Michael Tran/AFP/Getty Images
American singer-songwriter Taylor Swift performs during her Erasure Tour at SoFi Stadium in Inglewood, California on August 7, 2023.
cnn
,
AMC Entertainment is feeling the impact of Taylor Swift’s huge fan following.
Shares of AMC (AMC) rose 11.5% in afternoon trading Friday after the movie theater chain announced that the “Taylor Swift: The Era’s Tour” concert film had generated more than $100 million in advance ticket sales.
The company said in a statement Thursday that audience demand for the film “has been incredible since it was first announced.” AMC noted that demand from American audiences has been particularly strong among viewers choosing to watch the film in larger screen formats such as IMAX.
Swift generated initial buzz for the film on August 31, when she announced it to her nearly 275 million followers on Instagram. “Taylor Swift: The Era’s Tour,” already the most profitable concert film in history, is being released on Friday, October 13. There was no doubt about the success of the three-hour film, as the concert tour is expected to gross over $2 billion. North American ticket sales.
“Taylor Swift: The Era’s Tour” also broke the AMC record for first-day advance ticket sales of $26 million.
AMC Theaters Distribution, along with sub-distribution partners Variance Films, Trafalgar Releasing, Cinepolis and Cineplex, has reached agreements with operators to show the film in more than 8,500 theaters in 100 countries. Of those theaters, 4,000 will be in the United States.
AMC isn’t the only company to benefit from Swift’s huge fan base. Shares of Cinemark Holdings (CNK), a theater chain company with about 500 locations, rose more than 5% on Friday. The company said in a news release that ticket sales for the Eras Tour film were “setting domestic presale records.”
For AMC, the rebound comes after a sharp decline over two years. AMC shares reached a record high of $339 in June 2021 and fell to $7.05 on September 11. AMC shares closed at $9.26 on Friday.
The boon for movie theater chains could continue in December, when “Renaissance: A Film by Beyoncé” prepares for release.