This weekend, the movie industry experienced an unexpected phenomenon with the release of two very different films. Both Barbie and Oppenheimer garnered significant attention on social media prior to their release, leading to a combined box office revenue of $236 million.
The unique combination of a comedic film and a serious drama resulted in the creation of the term “Barbenheimer.” This clever amalgamation of titles quickly caught on and contributed to the success of the movies. Social media played a crucial role in building anticipation and driving audiences to theaters.
Box Office Success
Released on July 21, both Barbie and Oppenheimer achieved impressive box office performances. Barbie generated an astounding $155 million in ticket sales, while Oppenheimer brought in an impressive $81 million. These numbers demonstrate the public’s enthusiasm for these widely contrasting films.
Positive Impact on Theater Stocks
The success of these films also had a positive effect on movie exhibitor stocks. AMC Entertainment saw a substantial increase in its shares by 30%, while IMAX experienced a 5.9% gain and Cinemark rose by 1.2% on Monday. Throughout the year, these three theater chain stocks have shown significant growth, with increases of 41%, 19%, and 81% for AMC, IMAX, and Cinemark, respectively.
The weekend debut of Barbie and Oppenheimer proved to be a profitable venture for both the movie industry and theater chains. These contrasting films generated immense buzz on social media and translated into substantial box office revenue. The strong performance of theater stocks further suggests that the movie business’s recovery is more influential than viral trends.
Theatrical Success Sparks Optimism in Movie Industry
AMC and Cinemark See Record Box Office Numbers
Recently released films have brought a surge of moviegoers to AMC theaters and Cinemark, resulting in the highest attendance and admissions revenue in a single weekend since 2019. AMC reported that over 7.8 million moviegoers flocked to their theaters from Thursday to Sunday, while Cinemark also experienced a positive boost in performance thanks to films such as Mission: Impossible — Dead Reckoning Part One and Sound of Freedom. This weekend success showcases the continuing robust demand for post-pandemic moviegoing and the ability of non-sequel titles to draw consumers back to theaters.
IMAX Corp. Celebrates Global Opening Weekend of Oppenheimer
IMAX Corp. had reason to celebrate with the global opening weekend of Oppenheimer. The film generated an impressive $35 million on 740 screens worldwide, with IMAX securing its biggest share ever of a film’s box office receipts at 20%. This remarkable achievement highlights the continued popularity of cinematic experiences on a grand scale, demonstrating that audiences are eager to return to IMAX theaters.
Long-Term Plans for AMC
AMC faced some setbacks last week when a judge blocked the company from converting its APE (APE) shares into common stock. However, CEO Adam Aron remains optimistic and has filed a revised stock conversion proposal to address the court’s concerns. If approved, AMC plans to move forward with their plans to convert shares as soon as possible, allowing them to advance with their long-term strategies.
The success of recent films and the robust demand from moviegoers indicate a promising future for the movie industry as it continues to recover from the challenges posed by the pandemic.
Roller Coaster Ride for AMC Shares
The price of AMC shares have been on a roller coaster ride lately. In June 2021, during the meme-stock frenzy, these shares reached a high of $44.61. The volatile nature of the stock has captured the attention of many investors.