Connect with us

Hi, what are you looking for?

Stocks

AMC Shares Up with Success of ‘Godzilla vs. Kong’

The box office-conquering film may signal a resurgence in theatergoing.

It’s no secret that movie theaters around the world have suffered tremendous losses during the last year. Out of all things people are willing to brave infection for, seeing a movie in a theater is relatively low on the list of priorities. However, as vaccines proliferate, theaters enact more stringent health measures, and perhaps most importantly, new and exciting movies come out, the latent desire for big-screen entertainment has begun to return to light.

Last week, Warner Bros. and Legendary Pictures released Godzilla vs. Kong, the latest in the modern western reboot of the classic Godzilla monster movie franchise. In spite of the pandemic, as well as the fact that the movie is simultaneously streaming on HBO Max, the film has turned a surprisingly solid box office profit, earning $9 million on opening day and going on to earn over $300 million over the weekend. Moviegoers are still eager to see their favorite films on the big screen with surround sound.

“This movie represents a way for people to slowly re-introduce themselves into a social environment,” Josh Grode, CEO of Legendary Entertainment told Deadline, “Heading back to movie theaters and learning we’re not going to get sick; it’s these steps we’re taking over the next two to three months to get back to the normalcy of life. This is a movie for a lot of people who are taking the first step.”

This success, in turn, boosted shares of AMC theaters a good 16% on Monday, with share target prices rising to as high as $13 per. Other theater chains like Imax, Cinemark and National CineMedia have also been burgeoned by the success of Godzilla vs. Kong, increasing in value by 4%, 5.2% and 2.9% respectively. After a long year of closures, cutbacks, and compromises, this could be the signal that the theater industry is finally on the path toward normalcy again.

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...