Eight of the largest cinema chains in the U.S. and Canada have committed to investing more than $2.2 billion to modernize theaters over the next three years. The announcement was made by the National Association of Theatre Owners (NATO), which says the eight investors represent over 21,000 screens and 67 percent of the box office. The funds will be used to improve everything from picture and sound to air quality, dining, concessions and additional entertainment options. “This investment reflects that commitment in a tangible way that every moviegoer will see and enjoy,” said NATO President and CEO Michael O’Leary. Continue reading North American Theaters Announce Plans for Major Upgrades

AMC Entertainment Holdings is in the midst of changes intended to appeal to its Reddit investors. In addition to opening new locations, chief executive Adam Aron said the company would start accepting Bitcoin at U.S. locations by the end of 2021. After AMC was brought to the verge of bankruptcy by COVID-19 lockdowns, its revenue tripled in the June quarter compared to the previous 2021 quarter. In the wake of that news, share prices rose 4.6 percent to $35.36 in after-hours trading. Its stock ended in 2020 at $2.12. Continue reading AMC Opens New Theater Locations, Plans to Accept Bitcoin

As pandemic rules evolve and movie theaters reopen across the U.S., theater owners in North America with studios and other companies unveiled Cinema Week, a six-day event offering deals for food and drink and advance film screenings. Studios are on track to release major titles, having already unveiled “Godzilla vs. Kong” and “A Quiet Place Part II” to some success. Still, sales are lagging, with Comscore reporting that movies grossed $57 million in the U.S. and Canada last weekend, down 58 percent from the same period in 2019. Special screenings and an array of promotional deals aim to help turn things around. Continue reading Industry Lures Moviegoers with Special Deals and Screenings

During the COVID-19 pandemic, movie theaters were closed and the industry suffered the economic impacts of the shutdown. This week, at an AMC theater, the five major Hollywood studios, their indie subsidiaries and indie labels such as A24 and Neon gathered to send a unified message: it’s time to go back to the movie theater. Their presence was buttressed by messages from Arnold Schwarzenegger, actor and director John Krasinski, Marvel chief executive Kevin Feige, and musician Questlove (promoting his upcoming movie “Summer of Soul”). Vin Diesel, Ryan Reynolds and Dwayne Johnson were among other notable individuals pushing a return to theaters. Continue reading Studios, Exhibitors, Actors Pin Big Screen Hopes on Summer

New York governor Andrew Cuomo gave the okay for movie theaters to open beginning March 5 for a maximum of 50 people per screening, a capacity of 25 percent. This marks the first time that movie theaters there have opened in almost a year. Theaters must use advanced air filtration systems, while attendees are required to wear masks and sit in their assigned seats. State theaters outside New York City have reopened over the last few months based on lower COVID-19 infection numbers. In reaction to the news, AMC Entertainment stock rose 16 percent. Continue reading Cuomo Greenlights March 5 Opening for NYC Movie Theaters

At South Korea’s largest cinema chain, CGV Cinemas, gamers are able to rent otherwise-empty auditoriums for a few hours to play games on movie screens. In that country, many movie theaters are still closed and those that are open can only accommodate 50 percent capacity, which is what gave CGV employee Seung Woo Han the idea of renting to gamers as a new revenue stream. Now, before 6:00 PM, up to four people can rent a big screen for two hours for about $90, a figure that rises to $135 in the evening. Continue reading Movie Chains Rent Screens to Video Gamers in South Korea

Bitcoin’s price surged above $50,000 for the first time yesterday as companies including Tesla, Mastercard, PayPal and BNY Mellon showed support for the cryptocurrency. Tesla bought $1.5 billion worth of Bitcoin and plans to accept it as payment for its cars, while Mastercard added that it too would accept Bitcoin as payment for “some of its products.” Coin Metrics reported that Bitcoin broke the $50,000 metric by rising 3 percent on Tuesday to $50,487, and hitting a fresh record high of $51,715 earlier today. Meanwhile, SEC commissioner Hester Peirce has called for crypto regulation. Continue reading Bitcoin Tops $51,000 in Value as Major Firms Support Crypto

