AMC Entertainment Holdings has seen its third-quarter revenues fall and a swing to a net loss as Deadpool & Wolverine and Inside Out 2 played on its screens.
On Wednesday, the parent of AMC Theatres reported overall revenues at $1.34 billion, down 4.1 percent from a year-earlier $1.4 billion on higher cinema attendance when the exhibitor got a boost from Oppenheimer and Barbie in its theaters.
The nation’s biggest exhibitor’s third quarter in 2023 also saw the release of The Taylor Swift: The Eras Tour via the mega-exhibitor’s AMC Theatres Distribution division. The net loss at the giant cinema chain came in at $20.7 million, a swing from a year-earlier profit of $12.3 million. The diluted per-share loss was 6 cents, against a year-earlier per-share profit of 8 cents.
The latest results at AMC Theatres gives a window into how the company’s domestic and European locations are faring amid a wider industry rebound in Hollywood box office coming out of the pandemic era.
“Admittedly, some of our third quarter metrics of 2024 were behind those of last year. However, we
believe of much greater importance is our bullishness about the impressive movie slate that is coming to our theatres in November and December of 2024, and continuing in 2025 and again in 2026. Based on what we know now, we expect that the industry-wide box office should markedly rise at year-end and rise yet again for the next two years,” AMC Theatres CEO Adam Aron said in a statement.
A week ago, rival Cinemark, the third largest theater chain in the U.S. by number of locations, posted third quarter revenue of $921.8 million, up 5.4 percent from the year-ago period. And also Wednesday, Canadian exhibition giant Cineplex reported $395.6 million in third quarter revenues, down 4.6 percent from year-earlier revenues at $463.5 million.
AMC has also pursued the rights to show other live concerts and sports on its big screens as the mega-cinema chain looks to diversify into alternative content, in line with a wider exhibition industry evolving away from a traditional reliance on Hollywood tentpoles.
During its latest quarter, AMC Theatres saw just over 65 million patrons move through its theaters, down 11.5 percent from 73.5 million during the same period of 2023.
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