AMC reports grim Q3 earnings as revenue falls more than 90 percent

Shawn Knight

Posts: 13,274   +132
Staff member
Editor's take: While you have to respect AMC’s resilience, numbers like these are simply untenable. Something is going to have to give, one way or another. If the pandemic continues and the response remains the same, it’s only a matter of time before the cash reserves run dry. And even if things start trending back to “normal,” it’s going to take a bit to stoke the proverbial fire; that is, convince people to go back out in public en masse and get studios back on a regular film release schedule.

As companies such as PayPal and Zoom ride an unexpected wave of success brought about by the pandemic, others like AMC Entertainment are clinging on for dear life.

The theater operator said it brought in $119.5 million in revenue for the three months ending September 30. That’s down 90.9 percent compared to the same period in 2019 when AMC took in $1.312 billion in revenue.

Attendance more or less mirrored the financials, dipping 96.8 percent in the US alone and 92.5 percent worldwide.

As AMC President and CEO Adam Aron notes, theater operations in the US were suspended for nearly two-thirds of the quarter. Many locations have since reopened, albeit with limited seating capacities of between 20 percent and 40 percent. AMC has also boosted its cleaning policies and protocols, measures which have garnered record-high marks based on guest feedback.

The theater chain has additionally turned to private movie screenings and showing classic films at a reduced rate in order to get more patrons through the turnstiles.

Image credit: Nejron Photo, Callahan

Permalink to story.

 

QuantumPhysics

Posts: 5,009   +5,620
There is an overwhelming desire to go back to normal.

I have watched movies at home, I would love to be able to see in theater. TENET being one.

I’m not sure what will have to happen but it’s coming
 

p51d007

Posts: 2,765   +2,083
I think EVERYONE is tired of this garbage. Masks work about as well to stop the virus, as your underwear stops the fart smell. ;)
 

Axiarus

Posts: 614   +420
I think EVERYONE is tired of this garbage. Masks work about as well to stop the virus, as your underwear stops the fart smell. ;)
Right, that's why surgeons wear underwear on their face during surgery, huh? Again, masks are not for your own protection, they are to stop most of the stuff coming out of your mouth when you cough or speak.
 

Evernessince

Posts: 5,464   +6,148
I think EVERYONE is tired of this garbage. Masks work about as well to stop the virus, as your underwear stops the fart smell. ;)

https://www.cdc.gov/media/releases/2020/p0714-americans-to-wear-masks.html

Masks work, period.

The only thing dragging this debacle out in the US is lack of federal direction and care by this administration towards the health of the public.

Things could have gotten much better much quicker had certain individuals taken this seriously from the start.

 

VitalyT

Posts: 5,689   +5,539
Will movie theaters survive the pandemic?
You're joking? Half of them were struggling before the pandemic. Now it's 100% game over.

Home cinema systems though are gonna be a blast, with new projectors coming, and all. The projector market must be booming.
 

OneSpeed

Posts: 433   +229
They only need to sell items from their snack counter (popcorn, chocolates, drinks, etc.), and they should break even in no time. 😀
 

p51d007

Posts: 2,765   +2,083
https://www.cdc.gov/media/releases/2020/p0714-americans-to-wear-masks.html

Masks work, period.

The only thing dragging this debacle out in the US is lack of federal direction and care by this administration towards the health of the public.

Things could have gotten much better much quicker had certain individuals taken this seriously from the start.

So, this "virus" can be stopped/controlled by a mask? And masks have been pretty much mandatory since April. If that was the case, the "positive cases" would go down, but, they haven't. Why? Because the masks don't work. For every website you argue that masks work, I can give you the same number of credible sites that say masks don't work.
Unless you wear a full mask RESPIRATOR with a face shield, you are pissing into the wind.
 

Evernessince

Posts: 5,464   +6,148
For every website you argue that masks work, I can give you the same number of credible sites that say masks don't work.

Sure, go ahead and link those credible sources. I linked the CDC which provided study results. Doesn't get more official then that.

So, this "virus" can be stopped/controlled by a mask? And masks have been pretty much mandatory since April. If that was the case, the "positive cases" would go down, but, they haven't. Why? Because the masks don't work.

What you seem to be concluding here is that mask don't work but you are making a conclusion without considering variables.

Just as an example of how easy that kind of logic is to break, just look at Japan. Only 1,787 deaths with 10 times the population density of the united states.

There are many factors here which you skip over, for example:


" conformity to the social norm was the most prominent driving force for wearing masks. This tendency to conform was reported narratively during the H1N1 epidemic (Lau et al., 2010), but our research empirically confirmed the association. As mentioned in the context of the SARS pandemic, wearing masks can be a symbol of collective confrontation against a pandemic, even though its effectiveness in reducing personal risk remains uncertain (Syed et al., 2003). To establish effective strategies against COVID-19, social motivations such as conformity should be used to good advantage and embedded in nudge approaches. Nudges utilizing social norms are widely accepted and recommended by social scientists (Nyborg et al., 2016); therefore, we encourage policymakers to apply the effects of the social norm on the wearing of masks to promote collective efforts to combat COVID-19. "

And is it really safe to assume that all Americans have been following COVID protocols since the start of this pandemic? Heck, many Americans still don't.

There are plenty of examples of countries that did institute national guidelines and did wear masks with much higher population density then that of the united states and achieved far better results.

FYI masks are not to stop the virus, they are to keep the infection rate lower. If you want to control the virus you need to deploy a national strategy that sets national guidelines, provides PPE, and deploys funds to those who need it.

8 Million Americans have slipped into poverty and over 200,000 have died due to this virus, stop spreading misinformation that can lead to more deaths.