The highly anticipated concert film, "Taylor Swift: The Eras Tour," is set to hit movie theaters on Oct. 13, and it's already generating massive interest. According to The Hollywood Reporter, the movie adaptation of Taylor Swift's blockbuster concert tour is projected to have a global opening of $150 million to $200 million, breaking records for a concert film.
AMC Entertainment Holdings Inc. Takes the Lead
In an exciting partnership, AMC Entertainment Holdings Inc., a popular movie theater chain and meme-stock favorite, will not only showcase "Taylor Swift: The Eras Tour" in its own cinemas but also serve as the theatrical distributor for the film. AMC recently made headlines by announcing that the concert film had shattered the company's previous record for single-day advance ticket sales, raking in an impressive $26 million on Aug. 31. This surge in ticket sales revenue prompted a significant increase in AMC's stock price.
Boosting the Movie-Theater Industry
The arrival of "Taylor Swift: The Eras Tour" comes as a blessing for the struggling movie-theater industry, which has been grappling with the effects of recent Hollywood strikes. Benchmark analyst Mike Hickey believes that the film's overwhelming success is rejuvenating theaters during a period when release schedules have been disrupted by strikes. Moreover, he points out that the concert movie genre is gaining momentum once again, with AMC soon to release Beyoncé's film, "Renaissance."
Analyst Ratings and Conclusion
According to FactSet, seven analysts were surveyed regarding AMC, with four holding a neutral rating and three recommending selling the stock.
As "Taylor Swift: The Eras Tour" gears up for its cinematic debut, excitement continues to grow within the industry. This concert film's potential to break records and revive the movie-theater experience stands as a testament to the enduring power of live music on the big screen.
Related: AMC's Stock Surges as Taylor Swift Concert Movie Passes $100 Million in Advance Ticket Sales
Also read: From Taylor Swift and Beyoncé to Blockchain and AI: Music ETF CEO Eyes the Next Big Thing
Cinemark Holdings Inc. to Reap Benefits from "Taylor Swift: The Eras Tour"
Cinemark Holdings Inc. (CNK) is poised to receive a significant boost with its latest deal with AMC to screen the movie "Taylor Swift: The Eras Tour". Benchmark, a leading financial firm, recently raised its price target for Cinemark to $22 and reiterated its buy rating for the popular movie-theater chain. According to reports, the upcoming concert film by Taylor Swift has already broken pre-sale records at Cinemark, with demand soaring 10 times higher than any previous event film. This massive surge in demand is expected to drive up the average ticket price, with adult tickets costing $20 and children's tickets priced at $13.
Private Swiftie Parties
In addition to the regular screenings, Cinemark is also offering a unique experience for fans called Private Swiftie Parties. This exclusive offering allows fans to hire a private auditorium and enjoy the "Taylor Swift: The Eras Tour" in a personal setting.
As of Wednesday, Cinemark's shares have experienced a slight decline of 0.5%. However, it is important to note that out of the ten analysts surveyed by FactSet, six have given a buy rating, three have a hold rating, and one has a sell rating for Cinemark.
Major Concert Films Take Center Stage
The success of major concert films such as Taylor Swift's and Beyoncé's tours is undeniable. Just this month, it was announced that Beyoncé's production and management company, Parkwood Entertainment, has partnered with AMC to release "Renaissance: A Film by Beyoncé" in theaters across the U.S., Canada, and Mexico on December 1. Cinemark and Marcus Corp.'s Marcus Theatres are also among the theaters showcasing this highly anticipated Beyoncé movie.
It is worth noting that data from Apollo Global Management suggests a significant slowdown in movie-theater visits in recent weeks, following a surge driven by the summer blockbusters "Barbie" and "Oppenheimer".
Barbara Kollmeyer contributed.