- Richard Gelfond, Imax CEO of Imax said Monday that the rising inventory price of AMC Entertainment was excellent for the businesses of Imax.
- “AMC, not our rival, is our collaborator,” added Gelfond. “A lot more screens are being rolled out, and their liquidity is excellent for us.”
- After Marvel’s “Swar Widow” release, which brought home $80 million on the week-end home, Gelfond’s remarks came from a pandemic theatrical record.
Richard Gelfond, Imax CEO of Imax said Monday that the rising inventory price of AMC Entertainment was excellent for the businesses of Imax.
Gelfond remarked on the “Squawk Box” “AMC is our partner, not our competition.” “I believe that their valuation is determined by their fans and their following likes Adam Aron, and they love the asset, and drives that stock into greater value ranges – and excellent for him, you know. Because they are our partner, we were a benefit of that. They put out several screens, and their liquidity is beneficial for us.”
Imax has an asset-like model, with operations in 84 countries and territories, without any real estate agreement or net debt that makes it a ‘completely distinct business kind’ of the AMC, Gelfond added.
AMC’s shares in a frenzy fueled mostly by stock-obsessed retail traders increased by approximately 2.000 percent this year. In June, the AMC raised fresh surging capital from 230,5 million dollars to Mudrick Capital Management with an additional stock offering of 587,4 million dollar.
Earlier last week, the cinema chain revealed its input by its shareholders to not attempt to issue further stock. This led to Loop Capital Markets claiming that investors make a ‘grand error’ since shareholders do not generally support further stock offers because the value of the existing holdings may be diluted by further actions.
The commentary by Gelfond followed a Covid pandemic-age theatrical record release of Marvel’s “Black Widow” that in its launch at four,100 screens brought home $80 million at the American box office. According to data from Comscore, around 81 percent of cinemas were available to the public all weekend.
Domestic ticket sales from “F9,” the company’s box office launch of last month, got $70 million to replace the “A Quiet Place II” incomes, increased by the domestic release.
Richard Gelfond’s interview with NBC (12 July 2021)
“Black Widow” received $78 million in ticket sales outside North America from overseas markets.
“It’s a predictable pattern, extremely nice,” remarked Gelfond. “I always said the changeover won’t be. We won’t be back to normal one day. More like a rough. It’s like a rough. It appears like the faucet works really well from my point of view.”
On “Black Widow” during weekends Imax earned 12 million dollars worldwide, including North America. The firm stated in a press statement the hit film “broke records from the epidemic period for Imax across the board.”
More than $600,000 has been recorded worldwide by Disney+ Premier, which is the first time Disney reports simultaneous streaming revenues for “Black Widow” through Disney+ Premier Access. However, Dsney is only go to the theatre for the upcoming Marvel movie, “Shang-Chi and the Ten Rings.”
Looking ahead, Gelfond predicts that cinema business would continue to cluster around tentpolar movies such as “Black Widow” with middle-level pictures and lesser ones showing through online streamings alone.
“I think the mix in multiplexes will change in terms of the kind of films, but the blockbusters are going to drive the multiplex business, and certainly Imax’s business,” Gelfond said.