Concert films of Taylor Swift's and Beyoncé boosted AMC Theatres' revenue the past year.
According to CEO Adam Aron, as reported by CNBC, the company reported a significant increase in revenue and earnings for the fourth quarter of 2023. Largely attributed to the success of these films.
AMC Theatres saw total revenue grow to over $1.1 billion in the fourth quarter of 2023. Compared to around $990 million the previous year. Adjusted earnings nearly tripled to $42.5 million. Marking a substantial improvement over the $14.5 million reported for the same period in 2022.
Aron emphasized the impact of Taylor Swift's “The Eras Tour” and Beyoncé's “Renaissance: A Film by Beyoncé” as key drivers behind AMC's financial growth. These concert films, distributed by AMC, outperformed other theatrical offerings. Particularly from major studios like Paramount Pictures, Sony Pictures, and Lionsgate.
The success of Swift's concert film, which became the highest-grossing domestic concert film of all time, set the stage for Beyoncé's subsequent release. It now grossed over $260 million worldwide, surpassing Michael Jackson's “This is it.”
In addition to Taylor Swift and Beyoncé, AMC Theatres also has plans on their own to boost their earnings. This includes new versions of the iconic pre-show commercial featuring Nicole Kidman. These commercials will debut in three 30-second versions, adding to the moviegoing experience for audiences.
With exclusive merchandise and collectible popcorn buckets adding to the excitement, Aron believes that moviegoers continue to flock to theaters when Hollywood delivers both quantity and quality in its releases.
As AMC Theatres navigates through changing landscapes in the entertainment industry, the success of concert films and anticipation for upcoming releases signal a promising outlook for the movie theater experience.
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