AMC Entertainment is giving Taylor Swiftand Beyoncé a standing ovation … the theater chain says their concert movies are behind “literally all” of its revenue to close 2023.
AMC just reported quarterly earnings to Wall Street, and the nationwide chain says Bey and Tay Tay helped boost their financials big time.
On the strength of “Taylor Swift: The Eras Tour” and “Renaissance: A Film By Beyoncé,” AMC raked in $1.1 billion in fourth-quarter revenue.
The massive figure is up from the $990.9 million in revenue AMC reported in the fourth quarter of 2022, a huge increase as far as AMC is concerned.
Taylor and Beyonce are getting their flowers, too — AMC’s CEO Adam Aron says “literally all” of the increased revenue is a result of the singers’ concert movies.
Remember, AMC signed deals last year with Taylor and Beyonce to exclusively distribute their concert films, and it turned out to be a brilliant business move for all involved.
Adam adds … “To that end, our praise for Taylor Swift and Beyoncé Knowles Carter has no limit.”
Without the box office boost from Swifties and the Beyhive, things would probably look pretty bleak for AMC right now … the company says it’s still rebounding from last year’s Hollywood strikes.
Overall, AMC still lost $182 million in the quarter, but that is way down from last year’s $287.7 million loss … hence the glee from AMC execs over Taylor and Beyonce.
Essentially, the theater chain’s still hurting — but the superstar singers helped bring the hemorrhaging down to a trickle.
Now, AMC is turning to a different celeb to get butts in theater seats … AMC announced a trio of new, 30-second Nicole Kidman commercials — y’know the ones about “making movies better” — which will play in theater previews, starting Friday.
With Taylor and Beyonce changing the game here with their concert films, AMC says they’ll have more concert movies in 2024 and 2025.
Aron says the company’s phones are ringing off the hook with calls from different musicians.
Still, Taylor and Beyonce set the standard, and they’re gonna be hard to top.
