Many major franchises won't be seen in theaters again until spring or summer of next year and longer in some cases. Film production and releases have suffered major delays from COVID-19. While the theater-only releases and their relatively big hauls look good for the cinema companies, the situation is far from normal. Struggling theater chain and meme stock AMC Entertainment Holdings ( NYSE:AMC) rose almost 6% after the James Bond release while IMAX ( NYSE:IMAX) declined slightly in spite of the upbeat results for cinemas. However, its stock is still trading at approximately half its value before the March 2020 pandemic crash. Shares of Cinemark spiked 5.5% after Venom's opening weekend and jumped again more than 3% following No Time to Die's launch. What this means for Cinemark and other theater chains This figure is somewhat lower than expected but is still an excellent performance after the long COVID-19 cinema drought. One of 27 total films in the franchise, No Time to Die is in the top 15% for profitability. This put it at fourth place in the franchise for opening-weekend, box-office profits. In North American cinemas alone, the James Bond film took in a juicy, though not record-breaking, $56 million on its opening weekend. The month's other blockbuster film success to date, No Time to Die, the latest in the franchise featuring the firearm-toting, fictional British secret agent James Bond, has raked in more than $300 million globally. By the second weekend in October, the Venom sequel sold $141.7 million worth of domestic box office tickets, bringing its worldwide total to $185.6 million and drawing audiences from Russia to South America. In reality, however, it scooped up $90.1 million, of 12% more than the $80.3 million harvested by the first Venom film. Just days prior to the release, Sony Group ( NYSE:SONY) had hoped to make $50 million from Carnage's domestic debut. The film was released exclusively to theaters, making it impossible to view through streaming services on its opening weekend. Venom: Let There Be Carnage, the sequel to the 2018 Venom superhero film about a man symbiotically bonded with a wisecracking alien monster, was the first movie in recent weeks to show that cinema isn't quite dead.
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January 2023
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