Even though 2020 may go down as “the year from hell” at AMC Theatres, 2021 is on track to becoming “the year of the Phoenix”. Last December, AMC was teetering on the edge of bankruptcy as it was struggling with massive operational losses due to COVID-induced shutdowns. It was also burdened with billions of dollars in debt after years of expansion, including a number of major acquisitions. Then in January, with its stock trading at historic lows, a sudden and unexpected stock rally took hold with private investors, with the “SaveAMC” campaign lifting the company’s fortunes. AMC leveraged its stock price explosion – which increased more than 3,500% within 2 months – into a fund raising bonanza by issuing new shares to eager investors. It has used its newfound resources to pay off a portion of its outstanding debt and acquire theatres to expand its footprint in a number of key markets.
Last week, AMC announced that it had made significant progress on its road to recovery, reporting Q2 revenues of $444.7M, up from a mere $18.9M one year ago. Quarterly operating losses shrank by $200M compared with the same quarter last year. These results were driven by demand for a number of popular movies released during the quarter, notably A QUIET PLACE PART II and F9: THE FAST SAGA. The circuit also generated significant income from private events, E-Sports and UFC screenings. CEO Adam Aron also announced that it has reached an agreement with Warner Bros. that maintains a 45-day exclusive theatrical window at AMC Theatres for all of the studio’s major theatrical releases in 2022.
See also: Warner Bros., AMC Strike 45-Day Exclusive Theatrical Window Deal for 2022 (Hollywood Reporter) and Regal Owner Cineworld Sees First-Half Revenue Dive, Is Eyeing Stock Listing In New York (Deadline)