Bad News for AMC and Other Theater Chains: Movie-Going Just Fell Off a Cliff -- Again
A little less than a month ago, AMC Entertainment (NYSE: AMC) CEO Adam Aron was touting the fact that the movie theater chain had just enjoyed its best Labor Day weekend ever. Aron largely credited the unusual summertime release of Walt Disney's (NYSE: DIS) Shang-Chi and the Legend of the Ten Rings. He also suggested, however, the box office surge was a sign that consumers are ready to return to pre-pandemic movie-going.
They're not. Theaters do about three-fourths of their business on the weekend. Although Shang-Chi is still the big draw, this past weekend's domestic box office ticket sales were the lowest they've been since A Quiet Place Part II unofficially rebooted the film-projection business with a strong showing during May's Memorial Day weekend.
Image source: Getty Images.
Source Fool.com
