Cinema Stocks Get Boost From Record-Breaking 'Barbenheimer.'
Cinema companies soared on Monday as moviegoers went to theaters during the weekend, driven by the dual release of Warner Bros Discovery's "Barbie" and Comcast-owned Universal Pictures' "Oppenheimer."
Opening weekend for "Barbie" and "Oppenheimer" brought more than 7.8 million moviegoers to AMC-operated theaters, according to the company. On Saturday, the theater chain posted the best single-day attendance since July 2019, while food and beverage revenue hit its second-highest daily total ever. The movie theater chain's app also hit a high of 1.1 million daily active users while reaching 29 on the U.S. iOS App Store, its highest-ever ranking, according to data provided by Apptopia.
AMC was well-positioned this weekend with its urban-leaning footprint, and because it houses more IMAX theaters than any other circuit," Wedbush Securities wrote in a Monday note.
Other cinema stocks also got a lift. $IMAX Corp(IMAX.US$ said Monday that "Oppenheimer," which was shot with Imax film cameras, drove the biggest domestic and global opening weekend for July and 2023. During its domestic opening weekend, the film amassed an impressive $21.1 million across 411 screens. On the international front, the company's earnings reached $13.9 million, making it the biggest-ever opening weekend for Imax in several key markets, including Mexico, India, Argentina, and Saudi Arabia.
$Cinemark(CNK.US$ said Sunday that the July 21 weekend is "tracking" to be its "best summer weekend box office of all time," as well as "one of the highest grossing box office weekends" in its history. According to B. Riley Securities, the combined domestic box office revenue from "Barbie" and "Oppenheimer" was around 30% higher than the $232 million earned during the four-day Easter weekend by Universal Pictures' "The Super Mario Bros. Movie." This past weekend's performance indicates that post-pandemic demand for movie-going remains strong and that original titles can entice audiences back to theaters, as stated by the brokerage. However, B. Riley analyst Eric Wold noted that the box office for the quarter so far is approximately 3% below the levels seen in 2019.
Source: Dow Jones
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