IMAX CEO on movie industry rebound: ‘It’ll be like the roaring 20s’
There appears to be light at the end of the tunnel for the movie industry, which was ravaged by the coronavirus pandemic. After a record year in 2019, box office sales globally plummeted 71% last year as movie theaters struggled with pandemic-induced shutdowns and capacity restrictions, according to Comscore.
IMAX CEO Richard Gelfond told Yahoo Finance Live that with the COVID-19 vaccine rollout, he’s hopeful the movie industry will bounce back by the summer.
Gelfond said post-pandemic, movie chains will be focused on blockbusters. Some of the highly anticipated films that Gelfond is banking on this year include “Top Gun: Maverick,” “Black Widow,” and “Fast & Furious 9,” all of which had their planned 2020 releases pushed back to 2021.
Some of the stocks that might benefit from the rebound of the movie industry are:
- IMAX Corp / Ticker: IMAX
IMAX is a Canadian company providing end-to-end cinematic solutions, including proprietary software, theater architecture, and equipment. The company has four segments: Network Business, Theater Business, New Business and Other. IMAX is best known for designing and manufacturing premium theater systems and digitally re-mastering films into the IMAX format and the exhibition of those films in the IMAX theater network.
- AMC Entertainment Holdings Inc / Ticker: AMC
AMC Entertainment is a holding company that, through its subsidiaries, provides movie theater services including movie screening, food, online ticket booking, and similar services. The company operates theaters worldwide.
- Cineworld Group PLC / Ticker: CINE
Cineworld Group is a U.K.-based cinema operator with locations throughout the U.K. and Ireland. The company specializes in corporate and private events using digital projection facilities to display a variety of media.
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