Beyoncé and Taylor Swift are to thank for AMC Theatres’ skyrocketing revenue in the fourth quarter.
Each artist struck a deal with the chain to distribute Taylor Swift: The Eras Tour and Renaissance: A Film by Beyoncé. Bey's movie earned $33.9 million in the U.S. and $44 million globally; Swift's nabbed $180.7M in the U.S. and $261.6M worldwide.
Billboard reports that AMC outshone Q4 projections, earning $1.10 billion with a net loss of $182 million—a boost from $990 million in revenue and a net loss of $287.7 million in 2022’s fourth quarter.
For 2023, AMC reported a total revenue of $4.8 billion, in comparison to $3.9 billion in 2022. Net loss also improved last year, totaling $396.6 million for the year, as opposed to $577 million from the previous year.
Beyoncé specifically thanked the chain after Renaissance debuted atop the box office, writing in an uncharacteristically long Instagram caption, "I am so deeply thankful to AMC and every team member who worked so hard on this film. I just can’t thank all of you enough for your support. It was one of the hardest things I’ve ever done because of the short turn around time. I practically slept in the edit, color, and mix sessions. The race against time continued in order to get this film out so quickly. But it was so worth all the grind."
AMC Theatre CEO Adam Aron attributes the boon in fourth-quarter revenue to Swift and Bey’s concert movies. Their fourth quarter saw a 4.7 percent increase in attendance in 2023 to 51.9 million people.
“What is particularly noteworthy is how much AMC benefited from our trailblazing industry leading efforts with our highly successful distribution of two concert movies,” Aron wrote in a press release. “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 U.S. and internationally.”
He added that “phones have been ringing off the hook,” with calls from musical artists, and that the chain will screen more concert films in 2024 and 2025.
When The Eras Tour became history's highest-grossing concert movie and documentary in January, Aron said the company “sends our congratulations and eternal gratitude to Taylor Swift for being so remarkable.”
The decline in the domestic box office across the industry is a direct result of the dual strikes from the WGA and SAG-AFTRA strikes. Aron thinks any residual effects will abate in the spring.
