Two billion here, five-hundred million there – it adds up…
The financial toll the coronavirus is taking on Kansas City’s AMC Theatres is staggering, but the company may be beginning to see some light at a seemingly never-ending, gloomy tunnel that is the year 2020.
That after a $2 billion-plus first quarter earnings hit and another $500 million in the company’s recently announced second quarter earnings.
Why even bother to call them earnings?
All of that said, let’s take a gander at what passes for good news these days at the country’s largest operator of movie theaters.
For starters, AMC kissed and made up with Universal, settling a short lived boycott of Universal after it went straight to premium video on demand (PVOD) this past spring with its Trolls World Tour movie.
Universal pocketed more than $77 million on PVOD (keeping 80 percent of the revenue versus the 50 percent they get from theaters) and said it planned to continue bypassing theaters.
That was then…the latest?
Cinemark and Regal joined the boycott, but going forward AMC negotiated a 17 day/three weekend exclusive with a share in Universal’s premium video on demand revenue.
Leaving Cinemark and Regal to grumble and fend for themselves.
In addition to that arguably good news – because now gone are the days of three month waits for home viewing – AMC negotiated rent deals for many of its theaters that in all likelihood will continue past the coronavirus shutdowns.
You may recall, that’s what KCC movie maven Jack Poessiger has been predicting…that AMC would use the pandemic to get out of bad lease deals for less profitable plexes.
So will the movie biz as we have known it ever be the same?
“That’s a helluva question,” Poessiger says. “The easy answer is, no…There are no guarantees.”
To be honest Hearne I gave up on movies a few years back when it was nothing but people talking and texting and even taking phone calls during the movie. Also sitting next to crying babies or squirming kids (in the R rated feature btw)… If I went, it was after a movie was out for 12 weeks and the 10 am showing that no one comes to…our when Ameristar had their theatre open that no one went to. Find a way to make streaming 20% less than a theatre ticket (but still more profitable than sharing with movieplexs) and I am sold….
Funny, I used to hit Ameristar myself…
Just thought it was a nice – at the time, state of the art – place to hang with not many people in the audience
Could someone answer me this question? Who was Rufus Dawes, the spokesperson for the Chiefs during King Carl’s rein? At one time I thought it was Jason Whitlock and then Bob Gretz. Inquiring minds want to know.
Tough one, snappy…
And for the record, wow , hadn’t heard that name for so long I really can barely remember the details.
Too bad Greg Hall is no longer roaming the earth because as I recall this was right up his alley.
So lemme take a stab at it but short of doing a bit more research, take it with a grain of salt.
Remember feisty former Chiefs spokes dude Bob Moore?
As I faintly recall that’s who the betting money was mostly on!
I enjoy going to see movies on the big screen, some movies are just made for it. Nothing will take the place of the theater when watching a great movie. I can’t imagine watching the movie , Apocalypse Now, for the first time on my home tv, and I have SONY XBR’s all over the place.
I hope this doesn’t go away like the Drive In movies did. I would be a shame.
Ah, nostalgia…
Well, for better or for worse, the times they are a changing. You may wanna buy a larger screen and killer sounder with subwoofer