Taylor Swift and Beyoncé Break Record

Beyoncé and Taylor Swift’s combined powers have helped save one of the country’s largest cinema chains.

AMC announced that its significant increase in revenue in the fourth quarter of 2023 was due to the concert movies Taylor Swift: The Eras Tour and Renaissance: A Film By Beyoncé.

Both musicians released the concert movies of their record-breaking world tours within weeks of each other, starting with Swift’s Eras in October. These releases not only revolutionized cinema distribution but also boosted AMC’s profits.

“Despite a diminished box office overall in the fourth quarter compared to a year ago, AMC’s revenue grew by 11.5 percent and AMC’s adjusted EBITDA almost tripled. The increase is solely attributed to showing these two movies in our theaters,” said AMC’s CEO Adam Aron during a quarterly earnings call.

“These two movies significantly boosted movie theater ticket sales industry-wide, representing one-ninth of the complete fourth quarter domestic box office,” Aron added.

The CEO praised the women for their success and expressed gratitude for their contribution to AMC’s profits.

The movie theater industry is still recovering from the impact of the coronavirus pandemic, during which cinemas were closed for months.

AMC reported a 23% growth in total revenue for 2023 compared to 2022, reflecting a continued recovery from the pandemic.

Both artists negotiated directly with AMC to produce and distribute their concert movies, cutting out traditional Hollywood studios as middle-men.

AMC shared 43% of the profits with Swift receiving the remaining 57%.

Swift’s movie broke box office records by selling $26 million on the first day of advanced ticket sales and made $92 million in its opening weekend.

Renaissance also saw success, grossing almost $22 million on its opening weekend and $44 million globally during its run.