CELEBRITY
Taylor Swift and Beyoncé Break Record
Beyoncé and Taylor Swift’s combined powers have “literally” helped salvage one of the country’s largest cinema chains.
AMC revealed that its huge jump in revenue in 2023’s fourth quarter was solely down to the concert movies Taylor Swift: The Eras Tour and Renaissance: A Film By Beyoncé.
The two musicians released the concert movies of their respective record-smashing world tours within weeks of each other, starting with Swift’s Eras in October. They managed to not only rewrite the rules of cinema distribution with the releases, but also boosting AMC’s fortunes in the process.
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… is attributable to our having shown these two movies in our theatres in the U.S. and internationally,” the company’s CEO Adam Aron said during AMC Entertainment’s quarterly earning call.
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