AMC Controls More of Movie-Theater Market as U.S. Reopens, CEO Says

Moviegoers are returning to AMC Entertainment Holdings Inc.’s theaters, and its chief executive said the country’s largest theater chain expanded its market share during the pandemic.

“Our market share in the United States has soared, increasing by about 25% compared to pre-pandemic levels,” AMC Chief Executive Officer Adam Aron said Thursday during a call with analysts after the company reported its first-quarter results. “We’ve taken share from those who stayed closed or those who have gone bankrupt.”

AMC said that by the end of April, most of its nearly 600 U.S. locations were in operation. About 110 of its roughly 350 international locations were operating as well. The company reported 6.8 million attendees for the quarter, 6.2 million of whom were in U.S. markets.

About 61% of North American theaters have reopened, according to media measurement company Comscore, suggesting that many locations in the U.S. might have closed permanently because of the pandemic.

In New York City, a big market for the business, theaters were allowed to reopen at limited capacity in early March. They can fully reopen in the city by July 1. California, another key market, is aiming to fully reopen in mid-June.