The world’s largest cinema chain, aiming to pull out of a slump, is tweaking the way we watch movies
CNN
To aid its recovery, AMC is diversifying its in-theater offerings and cutting more deals with musicians for concert films.
Last summer, the “Barbenheimer” boom, fueled by the smash success of films “Barbie” and “Oppenheimer,” breathed fresh life into the movie theater business after months on the edge of a pandemic-induced extinction. But now that the pink outfits and porkpie hats are off the big screen, concerns remain about the health of the movie business as it faces increased competition from streaming services, an uneven recovery and delays caused by last year’s Hollywood actors’ and writers’ strikes. AMC Entertainment, often viewed as a bellwether for the industry as the world’s largest movie theater chain, is not immune to those challenges. To aid its recovery, AMC is diversifying its in-theater offerings and cutting more deals with musicians for concert films. It’s juicing ticket prices by adding higher-end viewing experiences and closing, renovating or relocating theaters. Seeking new sources of revenue, AMC is launching its own branded concession-stand snacks and merchandise, including collectible popcorn buckets, for $25 apiece. The company reported its fourth-quarter results Wednesday after the closing bell, reporting a net loss of $182 million, narrower than its loss in the same quarter the year before. “It was another full year of continued meaningful recovery from the aftermath of the 2020 pandemic,” AMC CEO Adam Aron said in a statement.
