AMC Entertainment Holdings Inc. (NYSE:AMC) announced the new Sony Pictures (NYSE:SONY) release “Spider-Man: No Way Home” has broken box office records at its U.S. theaters.
What Happened: According to the company, the film opened last night and immediately became the single highest grossing title on an opening night in AMC's history for a movie opening in the month of December. It also was the second highest grossing movie title on its opening night of all-time; only the 2019 release of the Walt Disney Co.’s (NYSE:DIS) “Avengers: Endgame” did better.
AMC estimated that nearly 1.1 million people filed into its theaters to see the new film, marking the highest number of people watching one film on one day in its U.S. theaters for all of 2020 and 2021. The company added attendance at its international theatres was “also robust,” although it did not provide accompanying data.
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Why It Matters: AMC Chairman and CEO Adam Aron stated the film’s popularity “clearly indicates to us that consumers in large numbers desire the experience that only AMC theaters can provide, and our amazing theater teams were prepared for the moment.”
Industry observers are predicting “Spider-Man: No Way Home” will easily break past the $100 million for its premiere weekend box office in the U.S., passing by the $90 million record for the pandemic era set by another Sony title, “Venom: Let There Be Carnage.”
AMC Price Action: AMC's stock is surging more than 12% to $27.46 a share at publication time.
Photo: Zendaya and Tom Holland in “Spider-Man: No Way Home,” courtesy of Sony Pictures.
