Taylor Swift & Beyoncé drove ‘literally all’ of box office growth last quarter, world’s largest theater chain reports

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In the last quarter, the US cinema industry witnessed an unexpected surge in visits, a phenomenon that has been trending online. The driving force behind this surge was none other than the global music icons, Taylor Swift and Beyoncé. Their concert films, ‘Taylor Swift: The Eras Tour’ and ‘Renaissance: A Film By Beyoncé’, were the key contributors to the revenue increase of AMC Theatres, which is the world’s largest theater chain.

 

AMC Theatres reported a significant increase in their fourth-quarter revenue, beating Wall Street expectations. The revenue jumped by 11%, reaching $1.1 billion. The CEO of AMC Theatres, Adam Aron, attributed “literally all” of this increase to the successful distribution of these two concert movies. Despite a diminished box office overall, AMC’s revenue grew by 11.5 percent and AMC’s adjusted EBITDA almost tripled.

 

These films not only boosted the revenue of AMC Theatres but also enhanced movie theater ticket sales across the entire industry. They represented fully “one ninth” of the fourth-quarter domestic industry-wide box office. This is a stunning result given that neither of these films were on anyone’s drawing board until mid-year.

 

The success of these concert films has sparked a new trend in the cinema industry, leveraging the popularity of music icons to drive cinema visits. It’s a testament to the power of innovative content and the enduring appeal of communal viewing experiences.

 

What do you think about this new trend in the cinema industry? Do you believe other music icons should also release their concert films in theaters? Share your thoughts!

 

 

Read more:

• https://deadline.com/2024/02/taylor-swift-beyonce-concert-films-amc-entertainment-1235841091/
• https://www.hollywoodreporter.com/business/business-news/taylor-swift-beyonce-amc-theatres-revenue-increase-1235838674/
• https://www.tmz.com/2024/02/28/taylor-swift-beyonce-concert-movies-responsible-all-amc-movie-theater-revenue/

 

 

Top images: Michael Bush | Dreamstime.com (left) and Fabio Diena | Dreamstime.com (right)