by AMC Entertainment (NYSE: AMC) announced first quarter 2023 earnings and exceeded expectations.
Most notably, total revenues grew 21.5% to $954.4M with a $69 million improvement in adjusted EBITDA compared to the previous year.
The first quarter of 2023 and fourth quarter of 2022 mark the first two consecutive quarters of positive adjusted EBITDA since March 2020.
“This progress is a testament to the ongoing recovery in the industrywide box office, as well as AMC’s enduring commitment to excellenece and innovation as our guests enjoy a super movie-going experience at our theatres.”
– Adam Aaron, CEO.
Recovery of Box Offices
Since the start of the pandemic, movies and moviegoers have bounced back at local theaters.
With the help of AVATAR, Marvel’s Ant-Man: Quantumania, Creed III, Shazam! Fury of the Gods, John Wick Chapter 4, and many more; the first quarter of North American box office surpassed 2022 numbers by an estimated 29%.
The recovery in the European box office was even stronger than the US stated Adam Aaron.
Most recently the success of The Super Mario Brothers is just the tip of the iceberg for what’s to come for the remainder of 2023.
According to Variety.com, The Super Mario Brothers surpassed $1 Billion Globally after just 26 days of release. Gaining the accolade of being the first movie to surpass $1 Billion in 2023.
With highly anticipated movies of Marvel’s Guardians of the Galaxy Vol.3, The Little Mermaid, Fast X, The Flash, DC’s Blue Beetle, and many more on the horizon, box office numbers in 2023 are expected to bring in a substantial amount.
AMC Popcorn
AMC is experimenting with different avenues to bring in revenue, one of them includes launching AMC-branded ready-to-eat Popcorn exclusively at Walmart back in February 2023.
“Most of the Walmart sold out of their initial supply”
“We think our home popcorn is going to turn into a substantial business for AMC, we are already currently exploring opportunities for the eventual expansion into other grocery store chains, and e-commerce”
“We will be talking to just about every major grocery stores in the country and convenience stores in the country”
Adam Aaron, CEO.
