AMC Entertainment (NYSE:AMC) plans to introduce new branded candy to movie theatres.
CEO Adam Aron said the movie theater chain will start making its own candy line that will be cheaper for patrons, and for the company, given price hike by sweets manufacturers post-Covid.
“We noticed, as a result of the pandemic and supply chain shortages, that candy manufacturers had increased their prices to us by a huge amount (some by over 30%).
That got us thinking very hard about our candy, and we realized that we could manufacture a private label brand of candy to very high quality standards, price it less expensively than our current candy is priced, and have a higher profit margin,” Adam Aron said.
AMC Entertainment recently began selling AMC Perfectly Popcorn brand at over 2,000 Walmart stores.
The company also recently launched an AMC-branded Visa card, armoring up revenue streams for 2023.
Adam Aron hopes to introduce AMC candy in late 2023 or early 2024, stating the chain will still carry branded candy “for people who want it.”
AMC CEO Comments on Writers Guild Strike
The Writers Guild of America, which represents 11,500 screenwriters, went on strike on Tuesday after contract negotiations with studios, streaming services and networks failed.
“We are very sympathetic to the real problem that exists for members of the writer’s guild.
Streaming has changed the landscape of television and shaped the economics of what writers earn.
We are hopeful that the Hollywood producers and the writer’s guild can work in good faith to craft a solution that is good for all parties.”
“As far as its impact on AMC and the movie industry, if this is a short strike — I don’t mean days, I mean months – its impact will mostly be felt on television programming, because the movies for ‘23 and ‘24 have pretty much been written, in many cases they’ve already been filmed, and I think only a very prolonged writers’ strike would have a material impact,” said Adam Aron.
According to Deadline, a handful of tentpole productions are shooting overseas where there isn’t a heavy Teamsters presence, and the possibility of a shoot closing is less likely.
Furthermore, studios have either locked scripts for productions, or have gotten sign-off on not having a scribe on set.
The W.G.A. has vowed to stay on strike for as long as it takes.
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