Movie theater chains AMC Entertainment Holdings Inc., Cinemark Holdings Inc. and Cineworld Group PLC’s Regal Cinemas have all enjoyed a significant foot traffic boost thanks to summer blockbusters “Barbie” and “Oppenheimer,” according to analytics company Placer.ai.
The data, which has been shared with MarketWatch prior to publication Friday, shows an increase of around 75% in foot traffic at AMC
AMC,
and Cineworld’s
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Regal in the week of July 17, compared with the same period last year. Cinemark
CNK,
foot traffic increased more than 50%.
Related: AMC had its busiest weekend since 2019, boosted by ‘Barbie’ and ‘Oppenheimer’
Placer.ai’s data shows that foot traffic to the cinema chains had been mostly down year-over-year since early June, but spiked on the release of the new movies. “Barbie,” starring Margot Robbie, and the Cillian Murphy-led “Oppenheimer” opened amid a blaze of publicity on July 21, even sparking an internet phenomenon dubbed “Barbenheimer” where people viewed the two movies on the same day. “Barbie” won the weekend’s box office crown with a massive $155 million in North American ticket sales.
“It sure feels fabulous to see that our theatres are packed,” AMC CEO Adam Aron tweeted Monday, adding that “Barbenheimer” resulted in AMC’s busiest weekend in four years, both in the U.S. and in Europe. In the U.S., Saturday’s single-day numbers were the fifth-highest ticket revenues and second-highest food and beverage revenues in AMC’s 103-year history, he added.
Related: ‘Barbenheimer’ may have sparked euphoria, but ‘cash is very tight’ for AMC, CEO warns
However, Aron also cited the ongoing challenges facing the movie-theater chain and meme-stock darling. “Moviegoing in 2023 still will be well below 2019 pre-COVID levels,” he added. “The writers and actors strikes create uncertainty ahead. And cash is very tight.”
AMC’s plan to convert its AMC Preferred Equity units
APE,
to common stock was blocked Friday when a Delaware judge rejected a settlement that would have allowed the deal to proceed. The stock-conversion plan was part of the company’s ongoing battle to eliminate debt.
Related: Beyond ‘Barbie’: Mattel delivers jolt of reality ahead of rival toy makers’ results
Shares of AMC fell 9.6% Thursday, while Cinemark’s stock rose 0.7%. Cineworld is down 4.8%.
In addition to movie theater foot traffic, Placer.ai has also been tracking visits to convenience store giant 7-Eleven Inc. Placer.ai tracked a128.7% increase in visits to the company’s venues on July 11, for its annual “free Slurpee day,” compared with the June 1 to July 10 2023 daily average.
This post was originally published on Market Watch
