AMC shares jump after Taylor Swift concert film grosses $100 million in advance ticket sales
US singer-songwriter Taylor Swift performs during her Eras Tour at Sofi stadium in Inglewood
Sergio Padilla, CNN
(CNN) — AMC Entertainment is feeling the effects of Taylor Swift’s massive fan following.
Shares of AMC (AMC) surged 11.5% in Friday afternoon trading after the movie theater chain announced that “Taylor Swift: The Eras Tour” concert film had grossed over $100 million in advance ticket sales.
The company said in a statement Thursday that audience demand for the film “has been incredible from the moment it was first announced.” AMC noted that US audience demand has been particularly strong among viewers choosing to watch the film in large-screen formats such as IMAX.
Swift generated early buzz for the film on August 31, when she announced it to her nearly 275 million followers on Instagram. “Taylor Swift: The Eras Tour,” already the most profitable concert film in history, opens on Friday, October 13. There was little doubt about the success of the three-hour film, as the concert tour is expected to surpass $2 billion in North American ticket sales.
“Taylor Swift: The Eras Tour” also broke an AMC record for advance first-day ticket sales at $26 million.
AMC Theaters Distribution, along with sub-distribution partners Variance Films, Trafalgar Releasing, Cinepolis and Cineplex, have reached deals with operators to show the film in over 8,500 theaters across 100 countries. Of those theaters, 4,000 will be in the United States.
AMC isn’t the only company reaping the rewards from Swift’s massive fanbase. Shares of Cinemark Holdings (CNK), a theater chain company with about 500 locations, gained over 5% on Friday. The company said in a news release that ticket sales for the Eras Tour film were “setting domestic presale records.”
For AMC, the rebound has come after sharp declines over two years. Shares of AMC reached a record high of $339 in June 2021 and fell to $7.05 on September 11. On Friday, AMC’s shares closed at $9.26.
The boon for movie theater chains may continue in December, when “Renaissance: A Film by Beyonce” is set for release.
The-CNN-Wire
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
