Taylor Swift And Beyoncé Drove All Of AMC Theatres’ Quarterly Profits
Tay and Bey’s concert films have single-handedly driven all of AMC Theatres’ fourth-quarter profits. According to The Hollywood Reporter, Taylor Swift’s The Eras Tour and Beyoncé’s Renaissance: A Film By Beyoncé brought in $1.10 billion for the chain. For the full year, the theater chain reported a total revenue of $4.8 billion, up $577 million from 2022.
AMC Theatre CEO Adam Aron said that “literally all” of the increase in revenue in the fourth quarter was driven by the two icons. Total theater attendance in the fourth quarter grew to 51.9 million, up 4.7 percent from a year ago. What Aron finds particularly noteworthy is how much the company has benefited from the two concert movies. Despite a diminished box office overall, all of that increase in AMC’s Revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization) is attributable to the two films shown in the US and internationally. As we previously reported, both Swift and Beyoncé supported one another at their film premieres last year. There have been some (maybe hopeful) rumors that the artists might work together for Bey’s upcoming country album, Renaissance: Act II.
RELATED: Taylor Swift’s Eras Tour Concert Film Is Coming To Streaming
Aside from these two films, the fourth quarter domestic industry-wide box office was down 35 percent, as the industry continues to deal with the lingering impact of the dual writers and actors strikes. The CEO believes the impact of the strikes will ease up by this upcoming spring, as films like Dune: Part Two, Kung Fu Panda 4, Immaculate, Monkey Man, The Ministry of Ungentlemanly Warfare, and Challengers among the highly-anticipated films set to release.
As we previously reported, The Eras Tour is now the highest-grossing concert/documentary film of all time. Following its December 31 debut, The Eras Tour movie surpassed $261.6 million, pushing it past the previous record holder, Michael Jackson’s This Is It, the posthumous 2009 doc that grossed $261.2 million at the global box office.
