AMC stock surges as Taylor Swift concert crosses $100 million in advance ticket sales

By James Rogers

"Taylor Swift The Eras Tour" hits more than 8,500 movie theaters globally in 100 countries on Oct. 13

Shares of movie theater chain and meme stock darling AMC Entertainment Holdings Inc. surged more than 10% Friday after the company announced that the "Taylor Swift The Eras Tour" concert film has brought in more than $100 million in global advance ticket sales revenue.

The eagerly anticipated movie debuts on Friday Oct.13, hitting more than 8,500 theaters in 100 countries worldwide, AMC (AMC) said, in a statement Thursday. "Audience demand for 'Taylor Swift The Eras Tour' concert film has been incredible from the moment it was first announced," AMC added.

Related: AMC clinches deal to show Beyoncé's 'Renaissance World Tour' concert film

AMC is the theatrical distributor for "Taylor Swift The Eras Tour," clinching deals with Cinemark Holdings Inc. (CNK) and Regal in the U.S., Cineplex (CA:CGX) in Canada and Cinepolis in Mexico to show the film.

In North America, AMC Theatres Distribution has reached agreements to show the film at nearly 4,000 movie theaters, starting Oct. 13, AMC said.

Related: From Taylor Swift and Beyoncé to blockchain and AI: Music ETF CEO eyes the next big thing

AMC recently announced that the film had shattered the company's record for single-day advance ticket sales, with $26 million in ticket revenue sold on Aug. 31. The company's shares rose 10.5% Friday, outpacing the S&P 500 index's SPX gain of 1.1%. Cinemark's stock rose 4.1%.

Last month Cinemark announced Private Swiftie Parties, where fans can hire a private auditorium to watch the film.

Related: 'Taylor Swift: The Eras Tour' sets pre-sales records for Cinemark

Major concert films are in the spotlight, boosted by high-profile tours from Taylor Swift and Beyoncé, whose "Renaissance: A Film by Beyoncé" will hit cinemas next month. On Monday Cinemark announced that preshows for Beyoncé's film will begin Nov. 30. AMC is also selling tickets for "Renaissance: A Film by Beyoncé," with shows starting Nov. 30.

-James Rogers

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10-06-23 1324ET

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