The Marvel film is setting records at the box office! With it comes Wall Street success for theatre chains who have been experiencing shaky stock performance since Covid.
What’s Happening:
- Deadline reports that AMC Entertainment, Imax, Cinemark, and Marcus all saw Stock Market gains for the past three or four sessions due to the success of Deadpool & Wolverine.
- The Marvel film, which grossed nearly $500 million world-wide during its opening weekend, set 2024 records for weekend attendance and admissions revenue for AMC Entertainment. AMC is the largest global theatre chain.
- The film also received the highest grossing opening for an R-rated film ever.
- Additionally AMC saw the highest food-and-beverage revenue in a single weekend since 2019.
- Aided by souvenir cups and branded popcorn buckets, the chain also saw the highest merchandise sales of any film second only to Taylor Swift: The Eras Tour.
- Adam Aron, CEO of AMC, stated “AMC has been predicting for quite some time that moviegoing would return to lofty levels this summer.”
- The nation's second largest chain Regal received its highest R-rated, 3-day opening weekend ever. They also saw the largest 4DX weekend of all time.
- Cinemark, the third largest chain nationally, had their largest film opening from May through August ever with the Marvel film. They also saw the biggest Cinemark XD and D-BOX weekends ever. CEO Sean Gamble shared “We remain highly optimistic about the future of theatrical exhibition.”
- Last year’s Hollywood strike greatly affected the early 2024 release schedule, leading AMC to take a loss during Q2. However, with Inside Out 2, Despicable Me 4, Twisters, and Deadpool & Wolverine, theatre chains are experiencing the first Summer blockbuster season since pre-Covid.
- AMC shares are up 11% since last Thursday, trading for around $5.21 a share.
- Regal isn’t publicly traded.
- Cinemark gained 1.29% today to $22.85 a share.
- Imax is up 2.6% today totalling $20.40 a share.
- Marcus gained 1% today bringing shares to $12.59 each.
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