AMC Leisure, which just lately reported a $905.8 million quarterly loss, is launching a Private Theatre Rentals program in hopes of reversing its declining revenues.
This system was unveiled Tuesday, 4 weeks after the preliminary beta launch of the product resulted in 110,000 inquiries across the nation. The corporate mentioned the variety of contacts a few personal rental in a four-week interval was achieved with none important advertising or press announcement, and is greater than 4 occasions larger than the entire quantity of AMC’s personal theatre leases in all of 2019.
Prospects can hire out a displaying at any of AMC’s 600 screening rooms nationwide for as little as $99 for as many as 20 patrons. Current releases corresponding to “Tenet,” “The Struggle With Grandpa” and “Freaky” can be found beginning at $149. Per AMC’s coverage, outdoors foods and drinks is probably not introduced into the screening.
AMC mentioned all showtimes in any respect places stringently implement the AMC Secure & Clear insurance policies and protocols, together with necessary masks sporting and acceptable social distancing throughout the auditorium. The entire allowed visitor rely could also be lower than 20 to adjust to state and native directives.
Elizabeth Frank, govt give president of worldwide programming and chief content material officer, mentioned: “The outcomes and suggestions from our visitors about AMC Secure & Clear have been overwhelmingly optimistic, and Private Theatre Rentals at AMC supplies an extra layer of security and safety to these moviegoers who wish to see motion pictures with simply their relations and buddies. It’s unprecedented for AMC to obtain 110,000 contacts in 4 weeks a few personal theatre rental, based mostly solely on phrase of mouth and natural publicity, and we’re enthusiastic about and appreciative of the curiosity this has sparked amongst AMC visitors.”
AMC reported on Nov. 2 a 90.9% drop in revenues throughout the latest earnings interval at $119.5 million. On the identical day, it filed to promote inventory to Citigroup International Markets and Goldman Sachs to elevate $47.7 million in money to remain open and warned on Oct. 20 that it may need to file for Chapter 11 chapter if it couldn’t receive further sources of liquidity.