Delivering yet another indicator that the ongoing pandemic will permanently alter the way movies are consumed, publicly traded exhibition chain AMC Theaters just reported a stunning $905.8 million loss in the third quarter.
The July-September period is usually when exhibition chains make hay. But the pandemic ravaged AMC saw revenue drop 90.9% from a Q3 2019 period during which it raked in $1.3 billion. The chain made only $119.5 million in sales during this year’s third quarter, during which most of the chain's theaters where shuttered.
Revenue was actually in line with Wall Street’s expectations. But how long can the nation's biggest movie chain sustain these kinds of hits?
Also on Monday, AMC announced that it’s raising $47.7 million in cash to stay open. Its shares plunged on the news.
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Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!