Investing.com -- AMC Entertainment (NYSE:AMC) Holdings Inc., the largest cinema chain globally, has announced plans to reduce the price of movie tickets in the US by 50% on Wednesdays. This move is designed to attract more people to theaters during the midweek slump.
The company has been in talks with major Hollywood studios about the discount plan and is set to initiate the price cuts from July 9, according to Bloomberg, citing anonymous sources familiar with the matter.
AMC narrowly avoided bankruptcy during the peak of the pandemic. The company’s first-quarter results, which were released last week, surpassed analysts’ revenue predictions. However, the revenue from theater admissions fell 11% compared to the same period last year. The company stated that, excluding the pandemic’s impact, this was the poorest start to a year for the industry since 1996.
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