AMC Entertainment Holdings Inc. (NYSE: AMC) has announced that its AMC Theatres on Demand service is now available on Apple Inc.’s (NASDAQ: AAPL) Apple TV platform.
What Happened: AMC broke the news this afternoon via its Twitter (NYSE:TWTT) page, tweeting, “#AMCTheatresOnDemand is now available on @AppleTV! Find it on the app store & start watching movies now.”
Apple TV was conspicuously not among the platforms offering the video on demand service when it launched in October 2019 – it was initially available only through the company’s site and mobile app, smart TV apps and through Roku (NASDAQ: ROKU). The AMC service, which enables viewers to buy or rent films, was considered too close to the Apple TV model for the latter to make it available for its users at the time of its launch.
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Why It Matters: While the financial aspects of the Apple TV announcement were not made public, the new partnership with Apple aligns with the goals that AMC CEO Adam Aron outlined for strengthening the company’s financial position in 2022.
“We are always thinking of creative ways to make AMC’s future more secure,” Aron stated, noting he was focused on bolstering its balance sheet.
“There is no guarantee of success, but we will try very hard to get this done,” he added.
On Tuesday afternoon, AMC stock was trading at $22.42 down 1.76%, while Apple shares were up 1.57% at $174.90.
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