An AMC theatre is pictured amid the coronavirus disease pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File Photoshares fell about 9% on Wednesday after the company's results underscored fears that theater-going would not return to pre-pandemic levels anytime soon as rising cost-of-living bites.
The world's largest cinema chain operator saw a 17% fall in footfall in its theaters in the fourth quarter, despite the release of big-ticket films such as "Avatar: The Way of Water". Revenue fell 15.4% in the quarter. "This is AMC's fourteenth consecutive quarterly loss and the market is punishing the shares for that fact," Hargreaves Lansdown analyst Sophie Lund-Yates said.
While more people are returning to the theaters, Hollywood has been releasing fewer movies "of late", AMC Chief Executive Adam Aron said at a post-earnings call on Tuesday.In the United States and Canada, box office collection was above $11 billion in 2019, but since the COVID-19 pandemic, the numbers have fallen drastically, with 2022 box office numbers coming in at $7.4 billion, the company said.
Thanks to sub $2000 80' TVs at home without the hassle of going to dirty theater with idiots on their cell phones.
Wait ! Weren’t there like half the amount of movies made in 2022 vs 2019? Aren’t there 70% more movies coming out in 2023? 💩 hit peice!
Don't enjoy the left wing advertising. Time to declare chapter 11.
Is it really drastically lower given what has happened to people meeting and public and the poor quality of offerings?
Nice article wankers now I'm gonna buy more AMC and APE out of spite.
Merge with Dave & Busters. For Theaters to survive, it must pivot to an experience, not a destination for media consumption
You’re full of 💩 Did Mayo Boi from citsecurities pay you to write that
Hollywood is destroying theaters with the trash they currently produce. I can only watch movies that are 20 years or older.
Damn that’s a steep drop from 2019
COVID’s catching , it’s still around and you get it in close quarters . If you’ve really had it you never want it again and some of it never goes away like terrible nightmares , changes in how you breathe and how you taste things
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Man...
Huh.... Maybe it's the Hollywood product ? Or lack of quality therein
It's almost as if announcing they're going to charge more for better seats was a terrible idea.
They priced themselves out of their key market. Either they recognize that, or they die.
Multiplexes are done.
Who wants to go see crap movies with social justice crap. Hollyweird did it to themselves
Nah it’s because the 3 people that still go to movie theaters now how to pay more for better seats in an empty theatre.
Yeah that's why its falling....
I wonder if amc charging more for good seats also contributed...
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One of the largest movie theaters in SF to close permanentlyThe historic Don Lee Building on Van Ness was formerly an AMC theater. I honestly thought the CGV theatre had fallen through before opening. The place never looked open. Bummer. I saw Dune there. It was a nice venue. That AMC was struggling even in the Beforetimes
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