NEW YORK (AP) — The record-breaking weekend debut of “Frozen 2” has lifted U.S. movie theater stocks out of a year-long freeze.
Shares in AMC Entertainment Holdings jumped more than 4% Monday while other chains also posted significant gains.
Movie theater companies have struggled to grow in recent years as streaming services like Netflix produce their own content as well as offer libraries of films that viewers can watch in the comfort of their own homes. Apple and Disney recently joined the streaming party, offering their own monthly subscription-based content.
“Frozen 2” raked in $127 million debut domestically and $350.2 million worldwide this weekend, according to studio estimates. It was enough to boost shares in Cinemark Holdings, Marcus Corp. and Cineworld Group Monday morning.
Shares of AMC, based in Kansas, have lost nearly one-third of their value this year. Cinemark and Cineworld are both down more than 10% in 2019.