AMC Entertainment (NYSE:AMC) CEO Adam Aron has announced the company has broken a new food and beverage sales record.
“3-3-3! After a 3-year stretch where we needed more films, happily we are 3 weeks into a 3 month period with one huge movie after another.
Apparently our guests are coming to see movies hungry and thirsty. Food/Bev sales per patron in U.S. in May — the highest month EVER for AMC!“, said the CEO on Twitter.
AMC Entertainment beat Wall Street expectations during its 2023 Q1 announcement in early May.
“Our results for the first quarter of 2023 represent AMC’s strongest first quarter in four full years.
We kicked off 2023 by continuing on our positive glide path to recovery, with more than a 21% growth in total revenues and a $69 million improvement in Adjusted EBITDA compared to the previous year.
The first quarter of 2023 and fourth quarter of 2022 mark the first two consecutive quarters of EBITDA since March of 2020.
This progress is a testament to the ongoing recovery in the industrywide box office, as well as AMC’s enduring commitment to the excellence and innovation as our guests enjoy a superb movie-going experience at our theatres,” said AMC CEO Adam Aron.
“All told, the first quarter North American box office easily surpassed 2022 by some 29%, totaling more than $1.7 billion.
The recovery in the European box office was even stronger in getting to pre-pandemic norms than that in the U.S.
As I have said for years, when our studio partners showcase their magical storytelling, there is robust demand to be realized at AMC theatres both in the U.S. and abroad.
We believe the first quarter of 2023 is just the tip of the iceberg for what’s to come in the remainder of the year,” he continued.
Latest AMC Entertainment News
AMC Entertainment has embarked in a new partnership with the streaming platform Vudu.
Four years after AMC Theatres launched its on-demand streaming service, AMC Theatres On Demand, the company is now transferring its entire library of films over to Vudu, the Fandango-owned digital video on-demand service.
Vudu announced Thursday that it’s the official new streaming destination for AMC Theatres On Demand, giving users access to over 200,000 movies and TV shows, including the latest hit titles like “The Super Mario Bros. Movie,” “John Wick: Chapter 4,” “Dungeons & Dragons: Honor Among Thieves,” “Avatar: The Way of Water” and more.
AMC Theatres On Demand users will no longer be able to watch, purchase or rent titles on the AMC Theatres On Demand apps or website.
Instead, users will have to create a Vudu account to purchase new titles as well as move over their existing AMC content library.
According to the AMC website, users have until August 31 to transfer their existing movie collection over to Vudu.
AMC Theatres On Demand users that are already on Vudu will also be able to link their accounts.
New Vudu customers get 15% off every purchase during the first month of using the service.
“Today marks a noteworthy partnership for both companies.
AMC is the largest theater chain in the U.S., with 600 theaters and approximately 200 million customers.
Vudu is among the most popular digital video on-demand services, with 60 million registered users,” says TechCrunch.
AMC stock is currently up more than +17% this year-to-date.
Read: 1 Million Investors Have Now Enrolled in AMC’s Investor Connect
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Shorting stifles growth, they have an algorithm and plenty of fake news plus the backing of wall street the SEC and FINRA to completely isolate and destroy any stock.
Seems the case indeed … unbelievable this is still possible. Hopefully they change the fact that shorts, algo’s backed up with SEC, WS, Finra etc can destroy companies with all those tricks and dark pool abuse etc
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Now I wonder when AA will give some return to us AMC retail investors and pounce AMC/APE in the good direction. It’s good to see AMC proceeding in the right good direction but so unreal AA and his management don’t give anything in return to investors. So far unfortunately only AMC management was rewarded with a lot of money and shares, AMC retail who saved AMC not … hoping to see a change