(AMC), Amazon.com, Inc. (NASDAQ:AMZN) – Benzinga Asks: Did You Go To The Movies In October? What It Could Mean For Movie Theater Stocks

Movie show firms are reporting file put up pandemic attendance in October. With many individuals opting to go to the flicks for the primary time in months, Benzinga took to Twitter (NYSE: TWTR) to ask its customers in the event that they had been a part of the file October figures.

What Occurred: Imax Corp (NYSE: IMAX) reported third quarter income of $56.6 million, up 52% year-over-year. The corporate reported general world field workplace gross sales of $142 million within the third quarter, up 100% year-over-year and its third straight quarter of $100 million or extra in field workplace income.

The third quarter was Imax’s finest within the pandemic period for world field workplace numbers, each income and gross margins. For the reason that shut of the third quarter, Imax reported its finest October ever due to the discharge of “Dune.”

AMC Leisure Holdings (NYSE: AMC) reported robust outcomes for “Venom: Let There Be Carnage,” which was the second-biggest home opening for an October film ever.

AMC noticed 2.4 million moviegoers within the U.S. through the weekend of Sep. 30 by way of Oct. 3 and three.9 million moviegoers globally. The whole set a post-reopening file and got here on the heels of the robust demand for “No Time To Die” in theaters.

AMC has not reported third quarter earnings but and will present robust demand through the quarter. The submitting may additionally present an early have a look at what the October information imply for the corporate’s financials.

Cinemark Holdings Inc (NYSE: CNK) reported third quarter income of $434.8 million, up considerably from the $35.5 million posted within the prior yr’s third quarter that noticed theaters closed through the pandemic.

Cinemark reported 30.7 million moviegoers within the third quarter. The corporate mentioned it had its finest pandemic month in October, following the developments reported by others.

Associated Hyperlink: AMC Leisure Q2 earnings Takeaways: Transformational Quarter However Not Out Of The Woods 

Benzinga Ballot: With the file October figures reported by movie show firms, Benzinga asked its Twitter followers in the event that they had been among the many individuals who attended a film in theaters in October.

The outcomes had been:

  • Sure, went as soon as in October: 27.8%
  • Sure, went greater than as soon as in October: 19.9%
  • No, streaming & chill: 52.3%

Over half of these polled by Benzinga admitted to not going to the movie show within the month of October. This got here as a little bit of a shock based mostly on the outcomes from movie show firms.

What wasn’t too shocking is the demand for streaming from shoppers and the way it impacts the demand of going to the movie show.

A earlier Benzinga Twitter ballot confirmed that 53.4% of individuals polled subscribed to a few or extra streaming companies with Netflix Inc (NASDAQ: NFLX), Disney+ from Walt Disney Firm (NYSE: DIS), Hulu and Amazon.com Inc (NASDAQ: AMZN) Prime among the many hottest streaming choices.

© 2021 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.


Leave a Reply

Your email address will not be published. Required fields are marked *