More Movies, More Money: AMC and Cinemark Are Bullish on Growing 2023 Slate

thewrap.com:

AMC Theaters and Cinemark on Thursday both reported solid audience growth for the first quarter. AMC, the largest chain in the U.S.

with over 7,500 screens, said the number of people in seats jumped 25% domestically. It also saw a 15% gain internationally, and said audience numbers in Europe are nearing pre-pandemic norms.

The increased audience numbers helped lift AMC revenue by 21.5% to $954.4 million.Cinemark, the third largest U.S. chain with about 4,400 screens, saw an even greater leap, with audience numbers up 30% in the U.S.

thanks to a wave of hits that began with 2022 holdovers “Avatar: The Way of Water” and “Puss in Boots: The Last Wish,” and continued with new releases like “A Man Called Otto” and “M3GAN,” along with a spate of sequels like “Creed III,” “Scream VI” and “John Wick: Chapter 4.”The bigger crowds drove Cinemark to post a 32% leap in revenue to $610.7 million for the first three months of the year.The leadership of both companies also expressed optimism for box office momentum to continue, given the high profile movies to come, including “Guardians of the Galaxy Vol.