6 million on revenue of $444.7 million in the previous-year period.
Through six months of the fiscal year, AMC, which operates more than 10,100 screens worldwide, has generated a net loss of $459 million on revenue of $1.95 billion. That compared with a net loss of $910.5 million on revenue of $593 million.
“We would like to extend a special thank you to Doctor Stephen Strange, Tom “Maverick” Cruise, Elvis Presley, and all those hungry people-eating Jurassic dinosaurs who graced our big screens in the quarter,” CEO Adam Aron said in a statement. “Our Q2 2022 results, in our minds, prove once again what we have long said, that as Hollywood releases movies with broad consumer appeal, people will flock to see them at movie theatres in huge and eye-popping numbers.”
Aron said AMC’s current internal forecast is that the 2023 domestic and international box office, will be billions of dollars larger than that of 2022.
“We look forward to Q4 of 2022 and calendar year 2023 with glee,” he said.
AMC Theatres July 11 announced that both domestically and globally it achieved its busiest weekend of the year, July 7-10, led by the opening debut of Disney/Marvel Studios’ Thor: Love and Thunder.
Domestically, AMC’s admissions revenue outperformed the same weekend in pre-pandemic 2019 by an estimated 14%. Adding in the company’s international theaters, global admissions revenue outpaced 2019 by 12%.
Unlike previous weekends where the attendance was driven by a single title, AMC’s most recent weekend was driven by strong depth of titles that included Universal Pictures’ Minions: The Rise of Gru, Paramount Pictures’ Top Gun: Maverick, Universal’s Jurassic World: Dominion, Warner Bros. Pictures’ Elvis and The Black Phone (Universal).
“We are just thrilled beyond thrilled that this weekend more than 5.9 million people were guests at AMC movie theaters in the United States and internationally,” CEO Adam Aron said in a statement.
Aron contends that consumers continue to want to experience movies on screens, big sound and comfortable big seats.
“Happily, the enduring resilience and consumer appeal of theatrical exhibition are on full display,” he said.
Through its recently re-launched “Discount Tuesday” program, the aforementioned releases are available at all U.S. AMC locations for $5 on Tuesdays. To participate in the $5 Discount Tuesday promotion, AMC guests need only to be a member of the AMC Stubs program, including AMC Stubs Insider, which is free to join. While a premium experience fee applies for movies in Imax at AMC, Dolby Cinema at AMC and Prime at AMC, the base fee for premium experience movies is also $5 all day long.
AMC Theatres July 5 announced the return of a pre-pandemic summer pricing marketing campaign.
Through the end of October, movies at all of its U.S. locations are just $5 plus tax for Tuesday showtimes until 4 p.m. or 5 p.m. This includes Premium experience showtimes and movies on their opening weekend. The discount pricing varies by location, so moviegoers should check showtimes in their area.
To access the discounted pricing, moviegoers need only to be a member of the AMC Stubs program, including AMC Stubs Insider, which is free to join.
While a premium experience fee applies for movies in Imax at AMC, Dolby Cinema at AMC and Prime at AMC, the base fee for premium experience movies also is $5.
At participating screens, a Cameo-size popcorn with a 21 oz. Iceee or Coca-Cola drink also costs just $5 plus tax every week on Tuesdays.
“As millions of moviegoers are returning to AMC … we want to ensure that there are a variety of opportunities to find great value while seeing movies only available on the big screen at AMC theaters around the country,” Eliot Hamlisch, EVP and chief marketing officer for AMC, said in a statement.
In addition to the discounted pricing, AMC offers several other promotions to consumers.
AMC Stubs A-List Members can watch up to three movies per week, in every format offered by AMC, for one monthly price. In addition, A-List also provides all the benefits of AMC Stubs Premiere.
AMC Stubs Premiere For just $15 per year, AMC Stubs Premiere members enjoy benefits like a $5 reward for every $50 spent on tickets and concessions; waived fees for online ticketing purchases; free upsizes on popcorn & fountain drinks, and birthday gift good for a free large popcorn and soda.
AMC Fan Faves AMC offers a selection of “fan fave films” with tickets for just $5 plus tax every day. AMC regularly updates its selection of these movies. To see what’s available, visit https://www.amctheatres.com/fan-faves.
With multiple studio blockbusters performing well this past weekend, AMC Theatres reported its admissions revenue globally outpaced the same weekend in 2019 by 15%.
With the opening of Universal Pictures’ Jurassic World: Dominion and the continued success of Paramount Pictures’ Top Gun: Maverick, more than 4.9 million moviegoers attended a screening at an AMC theater in the United States and internationally June 9-12, making it the second busiest weekend of 2022.
The weekend success of Dominion comes on the heels of Maverick’s record-setting Memorial Day weekend, suggesting the box office continues to show signs of post-pandemic recovery.
AMC expects the trend to continue with this weekend’s debut of Disney/Pixar’s Lightyear, followed by Warner Bros. Pictures’ Elvis on June 24, Universal’s Minions: Rise of Gru on July 1, and Thor: Love & Thunder, which opens July 8.
