July 31, 2023
AMC Theatres, the world’s largest exhibitor, July 31 announced it achieved its highest single-week admissions revenue in the company’s 103-year history from July 21-July 27. The final three-day weekend (July 28-30) set a July North American record of $217 million.
The milestone was primarily driven by the opening performances of Warner Bros, Pictures’ Barbie and Universal Pictures’ Oppenheimer, which have taken the summer box office by storm.
Last weekend, July 20-23, was AMC’s busiest weekend since re-opening theatres after their pandemic closures in 2020. Admissions revenue for the full week were not only the best since reopening, they also were the highest recorded admissions revenue for AMC in 103 years.
More than 65 U.S. AMC locations set new single-week box office records, including 13 locations in the Los Angeles market.
“The monumental success of Barbie and Oppenheimer…along with the many other [movies] playing on our silver screens, continues to rewrite what is possible at the box office,” CEO Adam Aron said in a statement.
Aron contends that the recent success of the box office underscores the fact consumers continue to frequent movie theaters and that the venues will play a central role in the cultural fabric for decades to come.
Aron’s sentiments come as Wall Street increasingly turns a blind eye to the theatrical business. AMC’s stock has flatlined over the past 12 months to less than $5 per share from a high of $26. The company’s debt of nearly $10 billion is 230% greater than the market capitalization.
But Aron remains optimistic that the current box office rush will continue.
“Our appreciation extends to so many of our friends in Hollywood for releasing all the many hit movies that have graced our theatres, especially over the past few months,” he said. “The gratitude we feel for studios, film makers, cast and crew is heartfelt and genuine.”
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