Movies – Coming soon to a theater near you. AMC Entertainment, the world’s largest movie-theater chain, said it plans to reopen theaters globally in July after shutting them down in mid-March due to the coronavirus outbreak.
- AMC saw “virtually no revenue” after closing theaters
- The company registered a $2.2 billion net loss in the first quarter
To survive, they must start selling tickets again. AMC said almost all of its US and UK theaters will reopen in time to showcase Christopher Nolan’s “Tenet” on July 17 and Disney’s “Mulan” on July 24.
- Shares of AMC Entertainment surged more than 14% on Wednesday following the announcement
Upon reopening, AMC will operate at a limited capacity and block off seating to maintain safety, along with other precautionary measures.
Still, recent surveys suggest that movie-goers aren’t so eager to go to the movies. A survey from Morning Consult, a data intelligence firm, reports that as of the beginning of June, just 22 percent of people said they’d be comfortable going to the movies.
- 33 percent said it would be six months or more before they’d feel comfortable going to a movie theater
- Just 14 percent said they would visit next month
However, AMC Chief Executive Adam Aron remains optimistic. “We believe there will be a significant pent-up demand to get back into the world,” he said.