AMC Theatres has announced that their full year 2020 loss came in at approximately $4.58 billion, a massive drop from the mere $149.1 million loss they experienced in 2019.
CEO Adam Aron announced the numbers during an earnings call with investors. Despite the pandemic-induced disastrous results though, things are looking up with the company having opened 527 of its 589 domestic locations, and around 78% of its 356 international locations as of last week
In addition studios, for now, seem to be sticking with major theatrical releases for the early Summer with “Black Widow” in May, “F9: The Fast Saga” in June and “Top Gun: Maverick” in July all staying put it seems.
In fact, Aron estimates that around forty major movie titles delayed from a 2020 release will hit AMC screens starting in May. He also confirms AMC had cash on hand to carry on business to the end of 2021 and into 2022, and expects pent-up demand for moviegoing once pandemic lockdowns lift will allow the exhibition industry to rebound.
Whether that will be the case is not clear. In markets, such as Australia where the virus has been effectively eliminated for months, moviegoing even for new releases is still considerably down on pre-pandemic levels.
AMC earlier slammed Warner Bros. Pictures over its day-and-date HBO Max release strategy, but now they’ve come to a deal and will indeed be playing Warner movies.
Source: THR
