Spider-Man: No Way Home’ may have saved AMC Theatres from going bust
Spider-Man: No Way Home is the latest superhero romp which sees the titular hero once again trying to save the Earth from catastrophic threat, however, the film’s already monumental box office success is making some Wall Street observers speculate the web-slinger may also be helping to rescue the stock of movie theater chain AMC.
The company even released a letter to investors Monday saying they have sold more than 7 million tickets globally this past weekend and set a number of new records, including a post-reopening single-day attendance record in the U.S. on Thursday, only for that record to be broken on Saturday, and again on Sunday.
The film’s success was speculated to be a contributing factor in the stock for AMC Entertainment soaring more than 19% on Friday as the stock’s loyal traders pushed the price above $30 per share for the first time in over two weeks, according to an opinion article in MarketWatch in which the author speculated that the film’s success contributed to this latest development.
The stock price for AMC is currently set north of $28, as of press time, according to the company’s website.
Having just opened Friday, Dec. 17, Spider-Man: No Way Home has reportedly already raked in more than $250 million in revenue, marking the third-largest — or second-largest, according to these updated stats — opening in history and a weekend box office haul on a scale not seen since 2019’s Avengers: Endgame.
In that same article, the author pointed out that AMC’s October attendance reached 70% of 2019 levels, leading some to question whether the web-slinger might single-handedly push December’s haul for the company at — or even above — 100% of the levels they hauled in for 2019.
It remains to be seen if the more transmissible Omicron variant of the coronavirus might thwart AMC’s current hot streak by discouraging movie goers to gather in public crowds.
However, for the time being, AMC’s “ape community,” as they are called within amateur trading circles, is alight with excitement. The stock is now the second-most trending ticker on Reddit after having ranked 9th just three days ago, according to TheStreet article.
Catch the multiverse-traversing Spider-Man: No Way Home at a theater near you today.