Movie theater chains AMC Entertainment Holdings Inc., Cinemark Holdings Inc., and Cineworld Group PLC’s Regal Cinemas have experienced a significant boost in foot traffic, courtesy of the highly anticipated summer blockbusters “Barbie” and “Oppenheimer,” according to analytics company Placer.ai.
Increased Foot Traffic
According to data shared by Placer.ai, there has been a remarkable increase in foot traffic at AMC and Cineworld’s Regal Cinemas, as well as Cinemark. During the week of July 17, foot traffic at AMC and Cineworld’s Regal Cinemas witnessed a surge of over 75% compared to the same period last year. Cinemark also experienced foot traffic growth of more than 50%.
The Impact of “Barbie” and “Oppenheimer”
Placer.ai’s data reveals that foot traffic to these cinema chains had been consistently declining year-over-year since early June. However, with the release of the new movies, the trend swiftly reversed. “Barbie,” featuring Margot Robbie, and “Oppenheimer,” led by Cillian Murphy, premiered on July 21 with significant hype surrounding them. This even led to an internet phenomenon known as “Barbenheimer,” where moviegoers watched both films on the same day. Notably, “Barbie” dominated the box office over the weekend, grossing a massive $155 million in ticket sales in North America.
The success of these summer blockbusters has provided a much-needed boost to the movie theater industry, allowing audiences to once again enjoy the magic of the big screen.
AMC CEO Adam Aron Celebrates Successful Weekend at Theatres
AMC CEO Adam Aron expressed his delight as he announced that AMC Theatres had experienced its busiest weekend in four years, both in the U.S. and in Europe. The success was attributed to the release of the highly anticipated film “Barbenheimer.” Aron took to Twitter to share the news, stating that it felt “fabulous” to see the theaters filled with audiences.
Impressive Numbers and Revenue
Aron revealed that Saturday’s ticket revenues reached the fifth-highest in AMC’s 103-year history. Furthermore, food and beverage revenues on the same day reached the second-highest. These remarkable figures demonstrate the strong support and enthusiasm from moviegoers.
Challenges Ahead and Financial Concerns
Although Aron celebrated the recent triumph, he acknowledged the ongoing challenges faced by AMC. He emphasized that moviegoing in 2023 is expected to remain below pre-COVID levels seen in 2019. Additionally, the looming possibility of strikes by writers and actors adds to the uncertainty surrounding the industry. Aron also mentioned that the company is currently facing financial constraints.
Setback in Debt Elimination Efforts
AMC’s attempt to convert its AMC Preferred Equity units (APE) to common stock suffered a setback when a Delaware judge rejected a proposed settlement. The conversion plan aimed to aid AMC in its ongoing battle to reduce its debt burden.
Following the news, shares of AMC experienced a 10.1% drop on Thursday. Meanwhile, Cinemark’s stock saw a modest increase of 0.9%. Cineworld’s shares, on the other hand, decreased by 4.8%.
Amidst both successes and challenges, AMC continues to navigate the ever-evolving landscape of the movie-theater industry.
Visits to 7-Eleven Spike on Annual “Free Slurpee Day”
Placer.ai, a trusted source for retail foot traffic data, has expanded its tracking capabilities beyond movie theaters. Recently, they delved into monitoring the visits to the immensely popular convenience store chain, 7-Eleven Inc.
On July 11, an extraordinary surge of customers flocked to 7-Eleven locations nationwide to celebrate the annual “free Slurpee day.” According to Placer.ai’s extensive analysis, there was a staggering 128.7% increase in foot traffic compared to the daily average between June 1 and July 10, 2023.
This remarkable upswing in visits demonstrates the widespread appeal and enthusiasm for this much-anticipated event. People eagerly anticipate indulging in a complimentary Slurpee on this special occasion, causing an undeniable boost in 7-Eleven’s popularity on that day.
Placer.ai’s dedication to monitoring retail trends and consumer behavior showcases their commitment to providing insightful data for businesses across various industries. By capturing and interpreting these valuable insights, companies can make informed decisions and adapt their strategies accordingly.
As the go-to resource for real-time foot traffic analysis, Placer.ai continues to unravel unique patterns in customer behavior, revealing the pulse of the consumer landscape. Stay tuned for more captivating findings from Placer.ai as they diligently explore and uncover further market trends.