AMC Is Running Out of Cash, Sells Some Shares and Assets

AMC Entertainment, the world’s largest movie theater chain, will run out of cash by the end of 2020 if current conditions do not change. Although it’s reopened 83 percent of its U.S. theaters, attendance is down 85 percent from a year ago. In September, AMC set a goal of raising $180 million but so far has raised only about $37.8 million by selling shares. Other fundraising options include taking on debt or selling assets. AMC sold its nine theaters in Europe’s Baltic region of Europe for about $77 million. Continue reading AMC Is Running Out of Cash, Sells Some Shares and Assets

Cineworld Temporarily Suspends Operation of Regal Cinemas

A day after the opening of James Bond film “No Time to Die” was pushed to April 2, 2021, Cineworld stated it was considering closing 536 Regal Cinema theaters across the United States and 127 Cineworld and Picturehouse Cinemas locations in the United Kingdom. Now, Cineworld has confirmed the temporary suspension of its U.S. and UK operations starting Thursday, October 8, blaming the lack of new films in the pipeline. Cineworld is the UK’s biggest cinema operator and the second largest chain in the U.S. The closure will impact about 45,000 employees. Continue reading Cineworld Temporarily Suspends Operation of Regal Cinemas

Release of ‘Tenet’ Could Be a Bellwether for Movie Exhibitors

Major Hollywood movies are finally being released in movie theaters, with “The New Mutants,” which had a $70+ million budget, and director Christopher Nolan’s “Tenet,” a $200 million thriller. But it’s still unclear how many people in the U.S. feel safe enough to go inside. Abroad, “Tenet” raked in $53 million on its opening day weekend from 41 global markets, a source of optimism for Warner Bros. (the film opens in the U.S. and China this week). Pirates have been foiled, meanwhile, fooled into downloading fake torrents of the blockbuster. Continue reading Release of ‘Tenet’ Could Be a Bellwether for Movie Exhibitors

AMC to Open Two-Thirds of Its U.S. Theaters by September 3

AMC Theatres introduced a plan to open about 100 locations as early as August 20 and two-thirds of its 600 theaters by September 3. An earlier plan to open was abandoned after strong backlash. Now, customers and employees will be required to wear masks, seating in auditoriums will be limited and the company will implement social distancing and increased cleaning. Furthermore, AMC stated that masks, which would be sold at the theater for one dollar, must “cover your nose and mouth and fit snugly around your face and chin.” Continue reading AMC to Open Two-Thirds of Its U.S. Theaters by September 3

Video Game Platforms Turn Into Venues for Concerts, Movies

During the COVID-19 pandemic, video game platforms have transformed into virtual entertainment sites. Online game platform Roblox recently hosted a benefit concert featuring Lady Gaga and Paul McCartney, and online game “Fortnite” ran a trailer for director Christopher Nolan’s upcoming feature “Tenet” and Quibi video clips. It also added a socializing space, launching it with a party at which EDM stars deadmau5, Steve Aoki and Dillon Francis performed. Most recently, also on “Fortnite,” DJ Diplo debuted his latest album in a live performance. Continue reading Video Game Platforms Turn Into Venues for Concerts, Movies

AMC Prepares to Open Most of its Theaters Worldwide by July

The COVID-19 pandemic has hit AMC Entertainment, the world’s largest movie-theater chain, particularly hard. After registering a $2.2 billion net loss for Q1, it made “virtually no revenue” in the first two weeks of the quarter ending March 30. Now, AMC chief executive Adam Aron says he hopes to get AMC Theatres in the U.S. and U.K. open in July, although he did not specify a date. AMC has 1,000 theaters with 11,000 screens in several countries. In California, 51 counties have been approved to reopen movie theaters as soon as June 12. Continue reading AMC Prepares to Open Most of its Theaters Worldwide by July

LG Presents AI Levels, ThinQ and NextGen TV at CES 2020

The full potential of AI is still years away but LG Electronics president and chief technology officer Dr. I.P. Park presented four levels of artificial intelligence that will alter the relationship between humans, technology and life. Park, who delivered a CES keynote last year, was joined at LG’s CES Media Day press conference by Jean-François Gagné, CEO of the Montreal-based Element AI. The two companies announced a memo of understanding on January 5 to work together in development of AI technologies. Continue reading LG Presents AI Levels, ThinQ and NextGen TV at CES 2020

Kodak Will Continue Supplying Film Stock to Hollywood Studios

Kodak announced yesterday that it has secured new supply agreements with the six major Hollywood studios to continue providing motion picture film. Following discussions with production companies, the studios, and film processors — in addition to the lobbying efforts of prominent filmmakers including Christopher Nolan and Quentin Tarantino — Kodak will now continue to supply film stock to 20th Century Fox, Disney, NBCUniversal, Paramount Pictures, Sony Pictures, and Warner Bros. Entertainment. Continue reading Kodak Will Continue Supplying Film Stock to Hollywood Studios

Oculus Rift Interstellar Experience Coming to IMAX Theaters

Christopher Nolan fans and moviegoers interested in the upcoming “Interstellar” can get a sneak peek at the galactic world through a 3D virtual reality experience. Participants will get a chance to wear Oculus Rift headsets and virtually explore the film’s spacecraft, which took two months for the team at Framestore to recreate. The Oculus Rift Interstellar Experience is hitting select AMC IMAX theaters in New York, Houston, Los Angeles and Washington, D.C. before the film opens November 7. Continue reading Oculus Rift Interstellar Experience Coming to IMAX Theaters

Filmmakers Lobby Hollywood Studios to Help Save Kodak Film

A coalition of Hollywood studios is reportedly close to a deal that will help keep Eastman Kodak in the business of manufacturing film stock, despite the entertainment industry’s move to digital production. Prior to the studios’ promise to keep purchasing film, Kodak was considering closing its manufacturing facility in Rochester, New York. Quentin Tarantino, Christopher Nolan, Judd Apatow and J.J. Abrams were among the notable filmmakers who reportedly lobbied studio heads to save film. Continue reading Filmmakers Lobby Hollywood Studios to Help Save Kodak Film

IMAX Has New Competition in Premium Large Format Theaters

Large format theaters with over-sized high-resolution screens, more comfortable seating, and better sound systems are on the rise. IMAX has traditionally been the leader in these offerings, but competitors such as Cinemark Holdings, Regal Entertainment and AMC Entertainment have started offering their own premium large format (PLF) theaters. Last year, the three chains’ 325 PLF theaters increased revenue by 31 percent to $237 million. Continue reading IMAX Has New Competition in Premium Large Format Theaters

Kodak Exec Unveils Plans to Keep Film Product in Hollywood

Kodak emerged from Chapter 11 bankruptcy this week and has a plan to keep its product in Hollywood, despite a market that favors digital imaging. While more than 75 percent of the world’s cinema screens currently support digital projection, Kodak has commitments to provide film to the major studios for production needs and distribution, deals that run through 2014 or 2015 (depending on the studio). Filmmakers such as J.J. Abrams and Christopher Nolan are using celluloid for their movie projects. Continue reading Kodak Exec Unveils Plans to Keep Film Product in Hollywood