AMC's results signal hard times at the box office
STORY: Despite big-ticket releases like 'Avatar', AMC saw
a 17% drop in footfall in its theaters in Q4 2022
It’s AMC’s fourteenth consecutive
quarterly loss, according to an analyst
Revenue fell 15.4% in the quarter
In the U.S. and Canada, AMC box office
collection was above $11 billion in 2019
But even with the easing of health restrictions,
movie-going habits have been slow to return
AMC box office numbers came in at $7.4 billion in 2022
During the health crisis streaming became
the go-to for movie watchers
Now, cost-of-living pressures are being felt as well
Source: Wedbush Securities
Analysts expect 2023 box office numbers
to be down 24% from 2019 levels
AMC said it doesn't expect to return to
pre-health crisis norms until 2024 or 2025