AMC Theatres® Records its Most Attended and Highest Grossing Weekend of 2024 – Domestically and Globally

Rhea-AI Summary

AMC Theatres (NYSE:AMC) reported its highest attendance and admissions revenue for the weekend of June 13-16, 2024. Over one million people attended AMC locations in the U.S. each day from Friday to Sunday, making it the busiest weekend of the year. Additionally, this weekend saw AMC's highest single-day attendance records of 2024 on both Friday and Saturday. International attendance also increased by double-digit percentages compared to the same weekend in the previous year. The success is attributed to the strong opening of 'INSIDE OUT 2', which grossed over $150 million domestically, and the continued popularity of 'BAD BOYS: RIDE OR DIE', which earned $33 million in its second weekend.

Positive

• AMC reported its highest attendance and admissions revenue for the weekend of June 13-16, 2024.
• Over one million people attended AMC locations in the U.S. each day from Friday to Sunday.
• AMC experienced its busiest weekend of 2024, setting new single-day attendance records on Friday and Saturday.
• International attendance saw double-digit percentage increases compared to the same weekend last year.
• The movie 'INSIDE OUT 2' opened with over $150 million in domestic revenue.
• The movie 'BAD BOYS: RIDE OR DIE' earned $33 million in its second weekend.

Negative

• None.

Insights

Financial Analyst

AMC Theatres recording its highest attendance and admissions revenue for a weekend in 2024 is a significant metric for investors. This surge highlights strong consumer interest and suggests a potential rebound in the theatrical market. The attendance of more than 1 million people daily over three consecutive days and a total attendance of approximately 3.8 million over the weekend indicates robust demand, which directly translates to higher admissions revenue. This is particularly noteworthy given the overall trend of declining movie theater attendance in recent years due to the rise of streaming services.

However, it's important to consider the seasonality effect as well. Blockbuster releases like INSIDE OUT 2 and BAD BOYS: RIDE OR DIE often boost short-term performance. Investors should differentiate between a one-off spike and a sustainable trend. While the reported $150 million industry-wide opening for INSIDE OUT 2 is impressive, it is essential to monitor if such performance continues beyond high-profile weekends.

Additionally, the global attendance rising by double-digit percentages compared to the same weekend last year underscores the company’s international growth. Still, the overall financial health of AMC should be scrutinized, including debt levels and cash flow. Temporary spikes in revenue are beneficial but must be coupled with long-term financial stability for substantial investor confidence.

Market Research Analyst

The success of INSIDE OUT 2 and BAD BOYS: RIDE OR DIE indicates effective marketing and audience targeting strategies. Both films cater to distinct demographics yet managed to draw significant crowds. This crossover appeal suggests that AMC is successfully attracting a diverse audience, which is vital for maximizing market reach.

From a broader perspective, this highlights a renewed interest in theatrical experiences. Despite the convenience of streaming services, many consumers still value the immersive experience that theaters offer. This trend could signal a shift back to theaters post-pandemic, provided there's consistent delivery of engaging content.

Moreover, AMC’s ability to capitalize on high-quality releases from Disney and Sony Pictures demonstrates strong partnerships with major studios, an essential factor in maintaining a steady flow of blockbuster titles. However, the market analyst should also consider the risks associated with such dependence on big releases. A lull in blockbuster content could significantly impact AMC’s attendance and revenue figures.

This past Friday, June 14, Saturday, June 15, and Sunday, June 16, were AMC’s busiest Friday, Saturday, and Sunday so far in 2024, based on attendance and admissions revenue

More than one million people watched a movie at an AMC location in the United States each day on Friday, on Saturday, and again on Sunday

This also was AMC’s busiest weekend, Thursday through Sunday, since the summer of 2023, due to the opening weekend strength of INSIDE OUT 2 and the strong holdover of BAD BOYS: RIDE OR DIE

Attendance at AMC‘s international theatres was similarly impressive, up by double digit percentages, compared to the same weekend last year

LEAWOOD, Kan.--(BUSINESS WIRE)-- AMC Theatres® (NYSE:AMC), the largest theatrical exhibitor in the United States and the world, today announced it posted its highest attendance and admissions revenue during a weekend in 2024, June 13-16, at AMC locations in the United States and also globally.

