Venom let there be carnage amc1/11/2024 ![]() Those new movie releases should keep box office ticket receipts, and AMC stock, higher through the end of this year. These include Eternals, Ghostbusters: Afterlife, West Side Story, Spider-Man: No Way Home and Matrix Resurrections. In November and December, AMC should benefit from the release of several other films that were postponed during the pandemic. However, AMC stock could remain buoyant in coming months, helped by further releases of highly anticipated movies. Currently, the median price target on the stock is $16, implying a potential 86% correction from current levels. What Comes Next for AMC?ĪMC Entertainment is, understandably, trying to prove the naysayers wrong and justify its current stock price of just over $35. At the same time, there are rising concerns that the move to streaming and so-called hybrid movie releases (issuing films on streaming platforms and in theaters simultaneously) will kill the domestic box office. However, the company’s stock has fallen 8% in the last month over concerns that it is grossly overvalued.Īt one point, a Wall Street analyst had a price target on AMC stock of just 1 cent, effectively stating that the company was likely finished because of the pandemic. Targeted as a meme stock by the Reddit crowd of retail investors earlier this year, AMC’s share price is up 1,660% year to date. It has been a rollercoaster ride for AMC stock so far in 2021. were the highest AMC has seen for any single month since February of 2020.” AMC is the biggest movie exhibition company in the world with 950 theaters and 10,500 screens in North America, Europe and Asia. In a news release, AMC said that “October 2021 ticket admission revenues at AMC’s movie theatre circuit in the U.S. The domestic box office has now grossed $3.1 billion through the first 10 months of 2021, which is 45% higher than in 2020 and 66% behind 2019’s pre-pandemic amount. The strong showing led October’s box office receipts to surpass the total in July, which previously held the record for highest-grossing month of the year with $583.6 million in ticket sales. ![]() Many of these highly anticipated films had been postponed due to the pandemic. and Canada spent $637.9 million on tickets over the last 31 days to see a slate of new movies that include No Time to Die, Venom: Let There Be Carnage, Halloween Kills and Dune. ![]() Comscore estimates that moviegoers in the U.S. ![]() Net loss narrowed to $134.4 million, or 26 cents per share, from $946.1 million, or $6.21 per share, a year earlier.It was just reported by Comscore that a combination of new movie releases, combined with growing consumer confidence in returning to cinemas, led October to be the highest-grossing month for ticket sales so far this year. 31 was $1.17 billion, above expectations of $1.10 billion, according to IBES data from Refinitiv. The company's revenue for the quarter ended Dec. "In 2022, 2023 and beyond, we also expect to transform our company into becoming something much greater than solely a movie theater operator," Aron added. locations, something it has been doing for years in Europe. ![]() It also expects to benefit from releases like "Top Gun: Maverick" and "Black Panther: Wakanda Forever" later this year.ĪMC's CEO stressed on initiatives like variable pricing of tickets in the United States, focus on NFTs or non-fungible tokens, potentially issuing its own cryptocurrency and selling its own branded popcorn to grow business in a post-COVID environment.Ĭurrently, AMC is charging patrons higher for "The Batman" movie than other films at its U.S. "The box office pacing and our results in 2022 are expected to be heavily weighted towards the second half of the year," Aron said.ĪMC, which saw a footfall of nearly 60 million during the quarter, said bookings are very strong for "The Batman" film opening this weekend. Pressures from inflation, labor shortages, supply chain disruptions as well as the crisis in Europe after Russia invaded Ukraine could pose challenges for the company, Chief Executive Officer Adam Aron said on a post-earnings call.Įarlier this year, worries over the Omicron variant pushed producers to postpone movie releases. Long-awaited releases including the James Bond film "No Time To Die" and Marvel's "Venom: Let There Be Carnage" also helped the theater chain recover from pandemic restrictions that had brought movie-going to a standstill. March 1 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) beat estimates for fourth-quarter revenue on Tuesday as box-office hits such as "Spider-Man: No Way Home" brought people back to the movies. ![]()
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