AMC Entertainment and Netflix working together might sound like something “out of a movie” no pun intended 🙂 but this is actually happening.
AMC CEO Adam Aron took to twitter on October 7th and said: “I have been working for 4 years to be able to say this! Today, we announced our first ever showing of a Netflix movie at AMC in the U.S. and Odeon in Europe. The Knives Out sequel, stars Daniel Craig. Success here could lead to more Netflix movies at AMC.”
This news came as a shock to some of the retail investors known as the Apes as the movie theatres and streaming services were seen as almost enemies for as long as we can remember.
In early 2021 the mainstream media and those who were short selling AMC Stock even came up with a widespread narrative which was that the movie theater industry as a whole would be whipped out because of streaming services, which if history has taught us anything we know this does not seem to be the case.
Here is the official press release of the news of AMC and Netflix’s plan to collaborate together :(BUSINESS WIRE)–AMC Theatres® (NYSE:AMC and APE), the largest theatrical exhibitor in the United States and the world, today announced that the Company has reached its first-ever agreement with Netflix to play a Netflix movie theatrically. From November 23-29, AMC moviegoers can enjoy GLASS ONION: A KNIVES OUT MYSTERY at more than 200 locations throughout the United States. It will also play at select Odeon Cinema Group’s locations in the UK, Ireland, Italy, Germany, and Spain.” (Source: https://www.businesswire.com/news/home/20221006005969/en/_)
Could this collaboration be the start of a bigger way for movie theaters and streaming services to potentially work together more in the future? Does this prove that traditional movie theaters might have more of a long-term place in society? This is going to be fun to see how this all plays out! stay tuned for more!