The world’s largest theater chain said Tuesday that sales increased 15% during the quarter ending on June 30, and the company was profitable again. AMC\n \n also saw its highest quarterly attendance since 2019. The quarter did not include revenue from “Barbie” and “Oppenheimer” July releases, which AMC said lifted the company to its best month in its 103-year history.
AMC faces intense competition from streaming services, too. Hollywood is shifting more movies to platforms like Disney+, Netflix, Paramount+, Comcast-owned Peacock and Max, which, like CNN, is part of Warner Bros. Discovery. Big budget films like DC’s “The Flash” and Disney’s “Indiana Jones and the Dial of Destiny” have also underperformed this summer. An ongoing strike by Hollywood actors and writers over pay and working conditions has also temporarily stopped production on most films.