Taylor Swift, Beyoncé help cinemas increase revenue

Taylor Swift, Beyoncé help cinemas increase revenue

America’s largest theater chain – AMC Theaters – said its total revenue in the fourth quarter of 2023 reached $1.1 billion thanks to the concert film of Taylor Swift and Beyoncé.

According to the Hollywood Reporter on February 27, AMC Theaters CEO Adam Aron said the theater system welcomed about 51.9 million viewers in the fourth quarter of last year, up 4.7% compared to 2022. Total revenue in 2023 reached 4.8 billion USD, nearly 1 billion USD more than 2022, thanks to the attraction of Taylor Swift: The Eras Tour and Renaissance: A Film by Beyoncé in the US and international markets.

Beyoncé and Taylor Swift at the Renaissance album launch in London in November 2023. Photo: Beyonce.com

Beyoncé and Taylor Swift at the “Renaissance” album launch in London in November 2023. Photo: Beyonce.com

“Despite industry-wide revenue declines, AMC’s fourth-quarter earnings increased 11.5 percent, resulting in EBITDA (earnings before interest, taxes, depreciation and amortization) tripling from the same period last year,” said Adam Aron.

The CEO also said that the company’s “phones have been ringing off the hook” with many artists asking for collaborations on distributing individual concert films. According to him, many music projects will be released later this year or in 2025.

In fact, AMC Theaters only saw significant profits from the Taylor Swift and Beyoncé films, while other quarters were bleak. Domestic theater profits were down 35% compared to the same period in 2019 due to the impact of the double strike. Adam Aron believes the protests will subside this spring, predicting that revenue will start to grow again in March or summer, especially toward the end of the year.

Taylor Swift , 35, is known as the “country princess” of the American music industry. She debuted in 2006 and quickly achieved many achievements, receiving 12 Grammy Awards, 29 Billboard Awards and success with many international tours. In December 2023, the Guinness organization recognized the artist’s Eras Tour as the highest-grossing tour of all time, reaching over one billion USD.

Taylor Swift: The Eras Tour was released in October 2023 and quickly became a global box office sensation . It has now grossed over $261 million, making it the highest-grossing concert documentary of all time. The 168-minute film chronicles the artist’s historic world tour in her musical career. The Guardian called the film project the clearest testament to the superstar’s success.

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Thursday, February 29, 2024, 14:07 (GMT+7)

Taylor Swift, Beyoncé help cinemas increase revenue

America’s largest theater chain – AMC Theaters – said its total revenue in the fourth quarter of 2023 reached $1.1 billion thanks to the concert film of Taylor Swift and Beyoncé.

According to the Hollywood Reporter on February 27, AMC Theaters CEO Adam Aron said the theater system welcomed about 51.9 million viewers in the fourth quarter of last year, up 4.7% compared to 2022. Total revenue in 2023 reached 4.8 billion USD, nearly 1 billion USD more than 2022, thanks to the attraction of Taylor Swift: The Eras Tour and Renaissance: A Film by Beyoncé in the US and international markets.

Beyoncé and Taylor Swift at the Renaissance album launch in London in November 2023. Photo: Beyonce.com

Beyoncé and Taylor Swift at the “Renaissance” album launch in London in November 2023. Photo: Beyonce.com

“Despite industry-wide revenue declines, AMC’s fourth-quarter earnings increased 11.5 percent, resulting in EBITDA (earnings before interest, taxes, depreciation and amortization) tripling from the same period last year,” said Adam Aron.

The CEO also said that the company’s “phones have been ringing off the hook” with many artists asking for collaborations on distributing individual concert films. According to him, many music projects will be released later this year or in 2025.

In fact, AMC Theaters only saw significant profits from the Taylor Swift and Beyoncé films, while other quarters were bleak. Domestic theater profits were down 35% compared to the same period in 2019 due to the impact of the double strike. Adam Aron believes the protests will subside this spring, predicting that revenue will start to grow again in March or summer, especially toward the end of the year.

Taylor Swift , 35, is known as the “country princess” of the American music industry. She debuted in 2006 and quickly achieved many achievements, receiving 12 Grammy Awards, 29 Billboard Awards and success with many international tours. In December 2023, the Guinness organization recognized the artist’s Eras Tour as the highest-grossing tour of all time, reaching over one billion USD.

Taylor Swift: The Eras Tour was released in October 2023 and quickly became a global box office sensation . It has now grossed over $261 million, making it the highest-grossing concert documentary of all time. The 168-minute film chronicles the artist’s historic world tour in her musical career. The Guardian called the film project the clearest testament to the superstar’s success.

Beyoncé , 42, is one of the world’s most successful artists with over 100 million records sold worldwide. Throughout her career, the singer has won many awards such as Grammy , Billboard, MTV, American Music Awards. Forbes magazine has twice honored her as the world’s most powerful woman in entertainment in 2015 and 2017. She is also the person who has won the most Grammy awards with 32 golden trumpets, counting from her time in the groups Destiny’s Child and The Carters (with Jay-Z). Beyoncé married rapper Jay-Z in 2008, has three children – 11-year-old Blue Ivy Carter, and six-year-old twins Rumi and Sir Carter.

Renaissance: A Film by Beyoncé , released in December 2023, chronicles several key moments in the Grammy queen’s five-month Renaissance World Tour . It also details the artist’s dedication to the production process and Beyoncé’s career aspirations. Behind-the-scenes videos from the making of her seventh studio album Renaissance (2022) also appear in the film. According to media research firm Comscore , the project grossed $21.8 million in its opening weekend. Rolling Stones likened Renaissance: A Film by Beyoncé to a superhero epic in concert film form.

 

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