AMC Theatres Upped 2023 Revenue 24% Thanks to ‘Barbie,’ ‘Oppenheimer’ and Taylor Swift

AMC Theatres, the world’s largest movie exhibitor, reported 2023 revenue of $4.81 billion, up 19% from revenue of $3.91 billion during 2022. Revenue drivers included food and beverage (up 27.4%) to $1.67 billion, and “other” (up 14.1%) to $452 million, which includes gift cards, in-theatre advertising, package tickets and theater meetings.

The exhibitor, like the theatrical business in general, benefited from the outsized box office performance of Barbie — the top-grossing movie in 2023 — and Oppenheimer, which defied expectations approaching nearly $1 billion in ticket sales.

The increase in the average ticket price was primarily due to higher ticket prices for Taylor Swift / The Eras Tour and Renaissance: A Film By Beyoncé and increased attendance for 3D content, partially offset by higher frequency of use by subscribers to A-List movie service, which affords members access to up to movies three times per week, including multiple movies per day.

AMC narrowed its fiscal year loss nearly 60% to $396.6 million from a net loss of $973.6 million in 2022.

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“Taylor’s movie in particular was the single highest-grossing movie of them all within the fourth quarter at the domestic box office and worldwide,” CEO Adam Aron said on the fiscal call. “At $275 million of gross, Taylor’s film also was the highest-grossing concert film of all time and the highest-grossing documentary of all time. It’s hard to believe, but it’s true.”

‘Renaissance: A Film by Beyoncé’ Tops Opening December Weekend Box Office With $21 Million in Ticket Sales

AMC Theaters’ exclusive distribution of a music concert documentary again paid dividends as Renaissance: A Film by Beyoncé topped the weekend box office with $21 million in North American ticket sales.

AMC’s second foray into exclusive distribution follows October’s Taylor Swift: The New Eras concert film, which took in a record $92.8 million opening enroute to a near $250 million global office through the Thanksgiving weekend.

AMC said the Beyoncé film was the first theatrical release to generate more than $20 million following the extended Thanksgiving weekend.

The film lagged behind previous theatrical concert docs, including in 2011 Paramount Pictures’ Justin Bieber: Never Say Never with a $29 million opening; Walt Disney Studios’ 2008 Hannah Montana and Miley Cyrus: Best of Both Worlds Concert at $31 million; and 2009’s Michael Jackson: This Is It, which saw the Sony Pictures’ concert doc generate $23.3 million in its opening weekend. The film, which was released following Jackson’s death, end up grossing more than $261 million worldwide.

At No. 2, Lionsgate’s The Hunger Games: The Ballad of Songbirds & Snakes had another strong weekend taking in an estimated $14.5 million. If that estimate holds, it will bring the Hunger Games prequel through Sunday to approximately $121.2 million in North America. Worldwide the movie has taken in an estimated $243.9 million in its first 17 days of release.

Toho International’s Godzilla Minus One rounded out the weekend podium with $11 million in ticket sales — dwarfing the company’s previous U.S. release debut, 2016’s Shin Godzilla at $2 million.

At No. 4, Universal Pictures’ animated Trolls Band Together added an estimated $7.6 million in its third weekend, upping its global tally past $160 million, and $74.2 million in North America.

Disney’s animated musical Wish rounded out the top five with $7.4 million in ticket sales in in second weekend. The underperforming release upped its global tally to $81 million ($41 million North America) — a tough comparison on a reported $200 million production budget.

Angel Studios’ newest crowdsourced theatrical release, sci-fi thriller The Shift, opened at No. 8 with $4.2 million in ticket sales.

Other releases included Paramount Pictures’ Killers of the Flower Moon, which saw the Martin Scorsese helmed drama gross another $785,000 across 52 markets in its seventh international weekend. The movie’s global total now stands at $154.3 million.

Separately, Paw Patrol: The Mighty Movie grossed $585,000 this weekend, off 48% from last weekend, across 47 markets. The international total now stands at $130.1 million, and $195.3 million globally. The movie releases in Japan on Dec. 15.

Apple Original Films produced/Sony Pictures distributed action epic Napoleon made $2.14 million on Friday, $3.1 million on Saturday, with the companies projecting $1.885 million on Sunday across 3,500 screens. Apple/Sony are projecting $7.125 million for the weekend, bringing its total gross to $45.74 million in ticket sales through Sunday.

Separately, TriStar Pictures and Spyglass Media Group’s original horror film Thanksgiving made $780,000 on Friday, $1.21 million on Saturday and a projecting $640,000 on Sunday across 2,506 screens. TriStar and Spyglass are projecting $2.63 million for the weekend, bringing the Eli Roth thriller’s total gross to $28.378 million through Sunday.

