Thanks To Barbenheimer, AMC Theatres Just Had Its Best Box Office Week Ever
It's been crystal clear that "Barbie" and "Oppenheimer" have been raking it in at the box office over the last couple of weeks. But the whole Barbenheimer phenomenon has been so damn effective that it actually provided AMC Theatres with its best financial week ever. Yes, really. In a recent press release, AMC reported that it saw its highest single-week admissions revenue in the company's history — which stretches back to 1920 — during the week spanning July 21 to July 27. This is, to say the very least of it, incredible.
While AMC didn't report specific figures, we know that "Barbie" made $344 million globally on its opening weekend, while "Oppenheimer" made $175.6 million, in no small part thanks to premium format screens, such as IMAX. Given that AMC is the largest theater chain in the world, they certainly benefited more than just about anyone else, save for Warner Bros. and Universal Pictures, from the blockbuster double feature. AMC CEO Adam Aron had this to say about it in a statement:
"The monumental success of 'Barbie' and 'Oppenheimer' has the entire movie and movie theatre industry abuzz, with discussions of new records and new benchmarks being realized seemingly wherever you turn. These two movies, along with the many others playing on our huge silver screens, continue to rewrite what is possible at the box office. At AMC, we are thrilled to add our own new all-time records into that conversation. Achieving the most admissions revenue in a single week in AMC's storied 103-year history is a testament to the moviegoing audience, who has demonstrated once again that they are ready, willing, and eager to come out to movie theatres in huge numbers."
The movies are truly back, it seems
65 U.S. AMC locations set individual new single-week box office records during that week, including 13 locations in the greater Los Angeles area. It figures to be another big week for both of those movies, but there's also "Teenage Mutant Ninja Turtles: Mutant Mayhem" and "Meg 2: The Trench" coming down the pipeline. It certainly seems like it may be another good week for AMC and other exhibitors. That success is very welcome after a mixed bag of a summer, where movies like "The Flash" and "Indiana Jones and the Dial of Destiny" failed to meet sky-high expectations.
It's not exactly news that movie theaters have had a rough go over the past few years. The pandemic upended the business entirely, with big chains like AMC left out to dry for most of 2020 with no new movies to show, and no willing customers to show them to. The recovery has been slower than many expected, in no small part because home viewing is now easier than ever thanks to the proliferation of streaming and the rise of premium VOD. Today's news is the type of win AMC and other theater chains badly needed.
Big, record-breaking hits have been hard to come by in the post-pandemic landscape. Yes, we've had massive breakouts like "Spider-Man: No Way Home," "Top Gun: Maverick," and "Avatar: The Way of Water," but those are the exceptions and not the rule. The fact that two big non-franchise movies are delivering such huge crowds at once is a good sign. One can only hope more movies break out between now and the end of 2023.