Business News

After one other disappointing weekend on the field workplace at residence, the cinemas cool down

A medical worker wearing a mask walks near the AMC movie theater in Times Square amid the coronavirus pandemic in New York City on May 7, 2020.

Alexi Rosenfeld | Getty Images

Investor confidence in cinemas recovering during the coronavirus pandemic is waning.

On Monday, AMC, Marcus, Cineworld and Cinemark shares fell after another disappointing weekend at the domestic box office.

AMC shares fell 7% on Monday, bringing their market value to around $ 575 million, according to FactSet. The stock has fallen more than 27% since the start of the year.

Cinemark collapsed about 5%. Market cap stands at $ 1.37 billion, although stocks have fallen more than 67% since January.

Marcus was also down on Monday, slipping more than 7%. Market capitalization is around $ 284 million and after cratering more than 70% in the past nine months.

Ticket sales in North America over the weekend were estimated at $ 13.2 million, according to Comscore. By comparison, the US and Canadian box offices raised $ 125.4 million on the same weekend of last year thanks to the openings of "Downton Abbey", "Ad Astra" and "Rambo: Last Blood".

At the start of its third week in US theaters, Tenet consumed a meager $ 4.7 million, a 26% decrease from last week. In total, the Warner Bros. movie, which was supposed to restart the domestic box office, grossed just $ 36.1 million in the United States and Canada. Internationally, the film has done well since its debut in August, at $ 214 million.

Disney's "New Mutants" raised another $ 1.6 million in theaters on the fourth weekend for a total of $ 17.7 million since it opened. Solstice Studios' "Unhinged", the first Hollywood film to debut in reopened major cinemas, grossed $ 1.3 million in ticket sales over the weekend for a total of $ 15.7 million.

The domestic box office was down 11.5% year over year, which isn't surprising considering that there weren't any major movie releases on Friday. And it won't be until November.

The next big blockbuster release is expected to be Disney's Marvel film "Black Widow" on November 6th. And even this debut is being questioned by analysts.

Consumer sentiment about returning to theaters is poor despite the rise in hygiene practices and the implementation of mask guidelines. A recent survey published by Morning Consult, which gathered responses from 2,200 people between September 10 and 13, found that only 18% of consumers feel comfortable returning to the cinema.

Related Articles