AMC swings to a loss, but theaters are hopeful for a #Wickiator-fueled comeback
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Getting the KidsPack… whether you’re 5 or 35. AMC, the world’s biggest movie chain, swung to a loss in Q3 and its sales ticked down after hits like “Deadpool & Wolverine” couldn’t top last year’s #Barbenheimer magic. But AMC’s CEO expects November will mark the beginning of an industry-wide turnaround that rivals seem to be feeling already. America’s third-largest theater chain, Cinemark, last week reported record quarterly sales of $922M after moviegoers splurged on pricier tickets and blue-razz Icees. Industry execs seem optimistic that theaters are on the rebound after Hollywood strikes and pandemic shutdowns.
Following flops like “Joker: Folie à Deux,” movie execs think the box office’s Thanksgiving lineup could be the beginning of a certified fresh start.
#Wickiator: “Wicked” and “Gladiator II” will hit theaters on November 22 and “Moana 2” the weekend after.
It’s been a long intermission… since 2019’s record-breaking year for the global box office. Now theaters are trying to get butts back into seats with experiences that beat streaming on the couch. North America’s eight biggest theater chains recently said they’ll jointly invest $2.2B in modernizing 22K screens. And this year Regal owner Cineworld invested in 4DX theaters (picture: moving seats, mist, Smell-O-Vision). As theaters bank on more immersive experiences, Imax predicts 2025 will be its best year ever with $1.2B in earnings.
We (still) come to this place… for magic. The pandemic was a grand experiment in whether movies should skip big screens entirely and go straight to streamers. But that didn’t end up becoming the new norm as folks continued to opt for the in-person experience of clapping when Nicole Kidman comes on screen or shrieking with strangers during horror flicks (which are crushing it at the moment).