Beyoncé & Taylor Swift – Source: John Shearer / Getty
After an amazing quarter, AMC Theaters revealed all of its extra coins came from Beyoncé and Taylor Swift releasing films.
When the pandemic started the world as we knew it changed and we doubted if movie theaters would be around in the aftermath. Aside from theaters being shuttered for months with no revenue flow, the other issue is getting people in one room together with COVID-19 raging in the air.
As we sit in 2024 movie theaters are not only still around they are seeing growth from unlikely places. According to the Hollywood Reporter, Beyoncé and Taylor Swift releasing their concert films was a blessing for theaters like AMC.
AMC Theaters CEO Adam Aron admitted “literally all” of the extra revenue in the last quarter came from both superstar releases.
“What is particularly noteworthy is how much AMC benefited from our trailblazing industry leading efforts with our highly successful distribution of two concert movies Taylor Swift: The Eras Tour and Renaissance: A Film By Beyoncé,” Aron wrote in the press release. “Despite a diminished box office overall, in the fourth quarter compared to the same quarter a year ago, AMC’s revenue grew by 11.5 percent and AMC’s adjusted EBITDA almost tripled. 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.”
In the fourth-quarter AMC revenue grew to $1.10 billion bringing their total revenue to $4.8 billion. While Marvel films are bringing in less revenue each film the two queens of music delivered.
Hopefully next year we receive more concert films as the public seems to love the experience. Kanye West and Drake streamed their “Free Larry Hoover” concert to theater screens previously. Maybe actual concerts could be the new trend for AMC.
What artists would you like to see bless us with a theater concert experience?
