As a dedicated cinephile with years of movie-going experiences under my belt, I must say that the latest financial report from AMC Theatres has piqued my interest. While it’s always disheartening to see a decline in revenue, especially for such a beloved institution as AMC, I understand the challenges they face in these ever-changing times.
In a quarter where our beloved AMC Theaters faced a sluggish box office start, I’m sad to report that they ended up in the red, posting a net loss, and their revenue fell nearly $300 million short compared to the same time last year.
In Q2 of 2024, the cinema chain headed by CEO Adam Aron reported a total income of $1.03 billion, but also suffered a loss of $32.8 million. The earnings before interest, taxes, depreciation, and amortization were at $29.4 million, which is significantly lower than the $182.5 million recorded in the same quarter last year.
“Just as predicted, the second quarter began sluggishly due to the negative influence of the 2023 Hollywood writers and actors strikes on the box office. These disruptions caused delays in studio releases for films that were being made during last year’s extended work pause. Nevertheless, the final part of the quarter demonstrated remarkable resilience, propelled by the triumph of Disney’s Inside Out 2, now holding the record as the highest-grossing animated film ever.”
More to come.
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2024-08-02 23:54