Finally, Amazon/MGM’s Saltburn continued to hold strong, with the comedy drama generating upping its weekend tally at $1.6 million and $6.235 million overall.

‘Taylor Swift: The Eras Tour’ Concert Movie Steamrolls Weekend Box Office With $95 Million in Projected Ticket Sales

Taylor Swift, as expected, dominated the weekend box office. The singer’s self-produced Taylor Swift: The Eras Tour concert movie took in an estimated $95 million in North American revenue across more than 3,800 screens — an impressive tally for a film first marketed by Swift and distributor AMC Theatres on social media in late August.

The result wasn’t unexpected since AMC had previously announced that the film showcasing Swift’s current global concert tour had pre-sold $100 million in tickets worldwide heading into the weekend. The movie is only screening on Thursdays, Fridays, Saturdays and Sundays, with tickets priced at $19.89 (Swift’s birth year) for adults, and $13.13 (Swift’s favorite number) for seniors and children.

That’s considerably less than the $800 average ticket price to see Swift in person at The Eras Tour, which returns from hiatus in November.

Meanwhile, last weekend’s box office champ, Universal Pictures/Blumhouse’s The Exorcist: Believer, finished a distant No. 2 with another $11 million in ticket sales, upping its North American total near $45 million, and $85 million globally.

Paramount Pictures/Nickelodeon’s animated children’s movie Paw Patrol: The Mighty Movie saw another $7 million in revenue, upping its three-week total near $50 million, and $126 million worldwide.

Meanwhile, after shaking off formidable competition two weeks in a row, Lionsgate and Twisted Pictures’ Saw X  took in an estimated $5.7 million (off 27% from last weekend), upping its domestic total past $41.4 million.

Disney-owned 20th Century Studios’ sci-fi thriller The Creator added $4.3 million in ticket sales in its third weekend of release, upping its domestic total to $32 million, and more than $79 million worldwide.

 

AMC Says Taylor Swift Concert Movie Has Pre-Sold $100 Million in Tickets Worldwide

AMC Theatres Distribution and AMC Entertainment Oct. 5 announced that the Taylor Swift/ The Eras Tour concert movie has sold more than $100 million in advance tickets globally. The movie begins screening across 8,500 screens across 100 countries on Oct. 13. The feature film could eventually end up being one of the top-grossing theatrical releases in 2023.

Demand for pretty much anything related to Swift is off the chart. It took less than 24 hours for the concert film to shatter AMC’s U.S. record for the highest ticket-sales revenue during a single day in AMC’s 103-year history. Advanced ticket sales are strong across the United States, from the largest cities to the smallest towns, and are particularly strong in premium large-screen formats such as Imax, Dolby Cinema, Prime at AMC and other branded premium experiences.

Swift is currently on break from her multi-year concert tour, which starts up again in November in South Africa. The singer will spend most of 2024 playing arenas in Japan, Australia, Singapore and Europe.

AMC and its sub-distribution partners Variance Films in the United States, Cineplex in Canada, Cinepolis in Mexico and Central America, and Trafalgar Releasing outside of North America, have responded to broad cinema operator interest in playing the film.

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The movie will play at least four showtimes per day on Thursdays, Fridays, Saturdays, and Sundays at all AMC locations in the United States. It will also play at every Odeon Cinemas location in Europe. For U.S. fans interested in experiencing the concert film at AMC Theatres, tickets are available at amctheatres.com/TheErasTour

Moviegoers wanting to purchase tickets to other domestic movie theaters and around the world can find more information and showtimes at TSTheErasTourFilm.com.

AMC Theatres Expands Taylor Swift Concert Movie Globally

Taylor Swift’s record-breaking The Eras Tour concert movie is now expected to screen globally in more than 100 countries, starting on Oct. 13.

AMC Theatres Distribution and its sub-distribution partners are working to reach agreements with movie theatre operators representing more than 7,500 movie theatres worldwide to screen the movie that took less than 24 hours to break AMC’s U.S. record for the highest ticket-sales revenue during a single day in its 103-year history.

Tickets will go on sale at most participating international theatre locations outside North America beginning today, Sept. 26. Moviegoers outside of North America can purchase tickets from the website or box office of their favorite participating locations. Prices will very by country.

The movie is projected to dominate the weekend box office in its debut.

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‘Taylor Swift: The Eras Tour’ Concert Movie Sells Record $26 Million in One-Day Advance Ticket Sales

First there was Barbie. Now there’s Taylor Swift to save movie theaters.

