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Movie theater stocks are roaring thanks to 'Godzilla vs. Kong'

April 5, 2021. Summarized by summa-bot.

Compression ratio: 59.9%. 1 min read.

Even though HBO Max subscribers had the option to stream "Godzilla vs. Kong" in the comfort of their home, plenty of moviegoers went to see the blockbuster in a theater. And that's great news for the publicly traded owners of big multiplexes.

New York (CNN Business)HBO Max subscribers had the option to stream "Godzilla vs.

Warner Bros. , the studio that released the film, said Sunday that "Godzilla vs.

Kong" has raked in nearly $50 million at the US box office since its release last Wednesday, sending shares of AMC (AMC) — a stock that's incredibly popular with traders on Reddit — soaring more than 15%.

Those box office numbers make the epic monster mash film the biggest Hollywood hit, by far, since the pandemic forced many theaters to shut down for a big stretch last year.

Some moviegoers are clearly craving the big-screen experience, and that will be a boost for the likes of AMC.

AMC's monster move was echoed on a smaller scale by other related stocks: Cinemark (CNK), Marcus (MCS) and giant screen exhibitor IMAX (IMAX) also each rose between 3% and 6% while the UK-listed shares of Cineworld, the London-based owner of Regal Cinemas, were up 4%.

The strong debut for "Godzilla vs.

Kong" is particularly notable that given that HBO Max customers could watch the movie for free as part of their monthly subscription.

"Godzilla vs.

Kong" studio Warner.

Bros, like HBO Max, is a part of CNN parent company WarnerMedia.

The success of "Godzilla vs.

Kong" could be a good sign for other big movie studios, such as Disney (DIS), Comcast (CMCSA) and ViacomCBS (VIAC), though all three of them also have their own streaming services.

So far, only WarnerMedia has decided to make all of its new releases available for streaming at no extra charge to subscribers.

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