AMC Entertainment Posts Record Third-Quarter Revenue Amid Strike Concerns

The record revenue of $1.4 billion, surpassing market estimates of $1.26 billion, was fueled by strong box office performances of "Barbie" and "Oppenheimer," with attendance reaching 73.5 million, though AMC faces ongoing uncertainties due to the potential impact of the SAG-AFTRA strike, which could disrupt future film releases.

• AMC Entertainment reported a record third-quarter revenue of $1.4 billion, significantly surpassing market estimates of $1.26 billion, largely due to strong box office performances by movies 'Barbie' and 'Oppenheimer'.
• The company's attendance increased 38.4% to 73.5 million, constituting the highest quarterly attendance since the onset of the COVID-19 pandemic.
• AMC was able to achieve profitability for the second consecutive quarter, with earnings reported at $12.8 million or 8 cents per share, in contrast to the widely projected loss of 22 cents per share.
• CEO Adam Aron expressed concern over the potential impact of the ongoing SAG-AFTRA strike on the cinema industry, which could result in the delayed releases of major studio films and pose significant challenges for AMC in 2024.
• In order to diversify its content and boost box office support, AMC launched Taylor Swift’s concert film 'The Eras Tour' directly through a partnership with independent distributor Variance Entertainment, and plans to continue the release of concert films, along with venturing into showing live sports.

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