AMC Theatres says it may not be able to open its doors again because of significant revenue losses from the coronavirus pandemic.
The world’s largest movie theater chain, which has 1,000 locations across the globe, said that it has “sustainable doubt” that it can keep its theaters running, CNN reported.
“We are generating effectively no revenue,” the company said in a regulatory filing Wednesday.
AMC Theatres shuttered its theaters in March temporarily because of coronavirus restrictions. According to preliminary results of the company’s first-quarter earnings, AMC Theatres is expected to have a revenue loss of between $2.1 billion and $2.4 billion in the first quarter of 2020.
Digital Trends reached out to AMC Theatres to comment. We will update this story when we hear back.
Like most other industries right now, the movie industry has taken a big hit because of the coronavirus outbreak. Global box office receipts could take a $20 billion hits because of COVID-19, according to The Hollywood Reporter.
Not only is movie theater attendance slowing down, but the production of future blockbusters is also screeching to a halt. Big-name movies such as No Time to Die, A Quiet Place Part II, Fast & Furious 9, and more have delayed their production or release, which could affect the movie theater business as well.
“Even if governmental operating restrictions are lifted in certain jurisdictions, distributors may delay the release of new films until such time that operating restrictions are eased more broadly domestically and internationally, which may further limit our operations,” AMC Theatres told CNN.
For the time being, moviegoers have turned to get their fix on the latest films by watching newly released titles from the comfort of their own homes.
New or upcoming movies such as Trolls: World Tour, Scoob!, The High Note, and The King of Staten Island have all either been released or will be available to watch on-demand instead of in a movie theater. AMC recently picked a fight over Trolls when an executive at Universal Studios implied the studio may release future movies on demand at the same time they’re in theaters.
- How about privately renting an AMC theater for just $99?
- Regal Cinemas owner confirms it will close all of its movie theaters again
- The best live TV streaming services: Hulu, Sling TV, YouTube TV, and more
- Wonder Woman 1984: Everything we know about the movie so far
- Netflix vs. Hulu