Moviegoing will likely always be on many people’s list of of things to do on a night out. But the pandemic decimated the industry in 2020, pushing global revenue down 71%. The need to stay at home drove sales of another popular activity — video games — past movies and music combined.
Despite the trends, traders became enamored with theater chain AMC Entertainment (NYSE: AMC) earlier this year. A combination of economic recovery and the traders’ motivation to burn those betting against the stock fueled a rally lifting shares 2,000% this year.