“It is so encouraging to see AMC’s admissions revenue topping those of the same weekend of 2019, prior to the pandemic, which so depressed our revenue in 2020 and 2021,” CEO Adam Aron said in a statement. “There is a wonderful quote from Jurassic World: Dominion that ‘Life finds a way.’ It is looking, too, that ‘theaters find a way.’
AMC Theatres, the largest theatrical exhibitor in the world, March 15 announced it is buying 22% of Hycroft Mining Holding Corporation and its 71,000-acre gold and silver mine in northern Nevada. AMC contends the mine has some 15 million ounces of gold deposits and some 600 million ounces of silver deposit.
In times of fiscal and global uncertainty, it is believed that investment in gold and silver can be an investment lifeline — as well as an appeal to meme stock traders.
AMC chairman/CEO Adam Aron said the attraction of the investment was that it required only a “nominal amount” ($27.9 million) of AMC cash for ownership of more than 23 million shares.
“To state the obvious, one would not normally think that a movie theatre company’s core competency includes gold or silver mining,” Aron said in a statement.
The executive contends the theatrical chain has been able to successfully navigate the COVID pandemic through its exhibition footprint a time of severe liquidity challenge, the raising of capital, and strengthening of balance sheets, as well as communicating with individual retail investors.
“It is all that experience and skill that we bring to the table to assist the talented mining professionals at Hycroft,” Aron said.
The CEO said the box office success of Spider-Man: No Way Home and The Batman as well as 2022’s promising theatrical slate, heighten internal convictions that the chain is on the path to fiscal recovery and on solid footing to diversify its investments.
“Our strategic investment … is the result of our having identified a company in an unrelated industry that appears to be just like AMC of a year ago,” Aron said. “Investors should think creatively and boldly about AMC’s future, because within the company, we ourselves have been thinking creatively and boldly about our future.”
In 2021, Aron was able to up AMC’s financial assets to $1.8 billion through long-term debt and stock sales. To monetize that cash, Aron said AMC has to “play on offense” to grow the company. That included adding Imax and Dolby Cinema premium screens, launching non-fungible token (NFT) marketing plans with major studios, accepting cryptocurrency to boost theatre attendance, and entering the retail popcorn sales market.
“Now, we are taking AMC’s demonstrated achievement in writing the play book as to how to navigate through liquidity challenge and applying our lessons learned to another entity in Hycroft Mining,” Aron said.
AMC Theatres Feb. 9 announced a critical hire as it prepares to expand its business in the retail popcorn industry. Ellen Copaken, formally of Frito-Lay and Hostess Brands, will join AMC as the VP of growth strategy beginning Feb. 18.
In this newly created role, Copaken will lead AMC’s implementation of growth ideas related to the sale of the chain’s theater popcorn in retail stores. She will report to Mark Pearson, chief strategy officer, and will assist with other initiatives to broaden and transform the AMC brand beyond movie exhibition.
CEO Adam Aron has previously floated the idea of selling digital movies on the company’s website and packaged-media releases in theater lobbies, in addition to entering the non-fungible token market.
“I have been vocal about our intention to innovate, grow and transform AMC’s business,” Aron said in a statement. Copaken’s executive ability, combined with her significant grocery experience, will be a vital asset to AMC as we explore and deliver on current and future opportunities.”
Copaken joins AMC with significant strategic planning, brand management and grocery experience. For the past four years she’s served as a partner at global innovation consulting firm, Sterling Rice Group, where she led client relationships and growth strategy engagements in food service, retail, consumer package goods and hospitality industries.
Previously, she worked in leadership roles for Frito-Lay, PepsiCo and Hostess Brands in general management, innovation and brand management. During her time in the consumer-packaged goods industry, she launched dozens of new food and beverage products in grocery, retail and restaurant/food service.
Last November, AMC announced that it would begin selling its “AMC Theatres Perfectly Popcorn,” which has been available to consumers in theaters for more than a century continually since the year 1920, through four new platforms in 2022.
Beginning later this year, AMC will begin selling freshly made AMC Theatres Perfectly Popcorn at select mall retail locations around the country. Those new kiosks, counters and stores will feature real AMC movie theater popcorn and other AMC movie theater treats.
Additionally, AMC plans to make its AMC Theatres Perfectly Popcorn, freshly popped in nearby theaters, available through food delivery-to-home services. AMC will sell “To Go” packages at its theatres of freshly popped popcorn for takeout and/or pickup.
AMC is also exploring opportunities to offer prepackaged and ready-to-pop microwaveable AMC Theatres Perfectly Popcorn, in supermarkets, convenience stores and other food service venues around the country.
AMC Entertainment, corporate parent of the nation’s largest movie exhibitor AMC Theatres, Feb. 1 released preliminary fourth-quarter fiscal results for the three-month period ended Dec. 31, 2021.
Driven in part by the box office phenom Spider-Man: No Way Home, total revenue topped $1.17 billion, compared with $162.5 million in the previous-year period. The net loss narrowed between $194.8 million and $114.8 million, which includes an estimated non-cash impairment charge related to long lived assets of $50 million to $125 million.
