AMC Theatres had much to celebrate as they wrapped up their fourth-quarter earnings for 2023, posting major revenue and profit gains thanks in large part to unprecedented hits on the big screen from an unusual pairing. The theater giant’s CEO said the distributor deals signed to showcase Taylor Swift and Beyoncé concert films in theaters were a total game changer that single-handedly powered their box office comeback.
AMC saw its total revenues surge over 25% to $1.1 billion for the final three months of last year, up from just under $1 billion in 2022. Even more impressive was adjusted EBITDA tripling to $42.5 million compared to $14.5 million a year ago.
According to Adam Aron, AMC Theatres’ top executive, the decision to give cinematic releases to Swift’s “The Eras Tour” and Beyoncé’s “Renaissance” was nothing short of pure box office magic. The two concert films together out-earned all titles from major studios during the period.
“This is a stunning result given that neither of these films were on anyone’s drawing board until midyear and that they were the first movies ever distributed by AMC in our entire 103-year history,” Aron boasted on an earnings call. “What a triumph for our company.”
Swift set a new high-water mark for a domestic concert flick on opening weekend alone. Beyoncé followed with equal fervor as enthusiastic fans transformed theaters into concert arenas. The unprecedented success of these artist partnerships taught a valuable lesson, that compelling event films can revive public interest in the shared big-screen experience.
While past labor disputes and a delayed recovery slowed overall growth last year, AMC is now riding high on positive momentum. With a strong upcoming lineup and innovative campaigns hyping exclusive perks, Aron is optimistic that theaters are primed to regain their rightful place at the heart of film culture and entertainment. The box office domination of Swift and Beyoncé suggests that when studios aim high, so will audiences.
