Investing.com — AMC Entertainment Holdings Inc (NYSE:AMC) share price closed Friday up 19% after initially rising 23%, on the back of news that the film “Spider-Man: No Way Home” has broken AMC box office records.
With many market commentators believing cinema is a dying industry, the question is, could this cause a rethink?
While that’s a question that we will only know the answer to longer-term, investors were certainly encouraged by the news with the stock erasing some recent losses.
The movie opened last night at AMC cinemas in the U.S. and was the single highest-grossing movie on its opening night in the cinema chain’s history. In addition, it was the second highest-grossing movie on its opening night of all time, just behind “AVENGERS: ENDGAME” in 2019.
According to AMC, around 1.1 million people watched the film at a U.S. AMC theater on Thursday.
“Needless to say, we are ever so happy to see a record-setting number of people returning to the cinema to capture the magic offered at AMC movie theatres,” said Adam Aron, AMC chairman and CEO.
Aron added, “Spider-Man clearly indicates to us that consumers in large numbers desire the experience that only AMC theatres can provide.”