That compared with a net loss of $946.1 million in Q4 2020, which included a non-cash impairment charge related to long lived assets, definite and indefinite lived intangible assets and goodwill of $466.1 million.
Pre-tax earnings range from $146.8 million to $151.8 million, compared with a pretax loss of 327.5 million in 2020.
“AMC’s 2021 results improved significantly as the year progressed, and we finished the year with the strongest quarter in two years,” CEO Adam Aron said in a statement. “The fourth quarter of 2021 marks a meaningful milestone with positive [pretax earnings], positive operating cash generated of more than $215 million, and a record year-ending liquidity position of $1.8 billion.”
AMC Theatres Dec. 20 said that based on the opening weekend strength of Marvel/Sony Pictures’ Spider-Man: No Way Home, the exhibitor shattered several post-reopening attendance records. The movie finished the four-day period as the biggest December opening of all time, and AMC set new post-reopening domestic attendance records on Thursday (Dec. 16), then broke that record on Friday (Dec. 17), and then broke that record again on Saturday (Dec. 18).
More than 2 million people watched a movie at an AMC location around the world on Dec. 18, which is the most tickets sold in a single day since Christmas Day 2019. With the Dec. 19 domestic attendance finishing at more than 1 million tickets sold, it marks the first time that AMC has sold at least 1 million tickets daily over a four-day period since December 2019.
AMC said moviegoers sought out “premium large format” (PLF) experiences at AMC, as this past weekend was the biggest ever weekend for the chain’s select “PRIME” locations featuring special sights, sound, and comfort seating. It was also the second biggest ever weekend for Dolby Cinema at AMC and the fourth biggest weekend for Imax at AMC.
In all, AMC recorded more than 7 million tickets sold at locations globally, including more than 5 million tickets sold in the United States. Attendance was off to a strong start Dec. 16, as moviegoers rushed screens to qualify for an exclusive “Spider-Man” NFT, the first ever of its kind from a major theatrical exhibitor. The movie also set a new single-day international attendance record on Dec. 18.
“Historically, December is one of the biggest months of the year for major blockbuster releases, so to … set a new all-time opening weekend box office record this month is significant not just for AMC, but for the entire theatrical industry,” Adam Aron, CEO of AMC Entertainment, said in a statement.
AMC Theatres, the largest theatrical exhibitor in the world, announced that Sony Pictures’ Spider-Man: No Way Home broke its opening-night box office records. The movie was the single-highest grossing movie title on its opening night in the chain’s history, for a title opening in the month of December. It also was the second-highest grossing movie title on its opening night of all-time, falling just short of Avengers: Endgame, which opened in 2019.
Approximately 1.1 million people attended a screening at a U.S. AMC theater on Friday, Dec. 17. This was the single highest number of people watching one movie on one day at an AMC screen during all of calendar years 2020 and 2021. Attendance for Spider-Man at AMC’s international theaters was also robust.
“Needless to say, we are ever so happy to see a record-setting number of people returning to the cinema to capture the magic offered at AMC movie theatres,” CEO Adam Aron said in a statement.
Separately, Cinemark, which operates 4,440 screens across the Century, Tinseltown and Rave brands in the United States, said enthusiasm for No Way Home set a U.S. box office record, delivering the chain’s best opening night of all time. Ticket sales for the movie skyrocketed through advance sales and continued until opening, with a meaningful portion of fans returning to the theater for the first time since the pandemic began in March 2020.
Cinemark said consumer demand to see the live-action superhero movie in an ultra-immersive auditorium resulted in record-setting XD purchases.
“The sheer volume of people who came to see this film on the biggest screen, many for the first time since the pandemic, underscores the irreplaceable value of the in-theater experience, which we are thrilled to continue to offer in collaboration with our studio partners,” said Justin McDaniel, SVP of global content. “Congratulations to the entire Sony team for a remarkable opening performance for their latest blockbuster.”
On the heels of the popular launch of Spider-Man: No Way Home-themed nonfungible tokens (NFTs), AMC Theatres Dec. 6 announced a second NFT to all AMC Investor Connect members, to be delivered by the Worldwide Asset eXchange (WAX).
NFTs have become a potentially lucrative means for owners of intellectual property to sell virtual crypto currency-based trading cards to fans that can fluctuate in value like shares of stock.
The Spider-Man themed NFT was the first ever issued in significant quantity by a theatrical exhibitor, and the AMC Investor Connect “I Own AMC” NFT will be the second, according to the exhibitor.
“After our first NFT met with enthusiasm earlier this week, there was no doubt we would embark on issuing another NFT,” CEO Adam Aron said in a statement. “I can say with certainty there will be more NFTs in AMC’s future.”
Indeed, since accepting most forms of crypto currency for online ticket purchases earlier this year, AMC has now embraced the world of self-promoting NFTs as way of rewarding loyal moviegoers, turned “investors” in the company.
“Building on the demand from our first AMC launch, WAX continues to trailblaze in innovation by introducing a unique NFT membership program,” added William Quigley, co-founder of WAX. “Through our continued partnership with AMC, we will offer NFTs that unlock real-world experiences.”