As reported on by Variety, AMC Entertainment has taken massive hits to their earnings in the second quarter of this year. AMC Theatres, the largest theater chain in the world, reported on these hemorrhaging earnings this past Friday after a mass selloff of their stocks. While they still earned $1.2 billion, they lost $1.35 a share for the three-month period.
Now, you may be wondering why I included this image for The Emoji Movie, since that period ended in June and Emoji just came out. Well, it's to remind AMC to not have high hopes for that third quarter, which will be ending next month. Also, why not blame this on the The Emoji Movie, too? It's a fun and healthy way to express our anger at its existence.
AMC Chief Adam Aron blamed this on flops like King Arthur: Legend of the Sword and Baywatch for not putting butts in theater seats. Hits like Wonder Woman helped things, but they didn't make up for the metric ton of crap movies that major studios put out this year.
I'm sure The Mummy, the House, the Circle, Boss Baby, Chips, Smurfs: The Lost Village, and the numerous other awful films that were dribbled into theaters this year really helped, too.
Now, the first quarter was still pretty solid for them, with movies like Logan and Beauty and the Beast bringing in a lot of ticket sales for. The final quarter promises Thor: Ragnarok and Star Wars Episode VIII: The Last Jedi to bring in droves of people to the box office to help bolster their earnings. Then there's Justice League…which, well, we'll just see how that one turns out. If that one does well, I imagine future years will be more of the same, if not, Hollywood might have to consider changing the way they've been doing things of late.
They still made $1.2 billion, so I'm far from weeping for a massive theater chain like AMC. Crap trickles downwards, though, so there are some people on the ground level of both the theaters and and the studios that I do feel for. We'll just have to wait and see how Hollywood and its numerous mega studios process what has happened at the theaters this year.