Many were surprised when AMC Theatres signed exclusive deals with Taylor Swift and Beyonce to distribute their concert films, but they’re reaping the rewards.
via: ET Online
The company is crediting the stars’ respective concert documentaries for an increase in revenue in recent months, saying that “literally all” of those earnings were driven by fans attending their films.
According to multiple reports, the theater chain reported fourth-quarter revenue of $1.10 billion — up from $900.9 million in 2022 — and a net loss of 182 million, compared to a net loss of $287.7 million in 2022. Total attendance was up 4.7 percent from the year before, with 51.9 million audience members.
“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,” AMC Theater CEO Adam Aron wrote in a 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.”
As a result of Swift and Beyoncé’s big screen successes, fans can expect to see more musical acts following suit in the year ahead. Aron noted that AMC’s “phones have been ringing off the hook” with interested artists, and the company plans to have more concert movies “later in 2024 and/or 2025.”
Aron also said on an earnings call that, beginning March 1, the theaters will begin airing three different 30-second Nicole Kidman commercials. A spokesperson clarified that these spots aren’t new, but are “never-before-seen-in-theatres versions of the original, iconic ad.”
Rounding out 2023, AMC Theatres reports a total revenue of $4.8 billion — up from $3.9 billion the year prior. It’s an improvement on the company’s overall net loss, which was up to $396.6 million from 2022’s $577 million.
Swift and Beyoncé put on a united front in promoting their respective concert films last year.
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