AMC shares rise as 'Taylor Swift: The Eras Tour' sets another record

By James Rogers

In addition to showing "Taylor Swift: The Eras Tour" in its theaters, AMC is also the theatrical distributor for the movie

Shares of AMC Entertainment Holdings Inc. rose 1.8% in premarket trades Monday as Taylor Swift's concert film set another record.

"Taylor Swift: The Eras Tour," which opened Oct. 12, was expected to cross $200 million at the global box office on Sunday, according to Comscore data. The film has brought in an estimated $203 million worldwide since its release, making it the first pure concert film in history to record more than $200 million in global box-office receipts, Comscore said in a statement released Sunday.

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In addition to showing "Taylor Swift: The Eras Tour" in its theaters, AMC (AMC) is also the theatrical distributor for the movie. AMC Theatres Distribution and subdistribution partners Variance Films, Trafalgar Releasing, Cinepolis and Cineplex Inc. (CA:CGX) (CPXGF) have clinched deals with movie-theater operators representing more than 8,500 theaters globally to show the film, according to AMC.

"Twelve of my last 13 tweets (there's that ubiquitous lucky number 13 again) have been about Taylor Swift," tweeted AMC CEO Adam Aaron Monday. "Want to know why? Well there are about 200 million reasons why! Taylor Swift's concert film is the highest grossing in history."

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"Taylor Swift: The Eras Tour" was breaking records even before its scheduled release on Oct. 13, prompting more showings to be added. On Oct. 11, Swift tweeted that early access showings would be held on Oct. 12, citing "unprecedented demand" for the movie.

The movie shattered the record for the biggest global opening weekend for a concert film, racking up $128 million in box-office returns, according to Comscore. Imax Corp. (IMAX) also announced that "Taylor Swift: The Eras Tour" had a $13 million global box-office debut, making it the largest Imax opening for a concert or documentary film by a musical artist.

AMC shares have fallen 74.5% in 2023, compared with the S&P 500 Index's SPX gain of 7.2%.

-James Rogers

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10-30-23 0741ET

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