Taylor Swift, Beyoncé Concert Films Standouts For AMC Entertainment Last Quarter, But CEO Says Strike “Clearly Interrupted” Box Office Momentum

deadline.com:

AMC Entertainment posted strong fourth quarter numbers buoyed by Taylor Swift and Beyoncé Concert Films. The giant theater chain saw revenue jump 11% to $1.1 billion, beating Wall Street’s forecasts.

Ebitda triped to $45 millioun and net losses narrowed. “What is particularly noteworthy is how much AMC benefited from our trailblazing industry leading efforts with our highly successful distribution of two concert movies Taylor Swift | The Eras Tour and Renaissance: A Film By Beyoncé,” said CEO Adam Aron. “Despite a diminished box office overall, in the fourth quarter compared to the same quarter a year ago, [AMC’s growth] is attributable to our having shown these two movies in our theatres in the U.S.

and internationally.” The films also enhanced movie theater ticket sales across the entire industry, he said, repping fully “one ninth” of fourth-quarter domestic industry-wide box office. “This is a stunning result given that neither of these films were on anyone’s drawing board until mid-year, and that they were the first movies ever distributed by AMC in our entire 103-year history.

To that end, our praise for Taylor Swift and Beyoncé Knowles Carter has no limit, and we offer our boundless thanks to these two world class artists for entrusting AMC to collaborate with them as to the theatrical exhibition of their two masterpiece creations.” Taylor Swift: The Eras Tour released in October, grossed $180+ million domestic and $261 million worldwide.