- Wednesday, October 16, 2024
Taylor Swift's upcoming concert film, "Taylor Swift: The Eras Tour," is set to hit theaters on Oct. 13. This highly anticipated film will be screened at AMC, Regal, and Cinemark theaters across the United States, with select showings in IMAX theaters.
According to B. Riley Securities analyst Eric Wold, this exclusive partnership with Taylor Swift presents a unique opportunity for AMC Entertainment to maximize its profits by offering alternative content options. Wold believes that this strategic move could significantly boost AMC's overall profitability and result in potential valuation multiple increases, which would undoubtedly please investors.
The concert film is also expected to benefit IMAX. In fact, the company's CEO recently revealed that half of the available IMAX seats for all showings sold out on the first day. Additionally, AMC reported $26 million in advance ticket sales on Thursday, surpassing the previous single-day sales record held by "Spider-Man: No Way Home" in 2021.
As a result of this positive news, AMC Entertainment shares rose by 3.9%, while IMAX shares saw a modest 0.1% increase during afternoon trading.
Furthermore, Wold shared optimistic ticket-sales data for the summer season. Despite the challenges posed by the pandemic, domestic box-office sales reached an estimated total of $4.03 billion through the Labor Day holiday weekend. While this figure fell slightly below the record-setting $4.32 billion achieved in 2019, it still surpassed the critical $4 billion mark. Notably, this success was achieved despite a significant decrease in the number of films released this summer compared to 2019 (203 films versus 403 films).
In a playful nod to Taylor Swift's popular song, Wold remarked, "It turns out it was not a 'Cruel Summer' after all."
Overall, Taylor Swift's concert film release has sparked excitement and presented new opportunities for both AMC Entertainment and IMAX, reinforcing the positive outlook for the theater industry.
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