Despite surging COVID-19 cases and sluggish box office ticket sales, AMC Theatres CEO Adam Aron made it clear last week that he is wildly optimistic about the state of moviegoing
Theatres CEO Adam Aron made it clear last week that he is wildly optimistic about the state of moviegoing and the future of the company that he leads, one that many investors were willing to leave for dead just a few months ago. He’s not delusional, he’s just catering to a new audience of shareholders, one whose populist embrace of all things AMC has created one of the most confounding, unlikely, and downright bizarre stock market rebounds in this or any era.
Playing to the crowd has been a successful strategy for AMC. The company’s share price has shot up 1,500 percent since January, and while it’s not trading at the $72.62 it was enjoying in June, its current stock price of more than $36 is still untethered from the gravitational pull of traditional metrics like profits and losses. This is a company that is trading on emotion, not data, hence Aron’s pivot.
And the situation surrounding ticket sales hasn’t improved since Aron offered up his rosy assessment. Ryan Reynolds’ “Free Guy” opened to, but with a $100 million production budget, it will still have to fight and claw its way to profitability, particularly given the challenging overseas market, where many countries are battling bad outbreaks of COVID.
But Aron insists that AMC is in expansion mode. The company has picked up several high-performing leases formerly operated by the defunct Pacific Theatres chain, and the AMC chief bemoaned the fact that he wasn’t allowed to raise even more capital in the market to fuel everything from potentially producing its own in-house movies to buying more competitors. Aron talked about diving into more alternative content, screening UFC fights or hosting gaming conventions.
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