“Movies Are Back And They Are Here To Stay.” Analyst Says Spider-Man’s Record Breaking Preview Night Proves Streaming Didn’t Kill Movie Theaters After All

AJ TiarsmithFri, July 31, 2026 at 2:22 PM UTC

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Spider-Man: Brand New Day's $50M preview night set post-COVID records, with Sony projecting $195M domestic and validating SONY and AMC's theatrical thesis.

AMC's Q2 EBITDA jumped 70% to $321M in a record-breaking quarter, but $3.85B in debt and negative equity keep balance-sheet risk elevated.

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The theatrical exhibition rebound found its exclamation point overnight. Deadline reported over $50 million in preview night showings for Spider-Man: Brand New Day, setting records for Spider-Man, for Sony Pictures, and for post-COVID-era preview night box office. The performance drew a direct response on CNBC Friday morning from Fandango and Rotten Tomatoes correspondent Erik Davis, who was asked whether the moviegoing rebound is real.

"Without a doubt. The movies are back and they're here to stay, and people just love going to see them on the big screen," Davis said. His framing matters for investors weighing two publicly listed names tied to the outcome: Sony Group (NYSE:SONY), the studio behind the Spider-Man franchise, and AMC Entertainment (NYSE:AMC), the largest US exhibitor.

The Preview Night Number That Reset Expectations

Davis broke down the scale of the opening. "Over $50 million domestically in preview night showings, which would be a record for Spider-Man, a record for Sony Pictures, and a record for preview night box office in the post covid era," he said. Sony Pictures is projecting an opening of $195 million domestically and $270 million internationally.

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Sony Pictures sits inside a broader Sony conglomerate that reported Q1 FY2027 results earlier Friday. Revenue reached $17.75 billion, up 8.3% year over year, with Pictures segment revenue of $1.95 billion and Motion Pictures contributing $643 million. Sony raised its full-year FY2027 outlook to JPY 12,500B in sales and JPY 1,720B in operating income, and lifted the annual dividend forecast to JPY 35.00 per share from JPY 25.00, according to its 6-K filing. Shares are up 10.05% over the past week and 13.51% over the past month, though still down 11.05% year to date.

Davis: 2026 Is the Strongest Post-COVID Year

"It's been an extraordinary year for the theatrical box office. I personally feel it's the strongest year for movies that we've seen in the post covid era, not just because the box office is thriving, but also so many diverse kinds of films," Davis said. He pointed to a Michael Jackson music biopic that earned over $1 billion as evidence demand extends past superhero tentpoles.

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Davis attributes much of the pull to premium formats. "Audiences are really drawn to sort of these event formats, these formats that take the moviegoing experience to the next level," he said, calling out ScreenX (270-degree panoramic viewing, with Spider-Man the first film ever shot in the format), Dolby Cinema, and 4DX, including the world's largest 4DX theater at a Regal cinema in Times Square. Regal's parent company is not US-listed.

The Read-Through for AMC

AMC's Q2 2026 print already flagged the setup. CEO Adam Aron said "The second quarter of 2026 was nothing short of extraordinary for AMC. In our 106-year history, never before has AMC had such superb results" in the company's July 20 release. Revenue rose 14.2% to roughly $1.6 billion, adjusted EBITDA jumped 70% to $321.4 million, and domestic industry box office of about $2.99 billion was the biggest quarter in seven years. Aron cited Spider-Man: Brand New Day, Dune: Part Three, and Avengers: Doomsday as pillars of the back half.

The market has started to reprice the recovery. AMC shares are up 77.56% year to date and 45.79% over the past month, though still down 99.25% over five years. Balance-sheet risk lingers, with $3.85 billion in corporate borrowings and negative stockholders' equity of $1.45 billion. Analyst coverage tilts cautious, with two buys, four holds, and one sell.

What Investors Should Watch

Davis argues the theatrical window is regaining pricing power when the content lineup and premium formats give audiences a reason to leave home. For Sony, the Pictures segment becomes an increasingly visible earnings lever alongside PlayStation and Music. For AMC, sustained attendance across a diverse slate is the variable that determines whether the operating leverage shown in Q2 carries through the second half. Preview night gave both companies a data point worth taking seriously.

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