Article Published by “The Rival”.
Posted on his official twitter account, AMC CEO Adam Aron tweets, “Yet another promise kept. We now partner with Uber Eats. A pilot test to deliver movie theatre treats, especially AMC perfectly popcorn, to the home.”
This is a big stepping stone for the AMC apes as it gives the stock more momentum and its needed push.
Now, this is going live in AMC theatres located in Chicago and Kansas theatres only for the meantime.
As Adam Aron mentioned, this is a pilot test aka a test run if you will.
If it works and revenue is steady and increasing, then we can expect this to be implemented across every AMC theatre in the US.
Two growing companies collaborate
The revenue brought in by Uber Eats annually in 2020 was 4.8 billion dollars and at the end of 2021 was up to 8.3 billion which means it was up 73% in earnings since then according to AppsthatDeliver.
As of Q1 earnings in 2022, the Uber Eats revenue is up 44% at 2.5 million dollars.
AMCs revenue from 2021 was up to 2.53 billion dollars marking it as a 103% increase in revenue which amounted to 46.2% of the revenue from 2019 since the COVID-19 outbreak as seen here.
AMC has been bouncing back despite its competition with streaming services and as we know, the AMC apes are all diamond hands.
The AMC revenue continues to go through the roof and a lot of that is in thanks to the recent movies that have come out in theatres with the likes of Thor Love and Thunder, Top Gun, and the new Minions movie.
The weekend that Thor had come out had been the busiest weekend for AMC theatres gaining up to about 5.9 million people in attendance that very weekend.
Adam Aron, AMC Chairman and CEO commented:
“We are just thrilled beyond thrilled that this weekend approximately more than 5.9 million people were guests at AMC movie theatres in the United States and internationally, making it our highest attended and highest grossing weekend of 2022 so far. We are even more excited that the weekend admissions revenue realized at AMC and Odeon was approximately double that of the same weekend last year, and 12% higher than the same weekend of 2019, before the pandemic.”
Again, this was AMC’s biggest weekend yet and with more awaited films coming out, we can expect AMCs revenue to grow and expand making its stock rise as well.
The latest on Uber Eats
The Uber Eats stock, Uber Technologies Inc, had risen greatly since the COVID outbreak while people were social distancing and staying home ordering food from the app.
With this partnership between the two we can see that both these stocks and company will shoot up in price as both do exceptionally well on their own.
Currently, Uber Eats ranks at number 3 as a food delivery app and with the app now selling the delicious AMC popcorn, we see that it can move up as well.
Uber Eats is also widely known to have partnered up with Postmates through an acquisition.
This gave Uber Eats an 8% increase in shares via investors.
This made it easier for those ordering through Postmates to order their food and vice versa since it was possible to link both apps together when ordering.
The combination brought about an even larger and efficient merchant along with delivery network.
We can expect the AMC and Uber Eats collaboration to spread across the United States if the project is a success.
Article Published by “The Rival”.
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