Posted on 06/03/2020 12:02:23 PM PDT by BBQToadRibs
AMC Theatres, the world's biggest movie theater chain, said on Wednesday that it has "substantial doubt" it can remain in business after closing locations across the globe during the coronavirus pandemic.
The theater chain, which closed its theaters earlier this year, expects to have lost between $2.1 billion and $2.4 billion in the first quarter. The company also said that its revenue fell to $941.5 million, which was down roughly 22% from $1.2 billion in the same quarter last year. This quarter, the situation has gotten substantially worse. "We are generating effectively no revenue," the company said in a regulatory filing Wednesday. AMC (AMC) will continue to monitor the "potential lifting of various government operating restrictions," but added that the chain has serious challenges even if restrictions are lifted. That includes studios holding back new films from being shown.
(Excerpt) Read more at cnn.com ...
2.4 BILLION! My gosh! That’s like 100 large bags of popcornwith with another 100 medium sized Cokes.
Pretty sure the last movie I saw in a theatre was Gladiator. I don't know if I've missed much worth seeing.
Bingo. The cure is reorganization in bankruptcy, resulting in a writedown of debt and a wipeout of equity. A new owner can then try again under bankruptcy court supervision. New business ideas can also help. Much as subscriptions to streaming live opera shows was already a success for some theater owners, there may also be profit in live streaming theater shows, symphony performances, and major sports events.
The only movies I watched in a theater over the last couple years were “1917” and “They Shall Not Grow Old.” Yes, I’m a really serious World War One buff.
Otherwise ... I have an external hard drive with upwards of 700 classic-era Hollywood movies, most in glorious black-and-white. Clark Gable, Cary Grant, Jimmy Stewart, and, of course, John Wayne.
What do I need AMC for?
Hollywood could care less as long as they can sell their filth elsewhere.
UBI for all the unemployed
Senseless rioting and looting for everyone.
Hope the "muh Amazon" folks are OK with this.
Those of us who have made independent feature motion pictures cannot exhibit them in these chain theaters even though some of us have made good films.
America might be able to watch better movies in a theater but Hollywood has held the theater chains hostage. The exhibition fees demanded by Hollywood have left theater chains with only their food concession stands as a source of profit.
I have no sympathy for these theater chains who became slaves of Hollywood. Let them disappear.
AMC recently announced it would no longer show movies from Universal Pictures. I am sure that will help their bottom line.
Yep.
Time was movies didn’t just have one life in the movie theaters.
They would be re-released periodically or even a morning, evening, or midnight revival schedule would be drawn up.
These days unless it is 50th or 75th anniversary, forget it. revival screenings are only found at museums and art houses. Alamo Drafthouse is a low-brow “art house” ironically screening old drive-in films with a smug hipster stance.
But for many years movies weren’t meant to be seen on tv and later when tv posed a challenge studios stepped up their game and made even bigger spectacles (widescreen, epics, etc.)
But movies underwent a paradigm shift in the late 60s and 70s as the baby boomers became of age making low budget big box office yield films like Easy Rider. It was anti-”Old Hollywood”.
And by the 80s movie cameras had a view finder that let cinematographers know the “tv safe” area. The craft was lost as the product was neither fish nor fowl. The composed image was compromised to be “viewable” in a theater or on a tv but neither was the “true” version. Now old tv and movies are streamed with the top and bottom of the image lopped off.
Cool. No one wants to see Hollywood struggle more than Trump supporters. It will be a cold day in hell before I buy a movie, concert or sports event ticket. Was going to take my grandkids to Disney, but that’s out now. We need to stick it to them good. They trash my president, trash us, then they don’t get our money.
Doesn’t China own a big piece of AMC? Kill them and replace them with American-owned theaters.
Everything the RATS want. Their smart phones will provide what their humanity does not.
Is there any way we can help it die quicker?
If the theaters close, that will hurt the hollywood losers who are LIB losers. Oh, well... Most of their movies suck and corrode civil society anyway.
“I think the business model of Hollywood/Movies/Theaters has forever changed. The internet was already changing it, COVID threw fuel on the fire.”
This old guy and his wife, have enjoyed the date-night aspect of dinner and a good movie.
It is a little cheaper to stay home, but it is not as good.
We are lucky, to have several theaters closeby. The AMC was already the last choice.
Still too bad; I do not wish failure for America’s businesses.
As we get older,, the flicks are less suited for us. But we liked
“Motherless Brooklyn”
If the theaters open tomorrow, will see “Ford vs. Ferrari”
Look at the people in movie theaters. Most are a bunch of tattooed, bearded , smelly, baggy-pants, pop corn smacking disgusting misfits. Talk about the need for social distancing...
The beauty of this is that it denies income to all left wing actors and actresses and destroys the profit making center known a Hollywood. Like Captain James T. Kirk says, “LET IT DIE”. Won’t miss it for a minute.
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