AMC Theaters joins a handful of cinemas that allow customers to rent auditoriums for private screenings, a growing trend due to the Covid-19 pandemic.
AMC allows rentals of up to 20 people. According to its website, rates start at $ 99, excluding tax, and increase to $ 349 depending on the movie, theater location, and any other add-ons like food and drink. AMC’s FAQ page lists hiring a microphone to welcome guests for an additional $ 100, while more time to enter an auditorium, beyond the standard 15 minutes, will cost an additional $ 250.
It’s part of the theater chain’s effort to stay afloat this year as the Covid-19 pandemic contributes to the industry̵
7;s record losses.
AMC’s revenues were down $ 941.5 million, down about 22% from $ 1.2 billion in the same quarter last year, according to a June Security and Exchange Commission document. According to another statement, the world’s largest theater chain could run out of money by the end of the year.
The company attributes these losses to closing theaters to mitigate the spread of the virus.
“In compliance with these restrictions, all of our theaters around the world have temporarily suspended operations until June,” the company said in the filing. “During this time, we are not actually generating revenue.”
Hollywood studios are also delaying the release of
films, such as Wonder Woman 1984, a Warner Bros. And the number of viewers using the streaming services has increased significantly since home orders began last spring. According to a Nielsen report, staying home can lead to a 60% increase in streaming activity.
Jeff Bock, a senior analyst at the entertainment research firm Exhibitor Relations, told CNN earlier this month that theaters will continue to be hit hard if these trends continue.
“We must prepare for the inevitability that one or more of the major chains may not survive if this situation continues to plummet this summer,” Bock told CNN. “The number of cinemas that will close permanently will be directly proportional to the time it takes the United States to eliminate the virus.”
It is clear that AMC is finding creative solutions to its financial problems.
The promotion is available in most states, excluding New York, Alaska and Hawaii.
Frank Pallotta contributed to this report.