AMC Theatres Sees Revenue Growth from Concert Films, Eyes Box Office Recovery by 2025 After Cost-Cutting
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AMC Theatres reported increased revenue in Q4 2022, driven entirely by screenings of the Beyoncé and Taylor Swift concert films. Attendance also grew 4.7%.
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CEO Adam Aron said box office is expected to recover in 2023 and reach $1-2 billion higher in 2025 than 2024.
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AMC has taken cost-cutting steps like reducing hours and "right-sizing" its theater portfolio during the lingering box office slump.
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The company reduced debt principal by $448.1 million in 2023 through stock exchange agreements.
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Aron recommitted to retail investors, saying he understands their pain as a shareholder himself and will take a 25% pay cut for the next 12 months.