Community-based social site Reddit raised $250+ million in a new round of funding, doubling its valuation to $6 billion from the $3 billion it was valued after a February 2019 round. Led by Vy Capital, the latest funding included Andreessen Horowitz, Sequoia Capital and Tencent Holdings, all previous investors. The social media company, launched in 2005, hosts topic-based message boards, including WallStreetBets, the message board that recently encouraged amateur investors to drive up the stock price of companies shorted by Wall Street investors. Continue reading Reddit Receives New Funding and Doubles Valuation to $6B

Individual investors are savoring their win over hedge-fund investors of GameStop, AMC Entertainment, BlackBerry and other companies perceived to be failing. As stocks go through the roof, individual investors gather on Reddit, Discord, Facebook and Twitter to encourage each other and brag, while investors lose the money they bet on short-selling stocks of troubled companies. Treasury Secretary Janet Yellen and her economic team are monitoring the situation. The SEC revealed it was “evaluating the extreme price volatility of certain stocks’ trading prices over the past several days” and would “review actions taken by regulated entities that may disadvantage investors or otherwise unduly inhibit their ability to trade certain securities.” Continue reading Government Monitoring Trade Activity of AMC and GameStop

When COVID-19 hit last year, AMC Entertainment had just taken on $4.8 billion in debt, a combination of a modernization effort that started in 2012 and acquiring competing movie chains to become the world’s largest movie theater company. Now, almost a year into the pandemic, AMC’s debt has risen to $5.5 billion — not including deferred rental payments. Pre-pandemic, AMC generated $5.5 billion a year in revenue. AMC Entertainment chief executive Adam Aron was the first to ink a deal for a limited exclusivity window. Continue reading AMC Chief Exec Adam Aron Still Optimistic in Perilous Times

Comcast’s Universal Pictures teamed with Cinemark Holdings, the third largest theater chain in the U.S., to permit online distribution of movies after three weekends (or 17 days) in theaters. The exception is movies that gross $50+ million domestically during their first weekend, lengthening the exclusivity window to five weekends or 31 days. Universal inked a similar deal with AMC Entertainment in July. Pre-pandemic, the exclusivity window was 2-1/2 months from a film’s premiere in theaters until it could be distributed to homes. Continue reading Universal, Cinemark Sign Deal for Shorter Exclusivity Window

During the holiday season, to pump up motion picture theater attendance, Comcast’s Universal Pictures is trying a new distribution model — releasing more movies and making them available sooner for online rental. On December 4, it will release “All My Life” to U.S. theaters, the eighth film slated for domestic release by the end of 2020. That’s almost double its releases during the same period in 2019, and far more than other Hollywood studios. Meanwhile, AMC is offering its theaters for rent, starting at $99.

Continue reading Universal Adopts a New Theatrical/Online Distribution Model

AMC Entertainment, the world’s largest movie theater chain, will run out of cash by the end of 2020 if current conditions do not change. Although it’s reopened 83 percent of its U.S. theaters, attendance is down 85 percent from a year ago. In September, AMC set a goal of raising $180 million but so far has raised only about $37.8 million by selling shares. Other fundraising options include taking on debt or selling assets. AMC sold its nine theaters in Europe’s Baltic region of Europe for about $77 million. Continue reading AMC Is Running Out of Cash, Sells Some Shares and Assets

Major Hollywood movies are finally being released in movie theaters, with “The New Mutants,” which had a $70+ million budget, and director Christopher Nolan’s “Tenet,” a $200 million thriller. But it’s still unclear how many people in the U.S. feel safe enough to go inside. Abroad, “Tenet” raked in $53 million on its opening day weekend from 41 global markets, a source of optimism for Warner Bros. (the film opens in the U.S. and China this week). Pirates have been foiled, meanwhile, fooled into downloading fake torrents of the blockbuster. Continue reading Release of ‘Tenet’ Could Be a Bellwether for Movie Exhibitors

AMC Theatres introduced a plan to open about 100 locations as early as August 20 and two-thirds of its 600 theaters by September 3. An earlier plan to open was abandoned after strong backlash. Now, customers and employees will be required to wear masks, seating in auditoriums will be limited and the company will implement social distancing and increased cleaning. Furthermore, AMC stated that masks, which would be sold at the theater for one dollar, must “cover your nose and mouth and fit snugly around your face and chin.” Continue reading AMC to Open Two-Thirds of Its U.S. Theaters by September 3