There will be ‘a lot of collateral damage’ from strikes – The Hollywood Reporter
Adam Aaron
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AMC Theaters turned profitable in the third quarter thanks to sharply higher overall revenues as the giant exhibitor… Barbie And Oppenheimer hits screens over the summer and continues to benefit from an industry-wide box office rebound.
AMC reported net income of $12.3 million, compared to last year’s loss of $226.9 million, as revenue rose 45 percent to $1.4 billion, compared to $968.4 million the previous year. Analysts expected AMC to report revenues of $1.26 billion.
AMC Theaters CEO Adam Aron also expressed renewed concern about how the mega-exhibitor will weather Hollywood’s twin strikes when his company released its latest financial results. “The short-term impacts of the writers and actors strikes will cause additional undue challenges for AMC in 2024. Without taking sides on who is to blame and how the labor challenges should be resolved, we strongly encourage all parties involved to come to the negotiating table with the goal of reaching an agreement on Immediately.”
Screenwriters’ strikes in Hollywood have been settled earlier, and ongoing labor actions by actors have disrupted the flow of movies to consumers as they go to local movie theaters or watch tentpoles on their living room couches as movie projects are increasingly pushed into 2024. Major studios will need to reschedule film production and release slate when the current SAG-AFTRA labor action is resolved.
“There has been, and will be, a lot of collateral damage from these long layoffs,” Aaron added. For the benefit of everyone involved in the film ecosystem, this months-long dissonance must end now. Whether we think of a studio executive or a union member in the creative community, it is vitally important that everyone in Hollywood gets back to the mission of creating world-class entertainment that is greatly admired and enjoyed around the world.
During the most recent quarter, AMC Theaters saw a 38.4 percent increase in attendance year over year to 73.5 million patrons.
Earlier today, parent company AMC Entertainment held its 2023 annual shareholder meeting as the movie giant continues to evolve from the meme stock mania that AMC Theaters used to weather the pandemic, into a more mainstream stock market.
That includes the mega exhibitor’s AMC Theaters distribution division, which is attracting attention as it lined up domestic and international partners to roll out Taylor Swift: Tour for the Ages Worldwide concert film.