AMC Theatres, the largest theatrical exhibitor in the world, Sept. 1 announced that the upcoming Oct. 13 Taylor Swift: The Eras Tour concert movie broke the exhibitor’s 103-year record for single-day (Aug. 31) advance ticket sales with revenue of $26 million. The previous record of $16.9 million was held by Sony Pictures’ Spider-Man: No Way Home in 2021.

Due to the unprecedented demand, AMC is adding additional showtimes to increase capacity where necessary and available. During its theatrical run, AMC will screen the two hour and 45 minute concert film at least four times per day on Thursdays, Fridays, Saturdays, and Sundays at every AMC theater location in the nationwide. Tickets are on sale now at AMCTheatres.com and Fandango.com.

In addition to exhibiting the concert film at its own theaters, AMC is also acting as the movie’s domestic theatrical distributor, securing locations and screens with numerous other exhibitors throughout the United States, Canada and Mexico. AMC has secured deals with Cinemark and Regal in the United States, Cineplex in Canada, and Cinepolis in Mexico. AMC is using Variance Films to coordinate additional movie booking with interested third-party exhibitors in the United States.

“This marks the inaugural step of a new line of business for AMC Entertainment,” the exhibitor wrote in a statement.

Swift’s ongoing concert tour, which reportedly is set to generate $2.2 billion in North American revenue alone, has been a difficult ticket to get due to supply and demand pricing that saw pre-sale and first sale ticket prices reportedly average more than $455 each. In addition, initial concert ticket sales through Ticketmaster overwhelmed the vendor’s website, resulting in skyrocketing after-market pricing.

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Movie tickets are priced at $19.89 (Swift’s birth year) and $13.13 for children and seniors.

With the unexpected demand for tickets, Universal Pictures has moved up by one week (to Oct. 6) the release of Jason Blum’s The Exorcist: Believer in order not to compete against Swift.

“Look what you made me do,” Blum posted on social media. #TaylorWins

AMC Theatres Swings to Quarterly Profit Without ‘Barbie’

AMC Entertainment Aug. 8 said it posted net income of $8.6 million in the second quarter, ended June 30, compared to a net loss of $121.6 million in the previous-year period. Revenue increased 15.6% to $1.35 billion from $1.17 billion in the prior-year period, the highest quarter in four years.

The world’s largest theater operator attributed the increase to a 12% growth in attendance and a 15% growth in total revenue compared to the second quarter of 2022. AMC theatres across the globe generated more than 66 million paying customers in the quarter, the highest quarterly attendance number since the fourth quarter of 2019.

And this was before the July releases of Barbie, Oppenheimer, Mission: Impossible – Dead Reckoning Part One and Sound of Freedom. The month of July was AMC’s largest revenue month in the chain’s 103-year history.

“With the first half of the year now behind us, the 2023 domestic industry box office is 20% ahead of last year, and we believe the second half of the year could be even better unless the current writers/actors strikes wind
up delaying the release of movie titles into next year,” CEO Adam Aron said in a statement.

More importantly, Aron contends that despite the chain’s $643 million in liquidity at the end of the quarter, the exhibitor’s ability to raise capital going forward remains critical to its survival. AMC ended the quarter with a $62 million negative cash flow, meaning it spent more operating its business than it took in.

“There are real and potentially severe liquidity hurdles on the horizon that we will need to overcome,” Aron said.

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AMC Theatres Post Best-Ever Revenue Week in Company’s 103-Year History

AMC Theatres, the world’s largest exhibitor, July 31 announced it achieved its highest single-week admissions revenue in the company’s 103-year history from July 21-July 27. The final three-day weekend (July 28-30) set a July North American record of $217 million.

The milestone was primarily driven by the opening performances of Warner Bros, Pictures’ Barbie and Universal Pictures’ Oppenheimer, which have taken the summer box office by storm.

Last weekend, July 20-23, was AMC’s busiest weekend since re-opening theatres after their pandemic closures in 2020. Admissions revenue for the full week were not only the best since reopening, they also were the highest recorded admissions revenue for AMC in 103 years.

More than 65 U.S. AMC locations set new single-week box office records, including 13 locations in the Los Angeles market.

“The monumental success of Barbie and Oppenheimer…along with the many other [movies] playing on our silver screens, continues to rewrite what is possible at the box office,” CEO Adam Aron said in a statement.

Aron contends that the recent success of the box office underscores the fact consumers continue to frequent movie theaters and that the venues will play a central role in the cultural fabric for decades to come.

