AMC Theaters Back On MoviePass App

AMC Theaters Back On MoviePass App

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by: Elizabeth Balboa, Benzinga Staff Writer

 

MoviePass has restored service to 10 AMC Entertainment Holdings Inc AMC 3.9% theaters previously removed from the app, MoviePass CEO Mitch Lowe told Benzinga.

“We are thrilled to have added back AMC theaters to the app,” Lowe said Wednesday afternoon. "The theaters were added back last night. We think it’s a great move for both parties as well as the MoviePass consumers."

 

Why It's Important

Helios and Matheson Analytics Inc HMNY 3.36%, a majority owner of MoviePass, popped earlier in the day as speculation of the restored relationship circulated on Reddit.

AMC’s top 10 most trafficked locations had previously been blockedby MoviePass as the two entities negotiated an agreement. Those venues are:

 

  • AMC Empire 25 (New York City, NY)
  • AMC Century City 15 (Los Angeles, CA)
  • AMC Mercado 20 (San Francisco, CA)
  • AMC Disney Springs 24 (Orlando, FL)
  • AMC Loews Boston Common 19 (Boston, MA)
  • AMC River East 21 (Chicago, IL)
  • AMC Tysons Corner 16 (Washington, D.C. (Hagerstown, Md.)
  • AMC Veterans 24 (Tampa, FL)
  • AMC Loews Alderwood Mall 16 (Seattle, WA)
  • AMC Mission Valley 20 (San Diego, CA)

 

As yet, service at these theaters is not fully functional. Customers looking to use MoviePass can select the venues on the app, but no showtimes are listed. Instead, the theater pages provide the option to “check in” to a movie playing at the theater but not appearing on the platform.

 

What's Next

At time of publication, Helios and Matheson shares were trading up 6.9 percent at $2.75.

AMC was up about 3 percent to $15.70. Earlier in the day, AMC announced plans to open 30-40 cinemas in 15 cities in Saudi Arabia over the next five years.

"AMC's footprint in Saudi Arabia follows the country lifting its 35-year ban on cinemas," Deadline reported. "Similar to China, Hollywood is eyeing Saudi Arabia as the next big overseas market with the potential to churn out $1 billion annually."

 

 

Taylor Cox contributed to this report.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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