Who run the world?
AMC Theatres execs are singing Taylor Swift and Beyoncé's praises from the rooftops. 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.
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. Queen Bey made a surprise appearance on the red carpet for Swift's Eras Tour Hollywood film premiere in October.
"I’m so glad I’ll never know what my life would’ve been like without @beyonce‘s influence," Swift gushed on Instagram at the time. "The way she's taught me and every artist out here to break rules and defy industry norms. Her generosity of spirit. Her resilience and versatility. She’s been a guiding light throughout my career and the fact that she showed up tonight was like an actual fairytale. 😇🙏"
Then, Swift traveled to London to show her support at the U.K. premiere of Renaissance in November.
The following month, Swift's The Eras Tour Film was nominated for a Golden Globe Award in the category of Cinematic and Box-Office Achievement as it set the record for the highest-grossing concert film ever, making over $1 billion. The award ended up going to Barbie, which, according to Box Office Mojo, has grossed nearly $1.5 billion worldwide since it's July 2023 release.
These days, Swift is back on the road continuing her Eras Tour international dates as she gears up to release her 11th studio album, The Tortured Poets Department, on April 19. Beyoncé, meanwhile, just became the first Black female artist to top Billboard's Hot Country Songs chart with her new single, "Texas Hold 'Em." Her next album, Renaissance: Act II, will drop on March 29.
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