Amazon (AMZN) is betting big on the theatrical experience. The tech giant plans to invest $1 billion to produce 12 to 15 movies a year exclusively for theaters, according to a new report from Bloomberg. That spending would be roughly on par with major film studios like Paramount Pictures (PARA), Bloomberg noted. The report sent shares of theatrical giants like AMC (AMC) and Cinemark (CNK) higher on Wednesday, gaining 4.4% and 12.5%, respectively. Amazon did not immediately respond to Yahoo… Source link
Read More »IMAX CEO on skipping theatrical releases: ‘The debate is over’
IMAX (IMAX) CEO is bullish on the theatrical window. “The debate is over,” IMAX CEO Richard Gelfond told Yahoo Finance Live in a new interview (video above). “The argument that you can skip a theatrical window and make up for it on streaming just isn’t true. The theatrical window is more essential than ever to get the streaming revenue.” Gelfond referenced deep direct-to-consumer losses from streaming-facing media companies like Disney (DIS), which reported disappointing earnings this week… Source link
Read More »IMAX stock rises on revenue beat as ‘Maverick,’ ‘Dr. Strange’ boost theatrical return
Editor’s Note: This post is breaking and will be updated IMAX (IMAX) reported its fiscal second quarter earnings on Thursday after market close as a healthy summer box office season helped the company deliver strong top-line growth, with revenue up 45% year-over-year. Here are IMAX’s second quarter results compared to Wall Street’s consensus estimates, as compiled by Bloomberg: “Doctor Strange in the Multiverse of Madness,” “Top Gun: Maverick” and “Jurassic World: Dominion” helped lift overall… Source link
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