AMC up as Spider-Man sends millions to U.S. theatres

Shares of AMC Entertainment Holdings Inc (NYSE: AMC) are keeping up this morning on the new Spider-Man movie that continued to send millions to its U.S. cinemas over the weekend.

Spider-Man did $253 million over the weekend

The global pandemic was rather gruesome for the movie theatres, but “Spider-Man: No Way Home” gave them a glimpse of the pre-pandemic times.

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Marvel’s latest instalment of the superhero action movie opened in the United States on Thursday and did $50 million. But none of it compared to how it put a whole new life into the domestic box office over the weekend with $253 million.

It was, of course, the highest grossing for the U.S. box office since the start of the pandemic. Interestingly, however, Spider-Man did manage to break a few of the pre-COVID records as well.

The best December opening of all-time

“Avengers: Endgame” made history in April 2019 when it grossed over $400 million at the domestic box office over the weekend. The new Spider-Man movie couldn’t beat its record but landed itself the third spot on the list of the best opening weekend ever.

In December, however, the U.S. box office has not seen a title do any better than “No Way Home” in its history. It was the biggest movie opening of all-time for Sony as well.

Late last week, IMAX Corporation CEO Richard Gelfond said the projections for Spider-Man over the weekend were for $150 million in the U.S. and another $150 million internationally. He had also expressed confidence that the new Omicron variant was unlikely to threaten business for the movie theatres.