AMC, the world’s largest movie show chain, is taking an opportunity on the small display with a brand new promoting marketing campaign after the meme stock beneficiary finds itself flush with money.
The multimedia marketing campaign, which is dubbed “AMC Theatres. We Make Movies Better,” will price the company greater than $25 million and will feature Academy Award-winning actress Nicole Kidman. AMC mentioned the ads will roll out on-line and on social media on Wednesday. Versions for community TV will start airing on Sunday.
The transfer comes after the company weathered final year’s coronavirus pandemic lockdowns, staved off chapter and raised round $1.8 billion in money. This year, AMC has been a key beneficiary of this year’s “meme stock” frenzy, in which beginner merchants in Reddit chatrooms wager closely on shares like GameStop and others.
AMC’s stock is buying and selling beneath its excessive of greater than $70 reached in June, however it’s up 2,300 % year-to-date.
Armed with money from the Reddit Rally, AMC has inked new movie show leases, invested in new cost choices like bitcoin, and is seeking to enhance the number of its choices to incorporate sports activities and pre-taped concert events.
“As we have said repeatedly of late, thanks to the billions of dollars we have raised this year, AMC is strong, and it is time for AMC to play on offense again,” CEO Adam Aron mentioned in an announcement Wednesday.
Aron mentioned film theaters can not depend on the previous formulation of studios selling movies and driving moviegoers into cinemas. Since the pandemic, extra Hollywood studios are placing their films on streaming companies, generally bypassing the theater altogether.
AMC will not depend upon “what’s always worked before,” noting that pandemic has pushed the business into “uncharted waters,” Aron mentioned.
Although film theaters started reopening final August, it has taken time for purchasers to return in sizable numbers. As vaccine charges rose and studios launched larger movies in the theaters, extra moviegoers started exhibiting up.
AMC over the Labor Day vacation noticed certainly one of its finest weekends for the reason that pandemic started due to Marvel’s “Shang Chi and the Legend of the Ten Rings,” which introduced in $75.5 million in ticket gross sales. The robust exhibiting marked the second-highest home field office behind “Black Widow,” which reeled in $80 million throughout its opening in July.
This Labor Day weekend additionally marked the primary time for the reason that starting of the pandemic that attendance throughout a weekend in 2021 outpaced attendance from the identical weekend in 2019.
Despite that success, the field office continues to be not again to pre-pandemic ranges. Between May and September of 2019, the home field office logged $4.3 billion in gross sales. This year, the field office raked in simply $1.7 billion, in response to media measurement and analytics agency Comscore.