World’s largest cinema chain AMC offers entire movie theater rentals for just $99 as it struggles to survive during the pandemic
- AMC has 1,000 theaters and 11,000 screens in 15 countries
- In the United States, you can now rent a theater for up to 20 people for $99
- Films such as Shrek, Jurassic Park and Hocus Pocus are available
- For a little more new releases such as Tenet and Honest Thief are on offer
- AMC has said it may run out of money by the end of this year and go bankrupt
The world’s largest cinema chain is offering the chance to rent an entire movie theater for just $99, as it struggles to stay afloat during the coronavirus pandemic.
AMC, which owns or operates approximately 1,000 theaters and 11,000 screens in 15 countries, publicized the offer on its website.
Up to 20 people can attend the $99 screening for films such as Shrek, Hocus Pocus, Monsters Inc and Jurassic Park.
More recent films are slightly more expensive, with Tenet, released in September, for $149 – $349, depending on the time.
Honest Thief, Liam Neeson’s new film, which opened on Friday, is available for the same price.
The offer is available across the United States, except New York, Alaska and Hawaii.
AMC’s $99-rental offer is available across the US, except in New York, Hawaii and Alaska
Earlier this month AMC said they could go out of business by the end of this year.
The Kansas-based company said their financial resources would be ‘largely depleted’ by the end of this year or by early 2021 because of the ‘reduced movie slate for the fourth quarter,’ as well as ‘the absence of significant increases in attendance from current levels.’
Tenet opened last month and is among the films available for private rental, from $149
AMC’s revenues fell to $941.5 million, down roughly 22 per cent compared with $1.2 billion in the same quarter last year, according to a Security and Exchange Commission filing in June.
The company blames these losses on having shut its theaters to mitigate the spread of the virus.
‘In compliance with these restrictions, all of our theaters worldwide have temporarily suspended operations through June,’ the company said in the filing.
‘During this period, we are generating effectively no revenue.’
On Saturday Andrew Cuomo, the governor of New York, announced that cinemas in the state could begin to reopen from October 23, at 25 per cent capacity – but not in New York City.
Cinema owners have also been left dismayed by the decision by Hollywood executives to push back the release of films such as the new James Bond film and Wonder Woman 1984.
Cinema chains worldwide have been hard-hit by the shutdowns caused by COVID-19
The number of viewers using streaming services has increased significantly since stay-at-home orders began last spring, with streaming activity up 60 per cent, according to a Nielsen report.
Jeff Bock, a 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 have to prepare for the inevitability that one, or more, of the major chains may not survive if this situation continues to lurch into next summer,’ Bock told CNN.
‘The number of movie theaters that will close on a permanent basis will be directly proportional to how long it takes the US to stomp out the virus.’