Michael Tran/AFP/Getty Images
US singer-songwriter Taylor Swift performs during her Eras Tour at Sofi Stadium on August 7, 2023 in Inglewood, California.
CNN –
AMC Entertainment is feeling the impact of Taylor Swift’s massive fan base.
Shares of AMC (AMC) rose 11.5% in Friday afternoon trading after the movie theater chain announced that the concert film “Taylor Swift: The Eras Tour” had grossed over $100 million in advance sales.
The company said in a statement Thursday that viewer demand for the film “was incredible from the moment it first arrived.” AMC noted that audience demand was particularly strong in the United States, particularly among viewers who chose to watch the film in large-screen formats such as IMAX.
Swift created a buzz for the film back on August 31 when she announced it to her nearly 275 million followers on Instagram. “Taylor Swift: The Eras Tour,” already the most profitable concert film in history, opens Friday, October 13th. There was little doubt about the success of the three-hour film, with the concert tour expected to exceed $2 billion in ticket sales for North America.
“Taylor Swift: The Eras Tour” also broke an AMC record for first-day ticket advance sales with $26 million.
AMC Theaters Distribution, along with sub-distribution partners Variance Films, Trafalgar Releasing, Cinepolis and Cineplex, have reached agreements with operators to show the film in over 8,500 cinemas in 100 countries. Of these, 4,000 will be in the United States.
AMC isn’t the only company benefiting from Swift’s massive fan base. Shares of Cinemark Holdings (CNK), a theater chain with about 500 locations, rose over 5% on Friday. The company said in a press release that ticket sales for the Eras Tour film “set domestic advance sales records.”
For AMC, the recovery came after two years of sharp declines. AMC shares reached a record high of $339 in June 2021 and fell to $7.05 on September 11th. On Friday, AMC shares closed at $9.26.
The boon for movie theater chains could continue in December when “Renaissance: A Beyoncé Movie” hits theaters.