AMC Theatres, one of the largest cinema chains globally, has reported a notable 11.5% year-over-year increase in quarterly revenue. The reason for this revenue boost? Taylor Swift and Beyoncé.
CEO Adam Aron attributes this growth directly to the release of concert films featuring the two powerhouse artists, Swift and Beyoncé. Aron emphasized these films’ significant impact on AMC’s revenue, stating, “Literally, all of that increase in AMC’s revenue and EBITDA is attributable to our having shown these two movies in our theatres in the U.S. and internationally.”
Taylor Swift’s ‘The Eras Tour’ and Beyoncé’s ‘Renaissance: A Film By Beyoncé’ marked historic milestones for AMC, being the first-ever concert films distributed by the company in its 103-year history. Despite initial skepticism, these films turned out to be game-changers, not just for AMC but for the entire movie theater industry.
‘The Eras Tour’ by Taylor Swift proved to be a colossal success, pulling in $179.8 million domestically and claiming the title of the highest-grossing film in North America for Q4. Meanwhile, Beyoncé’s ‘Renaissance’ contributed significantly to December revenues, raking in $33.8 million.
These concert films not only drew in audiences but also served as a lifeline for movie theaters during a challenging period marked by reduced box office numbers. Aron highlighted the films’ significance by revealing that they represented a significant portion of the Q4 domestic industry-wide box office despite not being on the radar until mid-year.
Aron expressed gratitude to Taylor Swift and Beyoncé for choosing AMC as their distribution partner, acknowledging their immense contribution to revitalizing the movie theater experience.
“Our praise for Taylor Swift and Beyoncé Knowles Carter has no limit, and we offer our boundless thanks to those two world-class artists for entrusting AMC to collaborate with them as the theatrical exhibition of their two masterpiece creations.”
