When a theater chain starts talking about loyalty the way airlines and retailers do, we should pay attention — because the playbook for keeping members engaged is changing fast, and the brands that figure it out first will own the next decade of customer relationships.
The squeeze behind AMC's pivot
AMC Entertainment, one of the world's largest theater operators, finds itself in a tighter spot than the pre-pandemic version of itself ever was. Attendance dropped sharply after 2020, recovered only partially, and now follows an uneven rhythm: blockbuster weeks followed by long stretches when no tentpole title draws crowds. That kind of volatility makes staffing, concession planning and financial forecasting genuinely painful.
Layered on top of that is competition AMC didn't used to face at this intensity. Major streaming platforms have pushed studios toward shorter or simultaneous release windows for certain films, which means even titles that historically would have anchored an exclusive theatrical run now face a same-day alternative on the couch. Management has been adapting cost structures and looking for alternative revenue sources, because the old assumption — that traditional moviegoing would grow steadily year after year — no longer holds.
Why loyalty suddenly matters more
Part of AMC's response is leaning into premium formats and concessions to extract more value from each visit. But the more interesting move for anyone watching the loyalty space is the broader signal: loyalty programs are becoming a strategic lever for entertainment brands, not just a perk. We're seeing this across categories right now. United is overhauling its loyalty program, and Home Depot just expanded Pro Xtra with new partner offers — both companies treating membership as core infrastructure, not a marketing afterthought.
For brand managers, the takeaway is straightforward. The same forces hitting AMC — unpredictable demand, commoditized core product, rising cost of acquiring a new customer — are hitting everyone. The brands pulling ahead are the ones treating their loyalty program as a value exchange: what does the customer give us (data, attention, frequency), and what do we give back in a way that feels worth it?
What to track from here
A few things worth watching as this story develops. First, whether AMC leans further into partnerships and cross-category rewards — the same move Home Depot just made with Pro Xtra — because that's where loyalty programs are gaining real traction. Second, whether premium-tier memberships start replacing generic "free to join" models, since premium tiers tend to deliver better unit economics and stronger affinity.
And the one we always come back to: every loyalty program lives or dies on friction. If the points feel confusing, the rewards feel generic, or the experience requires too many taps, members drift away no matter how clever the brand-side economics are. AMC's next chapter will tell us a lot about whether entertainment brands can build the kind of sticky, community-driven membership that airlines and retailers have spent a decade perfecting.