Move over Mission Impossible. If anyone needed even more confirmation that pop stars saved movie theaters in 2023, AMC Theaters revealed just how thankful they were for Taylor Swift’s The Eras Tour and Beyoncé’s Renaissance Tour being released as films through unique deals with their chain.
Both Beyoncé and Swift distributed their concert films directly through AMC, even before working with any studios or streaming platforms.
“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’s CEO Adam Aron shared with Deadline. He also noted, “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.”
By their two movies alone, their fourth-quarter earnings rose by 11%, providing the theater company with $1.1 billion in revenue. This was way higher than what Wall Street had apparently initially projected for AMC.
“This is a stunning result given that neither of these films were on anyone’s drawing board until mid-year, and that they were the first movies ever distributed by AMC in our entire 103-year history,” Aron said.
“To that end, our praise for Taylor Swift and Beyoncé Knowles Carter has no limit, and we offer our boundless thanks to these two world class artists for entrusting AMC to collaborate with them as to the theatrical exhibition of their two masterpiece creations,” he added.
113