Major meme stock AMC Entertainment (NYSE:AMC) is up big today, and it has nothing to do with Reddit (probably). Indeed, AMC stock is up more than 20% today after big announcements related to the new Spider-Man movie.
AMC announced today that nearly 1.1 million people watched Spider-Man: No Way Home in theaters on its opening night. The movie has the second-highest advance ticket sales in the company’s history, behind only Avengers: Endgame, released in 2019. The film captures the highest December opening night ever for the movie company.
AMC CEO Adam Aron had some optimistic words about the blockbuster premiere. “Spider-Man 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,” he said.
So, what else do you need to know about the potential theater turnaround?
AMC Stock Could See Improved Outlook Amid Signs of Theater Resurgence
Spider-Man is certainly the start of the new movie momentum, but will it be the end? In short, it’s unclear. Marvel movies tend to stand head and shoulders above the competition when it comes to high profile releases, but this premiere had even more going for it than usual.
AMC offered premium moviegoers non-fungible tokens (NFTs) for early purchases of Dec. 16 showtimes. A series of conditions had to be met to redeem the 86,000 NFTs given. However, this first-of-its-kind offering from the company was sure to grab headlines. And it’s not the last of its kind. AMC is offering a series of daily challenges leading up to the release of the new Matrix Resurrections film, with the reward being — you guessed it — NFTs.
As such, it’s tough to say whether this latest movie resurgence is a one-off, or a sign of things to come. NFTs may be a legitimate motivator of ticket sales, or Spider-Man, Tom Holland and Zendaya may simply sell well.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
