Industry News

AMC suffers Q3 losses, ticketing revenue up

AMC Entertainment, the cinema giant, saw a loss in the third quarter due to “weakness” in its summer box office.

The firm’s results still surpassed expectations, though the China’s Dalian Wanda Group-owned AMC posted a loss of $42.7m (£32.5m/€36.9m) against a profit of $30.4m in the same period of 2016.

Ticketing revenue rose 52 per cent to $754m during the latest quarter, when factoring in recent mergers, and the average ticket price during the quarter was $9.48, down from $9.57 the previous year.

In addition, food and beverage revenue rose 45.2 per cent to $361m, while food and beverage per patron was down five per cent to $4.55.

“We have been predicting weakness in the third-quarter industry box office, due to the quantity and subject matter of the films that were scheduled to be released. Not surprisingly, our foreshadow was accurate,” AMC chief executive and president Adam Aron said.

“We expect movie-going at the year-end to be robust… we could be close to another record year.”

AMC operates around 8,200 screens in about 660 AMC theatres across the US. It’s upcoming titles include Justice League, due out November 17, and Star Wars: The Last Jediwhich will be released on December 15.