Nuked Amc theaters faced its’most challenging quarter in the company’s 100-year history,’ but CEO Adam Aron is trying to look forward. Ceo Aron is talking to CNN about how AMC is going to compete in a streaming-focused world.
Amc announced last week that it struck a groundbreaking deal with Universal pictures that would let the studio place films on digital rental services like iTunes or Amazon. There was confusion as to whether AMC would pull its films completely after 17 days or just offer people both options.
‘some of our competitors are anxious about this change,’ says Aron.’change is difficult for some to cope with,’ Aron said.
Aron originally said AMC would ban universal movies in its theaters. After the pandemic in March, he was singing a different tune.
Fate of the furious grossed more than $ 1.2 billion worldwide. The eighth installment in the fast and furious franchise, Jurassic world: dominion, grossed over $ 1 billion worldwide.
Universal ca n’t market a movie hitting digital retailers until 10 days after the movie’s initial release. The new rules are trying to keep one from cannibalizing the other, like how trailers for an upcoming movie ca n’t promote that it’ll be available to stream at home.
Amc is learning to accept streaming as long as it can also profit from the situation. This is different from a studio bypassing a theatrical release entirely to stream exclusively on a platform like HBO Max or Disney plus.
Aron is expecting that this is going to become an industry standard.’I’m expecting that some of our competitors will do this, if not all,’ Aron said.
Aron said that’just like AMC is under duress, Disney’s under pressure too’. He added that he hopes Disney will agree to similar terms as those in the company’s deal with universal.
Amc theaters lost more than half a billion dollars this quarter. Ceo Aron has acknowledged that the theatrical window is gone. He thinks the way forward is to embrace that streaming is n’t going away.
