AMC Theatres kept its investor and public relations departments rather busy last week. Along with earnings for the third quarter of 2024, the world’s largest exhibitor announced several major initiatives as part of its continued effort to elevate the moviegoing experience and stabilize its financial outlook. For Q3 AMC reported revenues of USD $1.35 billion, though it saw a net loss of USD $20.7 million, a significant drop from its USD $12.3 million profit in Q3 2023. Despite the loss, CEO Adam Aron expressed optimism, citing improvements in adjusted EBITDA and revenue per patron, emphasizing the company’s achievement of “the second-best third-quarter Adjusted EBITDA in AMC’s 104-year history.” (Say that three times fast.) Aron credited these gains to a strengthening box office, predicting continued improvement as AMC prepares for a strong lineup of releases for the upcoming holiday season and into 2025.

One day after its earnings call, AMC was back to introduce the “XL at AMC” format in the United States, following a successful pilot in Europe. Set to launch in early 2025, XL at AMC features 4K laser projection and large screens of at least 40 feet (12 metres), allowing patrons to enjoy films on the biggest non-premium large format screens available. This rollout is expected to span 50 to 100 U.S. locations by the end of 2025, with plans to expand to 200-250 locations over time. Aron noted the growing preference among moviegoers for larger screens, stating, “Through XL at AMC, not only do guests get to enjoy the magic of 4K laser projection on a huge screen, but we’ve also made identifying these extra-large screens even more convenient for guests.”

Later that very same day, AMC unveiled its “Go Plan,” an ambitious USD $1 – $1.5 billion investment strategy aimed at renovating theatres and expanding premium offerings, such as IMAX with Laser, Dolby Cinema, and PRIME formats. The plan includes major upgrades across top-performing locations in the U.S. and Europe, including new Luxe Cinemas at ODEON in the United Kingdom. In addition, AMC aims to double or triple its “Laser at AMC” auditoriums over the next seven years as part of this investment. Aron underscored AMC’s commitment to its core theatrical experience, calling the Go Plan “AMC’s most aggressive, forward-looking theatrical investment initiative this decade,” while noting that the timing of investments would be aligned with AMC’s financial prudence.