AMC Theatres have been feeling all of the effects of the changing film industry over the past few years. Now, they’re trying to regain the confidence and dominance they once held…
Can a new direction within their business save them from sleeping with the fishes?
An Uphill Battle For AMC Theatres
It doesn’t take a genius to know that AMC theatres have not been doing well these past years.
Not only did they have to completely halt operations during the COVID-19 pandemic, but they were also thrust into an egregious amount of debt.
Not to mention, halting their operations put them even further behind as the streaming wars raged on…
And just when things were starting to look up…
The Hollywood Strikes postponed…
Or flat-out canceled several anticipated projects that theatres relied on for business.
Safe to say, AMC theatres are somewhat operating on thin ice at the moment.
But it wasn’t all bad. After all, last year’s “Barbenhiemer” event, the dual release of Christopher Nolan’s “Oppenheimer” and Greta Gerwig’s “Barbie”…
BECAME THE MOST SUCCESSFUL WEEKEND IN AMC’S 100-YEAR-LONG HISTORY.
Beyond the summer blockbuster event, Taylor Swift’s Eras Tour film became the highest-grossing concert movie of all time. The film earned over $261 million at the box office.
Despite their successes, so far, domestic turnout is down 18% compared to this time last year. While AMC remains the largest the world’s largest theatre chain in the world…
What is the company doing to get audiences to stop staring at their TV screens and start returning to the silver screens?
Coming Up In A Theatre Near You
AMC theatre turnout rates still haven’t climbed back to pre-pandemic levels…
But AMC’s CEO, Adam Aron, sees opportunity just over the horizon.
THEIR PLAN? DIVERSIFY THEIR IN-THEATRE OFFERINGS.
This mainly includes more exclusive deals with high-profile musicians to run more filmed concerts. Considering the obvious success of the Eras Tour film and, alongside it, Beyonce’s Renaissance Tour film…
It seems like bridging music and film might work out in AMC’s favor.
Beyond what they’re projecting on their screens…
The theatre chain is introducing branded concession-stand snacks and merchandise. Most notably, the chain is re-introducing themed popcorn buckets.
While it might not seem like much, this merchandise move helps the company’s bottom line significantly. During Barbie’s theatrical run, a pink Corvette popcorn bucket was being sold for $64.99. This promotion brought in $452 million on its own.
As for big movie releases this year, AMC executives are optimistic that more people will be seated in their theatres throughout the year. Paul Dergarabedian, a senior media analyst at Comscore anticipates a good turnout:
“WHEN YOU HAVE AUDIENCES EXCITED ABOUT FILMS THAT ARE UPCOMING, THATS WHAT DRIVES THE BOX OFFICE.”
Some films expected to dominate during their releases this year are:
- Deadpool And Wolverine
- Moana 2
- Godzilla x Kong: The New Empire
Right now, we’re witnessing what a highly anticipated movie can do for AMC theatres and their business. Dune 2, which made its debut on March 1, has already made $182 million in its opening weekend. To put it into perspective, the sci-fi film’s budget sits at $190 million.
CLEARLY, PEOPLE ARE STILL MORE THAN WILLING TO GO TO THE MOVIES.
But what does this mean for AMC’s immediate future?
Is It Curtain Call For AMC Theatres?
As optimistic as you can be, the road ahead is a rocky one for AMC theatres. While executives are hopeful…
It’s still incredibly difficult to compete with the convenience of streaming.
But AMC’s CEO is keeping his sights high, stating:
“FOR THOSE OF YOU WHO DON’T THINK THAT THIS WILL PROVE TO BE TRANSFORMATIONAL FOR AMC, WATCH THIS SPACE.”
The movie theatre pendulum could swing either way, but one question remains.
To paraphrase Nicole Kidman’s AMC ads…
Can AMC really make movies better?
Be Great,
GCTV Staff
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