‘Barbenheimer’ and Taylor Swift help cinema breathe again

AMC Theaters, the largest movie theater chain in the United States, has announced a significant renaissance of local theaters, driven by nostalgia and curiosity. To give you an idea, the company reported its best quarterly earnings in 103 years.

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The franchise earned substantial revenues from the “Barbie” and “Oppenheimer” films, which grossed $1.4 billion (R$6.8 billion) and $947 million (R$4.7 billion), respectively, per year. box office. Taylor Swift’s recent film and tour, “The Eras Tour,” also contributed to box office receipts for AMC.

In Brazil, the pandemic caused the number of spectators to drop from 177 million in 2019 to 39 million in 2020. Now, with the end of restrictions, Brazilian cinemas are expected to register 108 million spectators in 2023, more than double those of 2021 and 14% more than the total recorded in 2022.

Recovery of cinema…?

For the third quarter, AMC reported total revenue of $1.4 billion (R$6.8 billion), an increase of more than 45% compared to 2022, according to the website Fortune. “This entire quarter was invigorating for AMC,” said Adam Aron, AMC president and CEO, noting the return of moviegoers and the increase in the quality and quantity of studio releases.

It wasn’t just the “Barbenheimer Effect” and Taylor Swift that made the third quarter a success for AMC. Increasing cash reserves and eliminating unsuccessful locations have helped the mega-theater chain continue its recovery from the pandemic.

During the third quarter, AMC added one new theater for every three it closed. This brings the total number of locations closed since the start of the pandemic to 156 and the total number of new locations opened to 57. The result: a net reduction of 99 locations.

The context

Although some theaters did not “survive” the year and ended up being converted to other uses, the fact is that the success of films like “Barbie” and “Oppenheimer” attracted millions of people to theaters.

A report from the National Association of Theater Owners found that, for example, more than 200,000 people purchased tickets for both films on the same day during opening weekend.

Jackie Brenneman, president of the Cinema Foundation, highlighted the importance of strong releases and marketing campaigns in audience choice, regardless of where they watch films. “When there are films, there are also audiences,” Brenneman concluded in his report on the state of the film industry.

The post ‘Barbenheimer’ and Taylor Swift Help Theaters Breathe Again appeared first on Olhar Digital.

Source: Olhar Digital

Rose

Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.