AMC Theaters joins a handful of cinemas that let customers rent auditoriums for private screenings – a growing trend due to the Covid-19 pandemic.
AMC allows rental of up to 20 people. According to the website, prices start at $ 99 excl. Taxes and increases to $ 349 depending on movie, theater location and other food and beverage add-ons. The AMC FAQ page shows renting a microphone to greet guests as an additional $ 100 fee, while there is more time to enter an auditorium beyond the standard 15 minutes will cost an additional $ 250.
It’s part of the theater chain’s efforts to stay afloat this year, as the Covid-19 pandemic helps record losses in the industry.
7;s revenue decreased by $ 941.5 million, which is a decrease of approx. 22% compared to $ 1.2 billion in the same quarter last year, according to a filing from the Security and Exchange Commission in June. In another filing, the world’s largest theater chain could run out of money before the end of the year.
The company blames these losses for having closed its theaters to reduce the spread of the virus.
“In line with these restrictions, all of our theaters around the world have temporarily suspended operations through June,” the company said in filing. “During this period, we actually generate no revenue.”
Hollywood studios are also delaying the release of
films, such as Wonder Woman 1984, a Warner Bros. film. And the number of viewers using streaming services has increased significantly since orders to stay home started last spring. According to a Nielsen report, staying home can lead to a 60% increase in streaming activity.
Jeff Bock, senior analyst at entertainment research firm Exhibitor Relations, told CNN earlier this month that theaters will continue to be hit hard if these trends continue.
“We need to prepare for the inevitability that one or more of the big chains may not survive if this situation continues to get into next summer,” Bock told CNN. “The number of cinemas closing permanently will be directly proportional to how long it takes the United States to trample the virus out.”
It is clear that AMC is finding creative solutions to its financial problems.
The promotion is available in most states except New York, Alaska and Hawaii.
Frank Pallotta contributed to this report.