AMC Theatres said Tuesday that it does not plan to close any of its movie theaters that have reopened amid the coronavirus pandemic just days after competitor Cineworld said it was going to close its screens.
What’s going on?
AMC CEO Adam Aron said in a statement that new films are coming to movie theaters in the near future — like “The War With Grandpa” starring Robert De Niro — which gives the theater chain optimism for the future.
AMC touted its deal with Universal as well, which allows the studio to release films on demand 17 days after airing in theaters. AMC will get a share of that revenue, too.
- “Fortunately for AMC, our groundbreaking agreement with Universal Studios announced earlier this summer puts AMC in a position where we can open our theaters when others may feel the need to close,” Aron said.
- “We are fully comfortable showing Universal films in our theaters, even as they implement premium video on demand as we have mutually agreed. This is because AMC will share in premium revenues coming from their early availability in the home,” he continued.
Cineworld closes its screens
Cineworld — the parent company of Regal Cinemas — confirmed Monday it will cut more than 45,000 jobs as it shuts all U.S. theaters, Reuters reports.
Cineworld confirmed rumors of closing its screens in a statement to Variety.
- “In response to an increasingly challenging theatrical landscape and sustained key market closures due to the COVID-19 pandemic, Cineworld confirms that it will be temporarily suspending operations at all of its 536 Regal theatres in the U.S. and its 127 Cineworld and Picturehouse theaters in the U.K. from Thursday, 8 October 2020.”
- “Without these new releases, Cineworld cannot provide customers in both the U.S. and the U.K. — the company’s primary markets — with the breadth of strong commercial films necessary for them to consider coming back to theaters against the backdrop of COVID-19.”