AMC CEO Says Ticket Prices Could Increase After Coronavirus Shutdown
AMC Theatres' CEO says that ticket prices could increase after the coronavirus shutdown. During an investor's call today, the company announced that it had lost $561 million in one quarter. Now, the COVID-19 situation has plenty to do with that, but the quest to keep theaters clean will likely come out of customer's wallets. Ryan Faughnder from the Los Angeles Times tweeted that the sanitization will be passed onto the viewing public after hearing that on the call. Of course, people are miffed that they are both expected to assume the risk of attending a movie right now with the world in such a state. But, as an added bonus, they could be seeing prices go up as a result of the stringent cleaning protocols necessary to operate theaters this year.
Other topics including the cinema giant include the landmark deal that the company struck with Universal to have home releases after 17 days. AMC will also be getting a cut of the VOD sales as well in the new agreement. This is looked at as a win for both sides as there was some friction between Universal and AMC because of the home release of Trolls World Tour.
AMC's CEO says enhanced cleaning measures will be partly passed on "to the consumer." So movie ticket prices could be HIGHER after all this, not lower?— Ryan Faughnder (@RFaughnder) August 6, 2020
"Focusing on the long-term health of our industry, we would note that just as restaurants have thrived even though every home has a kitchen, AMC is highly confident that moviegoers will come to our theaters in huge numbers in a post-pandemic world," AMC's CEO Adam Aron previously said. "As people enjoy getting out of their homes, we believe the mystical escape and magical communal experience offered at our theaters will always be a compelling draw, including as it does our big screens, big sound and big seats not to mention the alluring aroma of our perfectly prepared popcorn."
"As we plan our reopening, the health and safety of our guests and associates is our absolute highest priority," AMC said in a previous statement. "To be able to open, we also need a line of sight into a regular schedule of new theatrical blockbusters that get people truly excited about returning to their favorite movie theatres. Those blockbusters are scheduled to return this summer, beginning with Warner Brothers' Tenet and Disney's Mulan, with many more major titles scheduled immediately thereafter."
When do you think you'll visit a theater again? Let us know down in the comments!