Internet abuzz as Taylor Swift and Beyonce's concert films dominate AMC Theatres' revenue in 2023
LOS ANGELES, CALIFORNIA: Taylor Swift and Beyonce are showing their dominance in the music industry, as confirmed by the CEO of AMC theaters. Their concert films generated the highest revenue for the theaters last year.
Taylor Swift's Eras tour has been setting records, currently in its Australia leg. Recently, fans not only praised Swift but also her father Scott, who was seen backstage at her Sydney show, providing free sandwiches and fruits to fans as refreshments.
Fans appreciated his kindness and called him a 'sweet person.' Meanwhile, Beyonce is preparing for the release of her new album, 'Act II: Renaissance', scheduled for March.
She recently made history by becoming the first Black woman to top the country songs chart with her latest single 'Texas Hold 'Em', reaffirming her status as the Queen Bee of the music industry.
AMC theaters claim Taylor Swift and Beyonce generated the most revenue in Q4 2023
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AMC theaters saw a significant boost in their fourth-quarter earnings, thanks in large part to the concert films of Swift and Beyonce. The theater chain's revenue surged by 11% to $1.1 billion, surpassing Wall Street's expectations. EBITDA tripled to $45 million, and net losses decreased, as reported by Deadline.
AMC's CEO, Adam Aron, highlighted the impact of Swift and Beyoncé's films, as reported by Deadline, stating, "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 Beyonce."
He noted, “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 US and internationally.”
The concert films also had a positive effect on ticket sales throughout the industry, representing a significant portion of the fourth-quarter domestic box office.
Aron expressed gratitude to Swift and Beyonce for choosing AMC, stating, “This is a stunning result given that neither of these films were on anyone’s drawing board until mid-year, and that they were the first movies ever distributed by AMC in our entire 103-year history. To that end, our praise for Taylor Swift and Beyoncé Knowles Carter has no limit, and we offer our boundless thanks to these two world-class artists for entrusting AMC to collaborate with them as to the theatrical exhibition of their two masterpiece creations.”
AMC Theaters CEO says “literally all” of the increase in revenue in the fourth quarter of last year was driven by Taylor Swift and Beyoncé. pic.twitter.com/bFTfexOm11
— Pop Base (@PopBase) February 29, 2024
'Taylor Swift: The Eras Tour,' released in October, grossed over $180 million domestically and $261 million worldwide. 'Renaissance: A Film' by Beyonce, which premiered in December, earned $33.9 million domestically and $43.9 million worldwide, as reported by Deadline.
To offset the impact of industry strikes, AMC implemented various measures such as adjusting operating hours, reducing costs, optimizing its theater portfolio by closing underperforming locations and opening new successful ones, and enhancing merchandise and food & beverage sales.
Additionally, the distribution of concert movies provided a new revenue stream for the company, as per the Hollywood Reporter.
Internet users assert Taylor Swift and Beyonce are two 'giants'
A user wrote, "Two giant in the industry."
Another user wrote, "The literal music industry."
The literal music industry pic.twitter.com/Un4zUWYqdJ
— BEYTHOVEN | non-affiliated fan account (@beyonceparkwood) February 29, 2024
A user commented, "Two women who are doing the most."
Another user commented, "The female are on a roll. Queen things."
This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.
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