The Victory of the Movie Could Indicate a Revival in Movie Theater Attendance
It is common knowledge that movie theaters worldwide have faced significant challenges over the past year. Among various activities people are willing to undertake despite the risk of infection, watching a movie in a theater has been relatively low on the priority list. Nonetheless, with the increasing distribution of vaccines, the implementation of stricter health protocols in theaters, and the release of new and captivating films, the underlying enthusiasm for experiencing entertainment on the big screen is starting to resurface.
Last week, Warner Bros. and Legendary Pictures brought out Godzilla vs. Kong, the latest installment in the contemporary reboot of the classic Godzilla monster movie series. Despite the ongoing pandemic and the movie being available for streaming on HBO Max simultaneously, the film has managed to achieve a remarkably successful box office performance. It garnered $9 million on its opening day and proceeded to gross over $300 million during the weekend. Film enthusiasts are still eager to enjoy their favorite movies with the immersive experience of surround sound.
#GodzillaVsKong has reportedly surpassed the $300 million mark globally. pic.twitter.com/57EqsPPPxb
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“This film serves as a way for individuals to gradually reintegrate themselves into social settings,” stated Josh Grode, the CEO of Legendary Entertainment, to Deadline. “Returning to movie theaters and realizing that we can enjoy the experience without falling ill; these are the steps we are taking over the next couple of months to return to the normal pace of life. For many, this movie marks the initial step toward that goal.”
Subsequently, this triumph led to a 16% increase in AMC theaters’ shares on Monday, with share price targets soaring to as high as $13. Other theater chains such as Imax, Cinemark, and National CineMedia have also experienced growth due to the success of Godzilla vs. Kong, with their values rising by 4%, 5.2%, and 2.9%, respectively. Following a prolonged period of closures, cutbacks, and adaptations, this could potentially be a signal that the theater industry is on its way back to normalcy.