At its locations in the United States and around the world, AMC posted its most attended day of the year on Friday, June 14. That record was immediately broken the next day on Saturday, which now ranks as AMC‘s busiest day of 2024.

In the United States, more than one million people went to the movies at AMC each day on Friday, on Saturday and again on Sunday. As such, in the United States, AMC’s top performance on any Friday, any Saturday or any Sunday of this year, based on attendance and also on admissions revenue, all occurred this past weekend.

The total U.S. attendance at AMC Theatres was approximately 3.8 million over the weekend, Thursday through Sunday.

It was also a banner weekend at AMC’s international theatres, with their attendance up by double digit percentages compared to the same weekend last year.

The strong attendance at AMC Theatres, both in the U.S. and internationally, is credited to the performance of multiple films. First is the jaw-dropping opening weekend success of INSIDE OUT 2, which is reported to have opened to more than $150 million across the industry domestically. Also providing a key attendance lift was the continued performance of BAD BOYS: RIDE OR DIE, which saw a strong hold in its second weekend with a media-reported $33 million at the domestic industry box office.

AMC Chairman and CEO, Adam Aron, commented:

“Once again, the moviegoing public has demonstrated that the magic of the movies and the theatrical experience is alive and powerful. While at first glance INSIDE OUT 2 and BAD BOYS: RIDE OR DIE appear to be very different films, they share a strong crossover in that they both were made specifically for the big screen and expertly marketed to a theatrical moviegoing audience. The results of those efforts were in full force this weekend.”

Aron continued:

“We extend our gratitude to the filmmakers of INSIDE OUT 2 and BAD BOYS: RIDE OR DIE, and to our studio partners at Disney and Sony Pictures for delivering these incredible films to moviegoing audiences. Most of all, we thank our guests for choosing to see these wonderful movies on the huge screens, with terrific sound, and in ever so comfortable seats featured by AMC.”

About AMC Entertainment Holdings, Inc.

AMC is the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 900 theatres and 10,000 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying its Signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty and subscription programs, website, and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. In addition, in 2023 AMC launched AMC Theatres Distribution with the highly successful releases of TAYLOR SWIFT | THE ERAS TOUR and RENAISSANCE: A FILM BY BEYONCÉ. AMC Theatres Distribution expects to release more concert films with the world’s leading musical artists in the years ahead. For more information, visit www.amctheatres.com.

Category: Company Release

View source version on businesswire.com: https://www.businesswire.com/news/home/20240617196175/en/

Ryan Noonan, (913) 213-2183

rnoonan@amctheatres.com

Source: AMC Entertainment Holdings, Inc.

FAQ

What was the attendance at AMC Theatres during the weekend of June 13-16, 2024?

Over one million people attended AMC locations in the U.S. each day from Friday to Sunday, totaling approximately 3.8 million for the weekend.

Which movies contributed to AMC's record attendance in June 2024?

'INSIDE OUT 2', which grossed over $150 million domestically, and 'BAD BOYS: RIDE OR DIE', which earned $33 million in its second weekend.

How did AMC's international theatres perform during the weekend of June 13-16, 2024?

AMC's international theatres saw attendance increase by double-digit percentages compared to the same weekend last year.

What was the highest single-day attendance at AMC Theatres in 2024?

AMC Theatres recorded its highest single-day attendance on Saturday, June 15, 2024.

How much did 'INSIDE OUT 2' earn during its opening weekend?

'INSIDE OUT 2' earned over $150 million domestically during its opening weekend.

How much did 'BAD BOYS: RIDE OR DIE' earn in its second weekend?

'BAD BOYS: RIDE OR DIE' earned $33 million in its second weekend.