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AMC Celebrates a Return to Form as ’Godzilla’ Dominates the Weekend

AMC Entertainment (NYSE:AMC) is the largest movie theater operator in the United States and North America at large. Shares of AMC have plunged 28% month-over-month as of close on Tuesday, April 2, 2024. The stock is now down 49% in the year-to-date period. However, there are some positives to glean for AMC and the broader industry in the early spring of 2024.

Adam Aron, AMC CEO, recently discussed the current state of the cinema. “My good news on this Easter Sunday is that in March, domestic industry box office finally turned upwards,” AMC CEO Adam Aron said this past weekend on Twitter. “The best March in five years.”

The good times kept rolling to close out the month of March and open the month of April. Godzilla x Kong: The New Empire reigned supreme in its debut over the Easter weekend. The Warner Bros. production raked in $87.7 million over the weekend, far outpacing its rivals.
Ghostbusters: Frozen Empire came in second place and posted a domestic gross of $17.6 million in its second weekend running. Moreover, Dune: Part Two and Kung Fu Panda 4 delivered a box office gross of $12.8 million and $12.3 million, respectively, at the domestic box office.

AMC has reason for optimism as we look ahead to the April film slate. New releases this month include Monkey Man, The First Omen, Civil War, Abigail, and Challengers. Cinema operators will hope that April will surpass the March performance.