Wonder Woman 1984 Box Office Lifts Theater Stocks

Wonder Woman 1984 Box Office Lifts Theater Stocks

Wonder Woman 1984’s record-breaking pandemic opening led to a boost in theater chain stock prices, but AMC Entertainment is still struggling.

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Wonder Woman 1984’s strong box office debut has resulted in a boost for theater chain stocks, even as the coronavirus (COVID-19) pandemic persists.

Cinemark’s shares reportedly jumped 6.4 percent following the film’s success, while IMAX experienced an increase of 3.6 percent, according to The Wrap. Additionally, National CineMedia, which specializes in cinema ads, was up 4 percent, and Marcus Corp. — which is in the business of both cinemas and hotels — was up 7.1 percent.

Surprisingly, AMC Entertainment actually saw a 1.8 percent drop in its share price. Recognized as one of the largest theater chains in the United States, AMC announced in early December that it could run out of money by January 2021.

“In the absence of additional liquidity, the Company anticipates that existing cash resources will be depleted during January 2021,” the company told Variety at the time. “These challenges have been exacerbated by the announcement by Warner Bros. that its entire studio film slate for 2021 will move to simultaneous release, which may result in other studios adopting a similar strategy.” To date, AMC Entertainment has seen its share price drop more than 66 percent since opening 2020 at $7.46 per share. The company’s stock is currently trading at $2.46 per share.

As previously reported, Wonder Woman 1984 brought in $16.7 million domestically, and $36 million internationally, over its three-day opening weekend in theaters. While the earnings are a stark contrast to the $100 million opening weekend achieved by 2017’s Wonder Woman, the sequel broke the pandemic opening record previously set by Croods 2 ($9.7 million). Christopher Nolan’s Tenet currently sits in third place, after opening to $9.3 million.

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Following the success of the film’s release in theaters and on HBO Max over Christmas weekend, Warner Bros. announced that a third Gal Gadot-led Wonder Woman film has been greenlit. In a statement announcing the third installment, Warner Bros. chief Toby Emmerich explained, “As fans around the world continue to embrace Diana Prince, driving the strong opening weekend performance of Wonder Woman 1984, we are excited to be able to continue her story with our real-life Wonder Women — Gal and Patty — who will return to conclude the long-planned theatrical trilogy.” Prior to the official announcement, Jenkins revealed that she “wasn’t sure” about a third installment in the DC Extended Universe (DCEU) franchise.

Directed and co-written by Patty Jenkins, Wonder Woman 1984 stars Gal Gadot, Chris Pine, Kristen Wiig, Pedro Pascal and Natasha Rothwell. The film is currently in theaters and on HBO Max.

Source: The Wrap

Link Source : https://www.cbr.com/wonder-woman-1984-box-office-lifts-theater-stocks/

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