Concert films starring Beyoncé and Taylor Swift were huge hits and brought moviegoers back to the theaters in droves, according to AMC Theatres, which reported a revenue rise last autumn.
An announcement from AMC Entertainment Holdings said that AMC Theatres’ total revenue increased by over $1.1 billion in the fourth quarter of 2023, up from over $990 million in the previous year.
Additionally, its EBITDA, or adjusted profits before interest, taxes, depreciation, and amortization, tripled to $42.5 million in the most recent quarter compared to $14.5 million in the same period in 2022.
In an earnings webcast on Wednesday, Adam Aron, CEO of AMC Theatres, claimed that the theater chain’s distribution of “Taylor Swift: The Eras Tour” and “Renaissance: A Film by Beyoncé” was a major factor in the increase in those figures.
The rise in AMC’s revenue and EBITDA may be largely attributed to the screening of these two films in theaters throughout the globe, according to Aron.
The two concert films, he said, earned more than “all of what was offered theatrically” by rival studios like Paramount, Sony, and Lionsgate in the previous quarter.
“This is a stunning result given that neither of these films were on anyone’s drawing board until midyear and that they were the first movies ever distributed by AMC in our entire 103-year history,” added Aron. “What a triumph for our company.”
Swift’s movie became the highest-grossing domestic concert film of all time following its opening weekend in October, not long before Beyoncé ruled the box office with her own later release. The enthusiasm surrounding the flicks was evident as viewers dressed out in themed attire and converted cinemas into music venues.
Also in Wednesday’s conference, AMC Theatres announced it will unveil new versions of its iconic pre-show advertisement starring Nicole Kidman, a campaign Aron characterized as having taken on a “cultlike nature.”
Starting Friday, AMC will unveil the first of three 30-second versions of the pre-show advertising, which will play on a rotating basis as they are pushed out in the following months.
“These spots are never-before-seen-in-theatres versions of the original, iconic ad,” an AMC Theatres spokesman stated in an email.
Despite tremendous triumphs in 2023, Aron believed the year didn’t live up to its full promise. The domestic box office had just appeared poised to recover to pre-pandemic levels by last summer, he added, when labor action delayed new releases in Hollywood as writers and performers went on strike against the big production companies.
Still, the momentum produced by blockbusters such as “Barbie” and “Oppenheimer,” as well as this year’s “Mean Girls” remake and Friday’s theatrical premiere of “Dune: Part Two,” points to a good trajectory for movie theaters this year.
The hype surrounding recent and impending blockbusters, particularly as theaters offer unique products and collectible popcorn buckets, has already rejuvenated the moviegoing experience for fans throughout the nation.
“Clearly, moviegoers flock to theaters when Hollywood releases films in quantity and in quality,” Aron added.
NEWS COLLECTED: NBC NEWS
