The world’s largest theater chain had balked at Warner Bros.’ choice to launch this 12 months’s movies in cinemas and thru its HBO Max streaming service on the identical day. These movies included “Godzilla vs. Kong,” “House Jam: A New Legacy” and, most lately, “The Suicide Squad.” It additionally encompasses the upcoming releases of “Matrix 4” and “Dune,” amongst others.
“It is particularly gratifying that Warner Bros. is but once more embracing a theatrical window,” CEO Adam Aron stated throughout Monday’s earnings name. “For us at AMC, it is particularly pleasing to be working so harmoniously with Warner Bros. as soon as once more.”
Warner Bros. had already introduced that it would be returning to cinema-only releases in 2022 throughout its father or mother firm AT&T’s earnings name final month. It had additionally signed related offers with Cineworld, the proprietor of Regal Cinemas, in April and Cinemark in Could. The monetary particulars of those contracts haven’t been made public.
WarnerMedia CEO Jason Kilar stated throughout a July earnings name that theatrical releases will proceed to be vital to the corporate, even because it creates streaming-only content material sooner or later.
Whereas the hybrid launch mannequin was a necessity throughout the pandemic, there isn’t any doubt that the technique has eaten into box-office receipts throughout the board for all studios. Huge-budget movies have made a fraction of what they might have in pre-pandemic instances.
Having unique content material in theaters can help AMC return to profitability. The corporate is setting its sights on the fourth quarter to do that, however it should solely obtain this aim if the entire home field workplace reaches $5.2 billion, Aron stated.
Whereas the theater chain reported second-quarter income of $444.7 million, increased than analyst expectations, it nonetheless posted a internet lack of $344 million. That is an enchancment over the $561.2 million loss it posted a 12 months in the past.
Disclosure: Comcast is the father or mother firm of Common and CNBC.