The largest movie theatre operator in the world, AMC Entertainment Holdings, has warned that the $100m emergency funds it has just secured is not enough.
According to news sources, it will only help the movie chain to keep going for one more month. The company reported that attendance at its venues had dropped 92 per cent in the US and 85 per cent in the rest of the world. It is also burning up $125m a month as lockdowns keep cinemas shut and audiences away.
The plight of the world’s cinemas is not helped by a shortage of films to display. In addition, Warner Brothers said it plans to release all of its 2021 movies online on the same day as they are released to cinemas, airing on the HBO Max streaming service. Disney will also release more of its films online.
In order to remain viable through 2021, AMC says it will need at least $750m more. AMC operates over 1,000 venues across the world, including 636 in the US and 112 in the UK.
