More Than 4 Million U.S. Moviegoers Spent Part of Their Extended Holiday Weekend at AMC Theatres® as the Company Recorded Its Highest Domestic Attendance – for a Wednesday Through Sunday – in 2024

Rhea-AI Summary

AMC Theatres announced that over 4 million U.S. moviegoers attended its theaters during the extended July 4 holiday weekend, marking the busiest Wednesday through Sunday period in 2024. From July 3 to July 7, AMC welcomed 4.2 million guests domestically. This surge was driven by a diverse film slate, with 'DESPICABLE ME 4' leading the box office, grossing over $120 million. The DESPICABLE ME 4 merchandise program became AMC’s highest revenue generator of the year. On July 3, AMC achieved its highest food and beverage revenue for a Wednesday since 2020, and the third highest in company history.

Positive

• AMC recorded its busiest Wednesday through Sunday period in 2024, attracting 4.2 million U.S. guests.
• DESPICABLE ME 4 grossed over $120 million during the five-day period.
• AMC’s DESPICABLE ME 4 merchandise program became the highest revenue generator of the year and the second highest in company history.
• July 3 marked AMC’s highest food and beverage revenue on a Wednesday since 2020, and the third highest in company history.

Negative

• None.

Insights

Financial Analyst

Analyzing the recent surge in attendance and food and beverage revenue at AMC Theatres, several key factors stand out. During the July 4 weekend, AMC experienced its busiest period from Wednesday through Sunday in 2024, with over 4.2 million guests. This uptick indicates strong consumer demand for theatrical experiences, reflecting a recovery trend in the cinema industry.

Financially, this is significant as higher attendance directly correlates with increased revenue streams from ticket sales, concessions and merchandise. With the debut of DESPICABLE ME 4 grossing over $120 million in just five days, the movie's success highlights the continued profitability of major film franchises. Moreover, AMC's merchandise strategy, particularly with the success of the DESPICABLE ME 4 collectible popcorn bucket, shows the effectiveness of ancillary revenue streams beyond traditional ticket sales.

This performance can be seen as a positive signal to investors, as it demonstrates AMC's ability to capitalize on high-demand periods and popular movie releases. The increase in food and beverage sales to the third-highest level on a Wednesday in company history also underscores this. However, investors should also be mindful of the sustainability of this trend, particularly outside peak holiday periods and major blockbuster releases.

Market Research Analyst

From a market research perspective, the performance of AMC during the extended July 4 weekend provides several insights into current consumer preferences and behavior. The diverse range of films driving attendance—from family-friendly to horror and action—suggests that AMC is successfully attracting a broad audience. This variety is important in maintaining high attendance figures, as it caters to different demographic segments.

The success of movie-themed merchandise, particularly the DESPICABLE ME 4 collectibles, points to a growing trend where consumers are seeking immersive, themed experiences that extend beyond just watching a film. Offering such merchandise not only enhances the customer experience but also diversifies AMC's revenue sources, which is particularly important for long-term financial health.

However, it's essential to consider potential risks. Dependence on blockbuster releases for high attendance could make AMC vulnerable during periods with fewer high-profile movie releases. Additionally, the competitive landscape, with streaming services continuing to evolve, remains a challenge.

With a slate of movies that appeal to a multitude of interests, millions of U.S. moviegoers attended an AMC from Wednesday, July 3 through Sunday, July 7 – making this AMC’s busiest domestic Wednesday through Sunday period in 2024

AMC’s merchandise strategy continues to be a hit with moviegoers, as the DESPICABLE ME 4 collectible popcorn bucket and other related merchandise is AMC’s highest revenue program of the year and second highest in Company history

On Wednesday, July 3, AMC recorded its highest food and beverage revenue on a Wednesday since 2020, and the third highest food and beverage revenue on a Wednesday in Company history

LEAWOOD, Kan.--(BUSINESS WIRE)-- AMC Theatres^® (NYSE:AMC), the largest theatrical exhibitor in the United States and the world, today announced that more than 4 million domestic moviegoers spent part of their extended July 4 holiday weekend at AMC, making it the Company’s busiest Wednesday through Sunday period of the year in the United States. In all, AMC welcomed 4.2 million guests to its U.S. locations from July 3 through July 7. Attendance was also strong at AMC’s international locations.

The attendance was driven by a slate of diverse films that gave audiences plenty of entertaining options, with family, horror, action, and western films all finishing among the top six films of the weekend domestic box office. The domestic box office was led by the debut of DESPICABLE ME 4, which is reported to have opened to more than $120 million over the five-day period.

To celebrate the opening of DESPICABLE ME 4, AMC launched its latest line of movie-themed merchandise, including an all-new collectible popcorn bucket and plush. AMC’s success in movie-themed merchandise is showing no signs of slowing down, as AMC’s DESPICABLE ME 4 collectibles became the Company’s highest grossing merchandise program of the year and second highest in Company history.

On Wednesday, July 3, AMC guests arrived at their theatre in a mood to savor AMC’s many food and beverage offerings. AMC’s Wednesday, July 3, was the third-best Wednesday in Company history in terms of Food and Beverage revenue, which includes merchandise sales.

AMC Chairman and CEO, Adam Aron, commented:
“Needless to say, we are quite pleased to see the strong showing from our U.S. moviegoers during the Fourth of July holiday weekend. The performance of DESPICABLE ME 4 reinforces that this is a successful and beloved franchise, and we send our congratulations and gratitude to our partners at Universal and Illumination. It’s also important to note that AMC’s weekend was driven by the wide-ranging appeal of several movies that offer distinct and diverse options.”

Aron continued:
“We are especially excited that Wednesday, July 3, generated the third highest food and beverage revenue on a Wednesday in our Company history. This is a tribute to the expertise of our culinary teams throughout the Company. We’re also pleased to see that AMC’s merchandise strategy continues to reap benefits, both in the offerings for our guests, and in terms of revenue for the Company. Week after week, our guests tell us through their purchases that compelling, movie-themed merchandise is something they are seeking out as part of their AMC experience.”

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/20240707631138/en/

MEDIA CONTACT

Ryan Noonan, (913) 213-2183

rnoonan@amctheatres.com

Source: AMC Entertainment Holdings, Inc.

FAQ

How many moviegoers attended AMC Theatres during the July 4 holiday weekend in 2024?

Over 4 million U.S. moviegoers attended AMC Theatres from July 3 to July 7, 2024.

What was the box office performance of DESPICABLE ME 4 during the July 4 holiday weekend?

DESPICABLE ME 4 grossed over $120 million during the five-day period from July 3 to July 7, 2024.

What milestone did AMC achieve with its food and beverage revenue on July 3, 2024?

AMC achieved its highest food and beverage revenue on a Wednesday since 2020 and the third highest in company history on July 3, 2024.

What is significant about AMC’s DESPICABLE ME 4 merchandise program?

AMC’s DESPICABLE ME 4 merchandise program became the highest revenue generator of the year and the second highest in company history.