by Brandon Butler
AMC clings to the drain 11/2/2020

[AMC] posted a revenue of $119.5 million in its third quarter, down 91 percent year over year. The same quarter last year brought in more than $1 billion. AMC noted in its earnings that it’s “operating approximately 539 of its 600 domestic locations,” as of October 2020, but cities like New York City and Los Angeles remain big obstacles. The issue is getting people into those theaters on a consistent basis without any big movies to encourage attendance.

No big movies? I seem to recall the recent — and ill-advised — release of Tenet in theaters. And it bombed. The issue isn’t a lack of “big movies,” it’s the deadly and rampaging pandemic that’s keeping people out of the theater. If you couldn’t fill a theater with a Christopher Nolan summer blockbuster, you aren’t going to fill one, period. But I will say this about AMC: When CEO Adam Aron said AMC would never show another Universal film in their theaters, he may have been more prescient than I gave him credit for. (Also, another Disney film, another Paramount film, another Legendary film…)