LOS ANGELES (Reuters) - The largest theater chains including AMC Entertainment (NYSE:AMC), Regal Cinemas and Cinemark will invest more than $2.2 billion over the next three years to upgrade theaters in the U.S. and Canada, an industry group announced on Thursday.
Improvements will be made by the eight biggest theater chains in the region, representing over 21,000 screens and 67% of box office sales, according to the National Association of Theatre Owners.
The movie business has faced multiple challenges from the rise of streaming to the COVID-19 pandemic and the Hollywood strikes in 2023.
NATO said the funds would be used for various projects, including installing more comfortable seating, adding immersive sound and laser projection technology and improving air conditioning, carpeting and food and beverage options.