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(Bloomberg) — Shares in movie theater operators climbed Monday after Spider-Man: Brand New Day and The Odyssey showed that a strong summer movie slate is driving audiences back to cinemas.
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AMC Entertainment rose as much as 7.4% as trading got underway Monday in New York before giving up most of those gains, while Marcus Corp. rose 5.8%, Cineplex Inc. rose 3.6%, IMAX rose 3.3% and Cinemark Holdings Inc. rose 4.2%.
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AMC said it generated the highest weekend revenue in its more than 100-year history. More than 10.2 million moviegoers attended AMC and Odeon locations from Wednesday to Sunday for the latest movie featuring the beloved superhero, played by Tom Holland. AMC also said it set company records for Dolby Cinema admissions and food-and-beverage revenue.
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The new Spider-Man film, distributed by Sony Pictures Entertainment and produced in partnership with Walt Disney Co.’s Marvel Studios, was the largest opening weekend of any film this year and the biggest debut in Hollywood history, bringing in $360 million in the US and Canada and $932 million worldwide.
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“For AMC, this was a truly historic weekend,” Chief Executive Officer Adam Aron said in a statement. “It is a powerful and unmistakable reminder that audiences overwhelmingly embrace the theatrical experience when studios release films that audiences want to see and support them with strong marketing campaigns.”
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Spider-Man has proven to be a winning formula for Sony. The films based on the character have grossed billions of dollars since the early 2000s as the arachnid-like crime-stopper has become a crucial fixture in the Marvel Cinematic Universe, Hollywood’s most successful franchise in history.
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But Spidey isn’t the only blockbuster draw this summer. Christopher Nolan’s The Odyssey, which was released on July 17, made $124.5 million domestically in its opening weekend, and also helped drive demand for premium IMAX screenings.
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Demand for The Odyssey remains particularly strong across AMC’s more than 200 Imax screens globally, including in New York’s AMC Lincoln Square 13, which operated around-the-clock Imax 70mm showtimes Friday through Sunday for the third straight weekend, the company said.
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Cinemark also reported its biggest domestic weekend box office ever, noting Spider-Man: Brand New Day and the continued success of The Odyssey helped to drive record admissions and concession sales.
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Theater ticket revenue is up 15.2% this year compared with a year ago, according to Rentrak, which tracks box office data, and is on pace to possibly set a post-pandemic record. While blockbusters like Brand New Day are rare, the industry still has a few more potential hits teed up, including Dune: Part Three and a new Avengers, both coming on Dec. 18.
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—With assistance from Thomas Buckley.
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English (US)