AMC Entertainment Holdings Inc., the world’s largest cinema chain, will slash the price of a movie ticket in the US by half on Wednesdays in a bid to draw more people to theaters between weekends.
The company has discussed the plan with major Hollywood studios and will begin rolling out the discounts starting July 9, according to people familiar with the matter who asked not to be named discussing private information.
AMC, which skirted bankruptcy at the height of the pandemic, reported first-quarter results last week that beat analysts’ estimates for revenue but sales from theater admissions were down 11% from a year earlier. Aside from the pandemic, it was the worst first three months of the year for the industry since 1996, the company said.
The US market has suffered a steady decline in moviegoing over the past two decades amid the rise of streaming, with half the number of tickets sold in 2024 as in 2002. US cinema chains have compensated for the downturn by increasing the price of tickets and snacks.
AMC Chief Executive Officer Adam Aron said the first quarter’s poor box office performance was “an anomaly that has already corrected itself” thanks to hits released in the second quarter such as A Minecraft Movie and Sinners from Warner Bros. Discovery Inc.’s film studio. Since April 1, movie theater demand has been booming, he said.
More potential blockbusters are set to be released in the coming weeks, including Paramount Global’s Mission: Impossible — The Final Reckoning and Walt Disney Co.’s Lilo & Stitch.
The films scheduled for release in late June and early July that should benefit from the discounts, which will be available only to AMC’s loyalty members, include Apple Inc.’s F1, Jurassic World Rebirth from Comcast Corp.’s Universal Pictures, Superman from Warner Bros. and Paramount’s Smurfs.
AMC already offers discounted screenings on Tuesdays to members of the chain’s loyalty program. In markets such as New York and Los Angeles, the regular price of an AMC ticket is typically above $20.
