According to the technology news network Engadget, Amazon may have movie theaters of its own if it successfully goes through to acquire the Landmark Movie Theatres. It is reported to be one of the companies that is looking to purchase the Landmark Movie Chain and its 50 locations in 27 markets in such major areas as New York, San Francisco, Los Angels, Chicago, and Philadelphia, with a movie focus on indie and foreign films.
An e-commerce giant, Amazon had named a new studio chief, and the company had made changes in its organization to help take on its competitor Netflix. Earlier in the year, the company had mentioned that it was working on producing major films to help people subscribe to Amazon Prime.
According to Time, Amazon spends billions of dollars each year on their television shows and their films, noting that this makes shoppers join their Amazon Prime subscription plan, and it makes its existing users very like to renew. The company was originally founded as a book seller, and it gave authors an alternative to the big publishing houses, so it made the segue easier for readers and authors, with no middle person in between.
Bloomberg noted that its push in the movie theaters direction is an expansion of the company, similar to how it expanded in other media forms, such as film, television studio and its music service. The Landmark Movie Theaters are known for their “art-house fare,” and in some of their high-end locations, they have lounges and coffee bars, which makes them out stand out from the quintessential movie theaters.
From an investors’ standpoint, this move by Amazon was viewed upon favorably, and the share price of AMC Entertainment Holdings and the Cinemark Holdings increased substantially. As indicated by Bloomberg, AMC’s share price rose as high as 4.2 percent, where it subsequently reached its highest point this year.
No final decision has been made up until this point, and Amazon and the Landmark Movie Chain have yet to comment.
