AMC Entertainment CEO: The film industry is 'booming'

Channel: Fox Business
Published: 05/10/2019 08:11 PM

Description
AMC Entertainment CEO & President Adam Aron explains why he feels that the cinema industry is "booming." FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the bus...



Transcript
Avengers and the game still going gangbusters in theaters gaining ground on avatar, the highest grossing film of all time, but the avengers assemble too late to save amc, which posted wider than expected losses for the first quarter. Blaming industry-wide softness the company pointing out their attendance, didn't plummet as much as their competitors and they say, they're still pretty optimistic ab ...
ut 2019, insisting that some of their best films aren't even slated until the end of the year. So watch out there. The company also touting patrons that are actually spending $ 5 23 cents on food and beverages. That'S a first quarter record for amc and they're planning on expanding reserved seating to most of their locations. Justin time for memorial day big weekend movie time, let's bring it adam. Aaron president and ceo of amc, entertainment holdings great to have you here, adam love would be with you yeah. Well, you know like okay, yeah you're right avengers. You know we'll talk to you. The next quarter after, but the avengers numbers come out. Can'T we're looking forward to that, but what do you think it's kind of causing this industry-wide dip in in attendance - and i know ticket prices have been kind of kind of a little bit rough. What'S going on with the industry in general? Well, actually, the industry is booming.

If you look at 2018, it was a record year in thehundred and five year, history of cinema in the united states - and we always knew 2019 - was going to start off slowly, just based on the way titles are released, avengers opened in april. It didn't open january february march yeah and, as you know, avengers is the biggest movie, the fastest movie ever to get to two billion dollars. The biggest opening weekend of all time and the movie slate that's coming for the rest of the year is really amazing. We think we're about to move into the biggest busiest nine month period in the history of film yeah. I know you said that to analysts and i was looking at a number for the first quarter. Thatus industry box office in general declined 16 %, but, to your point you know if you have black panther in the first quarter of 2018, a blockbuster those comparisons, year-over-year, certainly gon na be an issue. I understand that look, i'm curious what what the next step is for movie theaters, because so many folks have home entertainment systems in their homes and they've got streaming and netflix and there's so many options out there. But yet avengers kind of did show us. People do still want to go to a theater. What did you learn from avengers and how do you change amc to keep up to date with the home entertainment options that are out there? Well, avengers didn'tjust show us that they kind of want to go to theories. You may recall that we had a about a third of our theaters. We had show times starting after midnight for a three-hour movie.

We were packed, and i think the lesson of avengers is that when hollywood turns out movies that people want to see, they come to theaters in a big way. People like seeing films communally they like to see movies on the big screen in theaters. They like to laugh when other people in the theater are laughing. I like to cry when other people in the theater are crying and in fact - and in fact 2018 was a record year 2019. We thinkis going to be another record year. We'Ve got movies coming out. Well, just look at disney lion, king and toy story 4 and frozen 2 and star wars right universe's got the secret secret life of pets. Another fast & furious movie, hobbs and shaw warner brothers has pokemon detective pikachu. Opening this weekend in chapter two comes out in september i mean there's gon na be one big hint after another this year you know when the dust settles we'll be just fine.


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