LOS ANGELES, Sept 19 (Askume) – The largest theater chains including AMC Entertainment (AMC.N) , Regal Cinemas (CINE.D) and Cinemark (CNK.N) plan to upgrade theaters in the United States and Canada over the next three years, an industry in which the organization announced on Thursday it would invest more than $2.2 billion.
The reforms will be driven by the region’s eight largest theater chains, which have more than 21,000 screens and account for 67% of box office revenue, according to the National Association of Theatre Owners.
The film industry is facing a number of challenges, from the rise of streaming to the COVID-19 pandemic and Hollywood’s move into 2023.
NATO said the funds would be used for a variety of projects, including more comfortable seating, immersive sound and laser projection technology, as well as improvements to air conditioning, carpeting and food and beverage options.
