AMC Entertainment is giving a huge standing ovation to Taylor Swift and Beyoncé, as the theater chain credits the superstar singers with boosting their revenue to close out 2023. The release of Taylor Swift’s “The Eras Tour” and Beyoncé’s “Renaissance: A Film By Beyoncé” concert movies helped AMC rake in a staggering $1.1 billion in fourth-quarter revenue, up from $990.9 million in the same quarter the previous year.
AMC CEO Adam Aron has expressed his gratitude to Taylor and Beyoncé, stating that “literally all” of the increased revenue can be attributed to their concert films. The exclusive distribution deals that AMC signed with the two artists proved to be a brilliant business move, as their movies brought in massive crowds to theaters.
While AMC still reported a loss of $182 million in the quarter, it is a significant improvement from the $287.7 million loss the previous year. Taylor and Beyoncé’s concert films helped minimize the financial hemorrhaging for the theater chain, which is still recovering from last year’s Hollywood strikes.
Looking ahead, AMC is planning to release more concert movies in 2024 and 2025, capitalizing on the success of Taylor and Beyoncé’s films. The company is also turning to other celebrities to attract audiences, with a new series of Nicole Kidman commercials set to play in theaters starting Friday.
Despite the interest from other musicians, Taylor Swift and Beyoncé have set the bar high with their concert films, and their impact on AMC’s revenue cannot be understated. The success of their movies has not only helped AMC financially but has also solidified their status as game-changers in the entertainment industry.
