This pandemic has heavily affected several companies and caused them to lose revenue and AMC Theaters, the largest cinema chain in the U.S. is one of them.

AMC closed its doors between Feb. 23 through March 17 to comply with local, state, provincial and national directives and to keep its employees safe.

As of June 30, AMC has reopened a few theaters in nine countries.

In order to update shareholders with their revenue, AMC released a press release, which showed the second quarter results of 2020 from January-June 30.

In that press release, it showed that AMC had made $960.4 million this year from Jan-June.

However, comparing the results from January-June in 2019, AMC made a revenue of $2,706.5 million, which is a loss of $2,737.5 million this year for the company.

Comparing the amount of customers AMC had in 2019 versus 2020, there was a loss of 87,210 customers that theaters saw less of this year.

That also resulted in 6,212 fewer screens playing films in AMC theaters this year. Of course, this was also due in part to theaters being closed for a couple of months.

However, AMC is trying to remain proactive with this loss and figure out different ways to create revenue and still follow guidelines due to this pandemic. One of the ways AMC is trying to stay afloat is by creating deals with other companies.

A deal AMC has started is collaborating with Universal Studios.

The deal consists of allowing Universal to play its films for three weekends or 17 days, before releasing the films to video-on-demand platforms. This is historic because previously, theaters had the film rights for 90 days before releasing to video-on-demand platforms.

Adam Aron, CEO and President of AMC, said that Universal will be releasing 6 new films for AMC to play on their screens in their fourth quarter.

Universal or AMC has yet to disclose any more information on this deal, but this can largely benefit AMC and help bridge the gap of the revenue that was lost in the beginning months of this year.

This deal with Universal also allows customers to be able to experience films they may not have access to because they are only viewable for video-on-demand platforms.

Another way AMC is trying to save money is by eliminating what is deemed non-essential to the company.

AMC has eliminated 176 corporate-level positions, their theater-level crew members have been fully furloughed and theater-level management positions have been reduced to the minimum level necessary to begin operations when they are given the okay to do open up again.

The company has also eliminated any marketing, travel and promotional expenses for the time being.

The company has high hopes in regaining the revenue lost this year and their hope is to do so when they are able to open up more theaters in the U.S.

With the theaters that are open, AMC is proactively in touch with former and current faculty from Harvard University School of Public Health to learn more about what they can do to keep their employees and guests safe in their theaters.

There is no doubt that AMC has struggled this year and has lost a large amount of revenue due to COVID, but they are being responsive to maintain afloat this year.