Movie theater stocks tank after another frustrating ticket office tally

AMC to reopen theaters in August as Hollywood continues to shift slate

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A medical employee using a mask strolls near the AMC cinema in Times Square amidst the coronavirus pandemic on May 7, 2020 in New York City.

Alexi Rosenfeld | Getty Images

Investor faith in theater rebounding throughout the coronavirus pandemic is subsiding.

On Monday, shares of AMC, Marcus, Cineworld and Cinemark sank after yet another frustrating weekend at the domestic ticket office.

AMC shares toppled 7% Monday, bringing its market price to about $575 million, according to information from FactSet. Its stock is down more than 27% because the start of the year.

Cinemark dropped about 5%. Its market cap stands at $1.37 billion even after seeing shares fall more than 67% because January.

Marcus, too, was down on Monday, slipping more than 7%. Its market cap stands at about $284 million and after cratering more than 70% over the last 9 months.

Over the weekend, North American ticket sales were an approximated $13.2 million, according to information from Comscore. For contrast, the U.S. and Canadian ticket office took $125.4 million throughout the very same weekend in 2015 thanks to the openings of “Downton Abbey,” “Ad Astra” and “Rambo: Last Blood.”

Heading into its 3rd week in U.S. theaters, “Tenet” took in a weak $4.7 million, a 26% drop from recently. In overall, the Warner Bros. movie, which was expected to reboot the domestic ticket office, has actually just amassed $36.1 million in the U.S. and Canada. Internationally, the movie has actually flourished, tallying $214 million because its August launching.

Disney’s “New Mutants” amassed another $1.6 million throughout its 4th weekend in theaters for an overall of $17.7 million because its opening. “Unhinged” from Solstice Studios, which was the very first Hollywood motion picture to launching in resumed significant movie theaters, included $1.3 million in ticket sales over the weekend for an overall of $15.7 million.

The domestic ticket office was down around 11.5% compared to the previous weekend, an unsurprising figure thinking about there were no significant motion picture releases on Friday. And there will not be up until November. 

The next huge smash hit release is anticipated to be Disney’s Marvel movie “Black Widow” on Nov. 6. And even that launching is being questioned by experts. 

Consumer belief about going back to theater is dull, even with boosts to sanitation practices and the execution of mask policies. A current study released by Morning Consult, which recorded reactions from 2,200 individuals in between Sept. 10 and Sept. 13, showed that just 18% of customers feel comfy going back to movie theaters.

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