Aron’s sentiments come as Wall Street increasingly turns a blind eye to the theatrical business. AMC’s stock has flatlined over the past 12 months to less than $5 per share from a high of $26. The company’s debt of nearly $10 billion is 230% greater than the market capitalization.

But Aron remains optimistic that the current box office rush will continue.

“Our appreciation extends to so many of our friends in Hollywood for releasing all the many hit movies that have graced our theatres, especially over the past few months,” he said. “The gratitude we feel for studios, film makers, cast and crew is heartfelt and genuine.”

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AMC Theatres Gains on Record Weekend Box Office as Court Rules Against Stock Proposal

AMC Theatres, the world’s largest exhibitor, saw its common stock shares skyrocket nearly 25% in value in early morning trading following the blockbuster weekend box office driven by the debut success of Warner Bros. Pictures’ Barbie and Universal Pictures’ Oppenheimer.

More than 7.8 million moviegoers in the U.S. and internationally saw a movie at AMC from Thursday-Sunday last week, as the exhibitor recorded its busiest weekend since 2019 based on global attendance and global admissions revenue.

On the flipside, a Delaware court ruled against the exhibitor’s desire to convert its AMC Entertainment Holdings Preferred Equity Units (“APE”) to common stock. AMC last year issued the special APE shares as a dividend to shareholders rather than seek their approval to issue more common shares.

Shareholders rejected the move, with more than 3,000 stock holders reportedly sending their complaints to the court, alleging APE shares diluted the value of their common shares. AMC CEO Adam Aron argues that without the ability to raise cash, the exhibitor risks the ability to pay off debt and sustain operations.

AMC on July 22 sent a modified version of its APE/common stock conversion to the court, if approved, would enable the exhibitor to roll out a 10-1 reverse stock split.

“If we are unable to raise equity capital, the risk materially increases of AMC conceivably running out of cash in 2024 or 2025, or of AMC being unable to satisfactorily refinance and stretch out the maturity of some of our debt (which is required of us beginning as early as 2024),” Aron wrote in a July 23 social media post.

Michael Pachter, media analyst with Wedbush Securities in Los Angeles, expects continued volatility in shares of both AMC and APE while the judge considers the modification AMC submitted. In the meantime, he thinks AMC will wait as long as possible before issuing APE shares at such a significant discount to AMC shares, and Aron attempts to persuade his shareholders to act in the best interest of AMC.

“If the modification is approved, AMC would be able to proceed with its proposals, which were passed by nearly 90% at its special meeting of shareholders in March,” Pachter wrote in a note.

Vudu Starts Serving as New Platform for AMC Theatres On Demand Consumers

Vudu, Fandango’s transactional VOD service, June 1 announced that it now serves as the official new streaming platform for consumers of AMC Theatres On Demand.  

Starting June 1, AMC Theatres On Demand users can transfer their account to Vudu, where they can continue to rent and purchase entertainment and watch their catalog of previously acquired movies.

As a new Vudu customer, every AMC Theatres on Demand consumer has access to more than 200,000 new-release and catalog movies and TV shows to rent or buy, including the largest collection of 4K UHD titles and thousands of titles to watch for free, noted the Vudu announcement.

To celebrate, many of the movies previously purchased through AMC Theatres On Demand will be upgraded to the highest-quality format available on Vudu, including 4K Ultra HD. Consumers with applicable titles in their libraries will automatically receive those upgrades for free. Additionally, AMC Theatres On Demand users who are new Vudu consumers will enjoy 15% off every purchase made on the service in their first month.

“AMC Theatres has been a valued exhibition partner of Fandango’s for more than two decades, and we’re thrilled to now offer our Vudu streaming service to AMC Theatres On Demand consumers,” Cameron Douglas, VP of home entertainment at Fandango, said in a statement. “As consumers’ appetite for top-notch entertainment continues to grow, as well as their desire to watch the best movies both on the big screen and at home, this incredible collaboration with AMC Theatres will ensure that fans get seamless access to the premium content they love and crave.”

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“As the first theatrical exhibitor in the United States to bring first-rate films through the life cycle from theaters to home, we at AMC take pride in having served our guests through a multitude of platforms during the pandemic,” Nikkole Denson-Randolph, SVP of content strategy and inclusive programming, said in a statement. “As we continue to evolve our business and remain focused on Making Movies Better by enhancing the theatrical experience, we’re even more excited to expand our relationship with a trusted partner, who will ensure a continued preeminent experience for those consumers who are streaming their post-theatrical movies at home.”

To migrate existing AMC content libraries to Vudu, AMC Theaters On Demand consumers can link their current Vudu account using the same email address or create a new Vudu account.