It's a Bad Weekend at the Multiplex, but AMC Will Be Fine
If you thought that the two previous weekends were slow at your local multiplex, this one takes the rake. Domestic movie theaters took in a mere $52.1 million in ticket sales over the weekend. It's the weakest box office showing since late January. As strong as the initial bounce in ticket sales earlier this summer was, exhibitors just had their worst performance in seven months. This is naturally unwelcome news for AMC Entertainment Holdings (NYSE: AMC) and its smaller peers.
Seasonality matters, of course. Studios slot their most promising releases earlier in the summer when schools let out and folks are clamoring for stuff to do. However, the slowdown is dramatic even by seasonal standards. Last year -- when many leading media companies were holding back on big-ticket theatrical releases and trying to feed their affiliated premium streaming services -- movie theaters still rang up $61.6 million in domestic admissions.
Next weekend will be even worse. It's going to be a lot worse.
Source Fool.com
