Taylor Swift movie set to break more records, boding well for AMC and Cinemark

“Taylor Swift: The Eras Tour” hits movie theaters on Oct. 13, and the eagerly anticipated concert film looks set to break more records amid huge interest. 

The Hollywood Reporter reports that the movie version of Swift’s blockbuster concert tour is set for a global opening of $150 million to $200 million, which would be a record for a concert film.

So fierce has been demand for the tour documentary on the big screen, that Taylor herself announced Wednesday on X that one-day early access showings would be offered in the U.S. and Canada, meaning keen fans can see it on Thursday.

“Look what you genuinely made me do…” she wrote, adding that more showtimes would be added Friday and throughout the weekend.

In addition to showing “Taylor Swift: The Eras Tour” in its own cinemas, movie-theater chain and meme-stock darling AMC Entertainment Holdings Inc.
AMC,
+5.04%
is also the theatrical distributor for the movie. AMC recently announced that the film had shattered the company’s record for single-day advance ticket sales, with $26 million in ticket sales revenue on Aug. 31. Shares of AMC surged last week after the company announced that “Taylor Swift: The Eras Tour” has brought in more than $100 million in global advance ticket sales revenue.

Related: AMC’s stock surges as Taylor Swift concert movie passes $100 million in advance ticket sales

The company’s stock is up 3% Wednesday, compared with the S&P 500’s
SPX
decline of 0.03%.

The arrival of “Taylor Swift: The Eras Tour” is great news for the movie-theater industry, which has been dealing with the impact of the Hollywood strikes, according to Benchmark analyst Mike Hickey. “The overwhelming success of the film has come as a boon for theaters, especially during times when Hollywood release schedules have been affected by strikes,” he wrote in a note. “The concert movie genre appears to be gaining traction again, with Beyoncé’s film ‘Renaissance’ also set to release soon through AMC.”

Of seven analysts surveyed by FactSet, four have a hold rating and three have a sell rating for AMC.

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

Cinemark Holdings Inc.
CNK,
-2.33%
is also set to get a boost from “Taylor Swift: The Eras Tour” after clinching a deal with AMC to show the movie. Last week, Benchmark raised its Cinemark price target to $22 and reiterated its buy rating for the movie-theater chain. “Taylor Swift’s upcoming concert film is breaking presale records at Cinemark, with demand 10x higher than any past event film,” Hickey wrote. “Adult tickets are $20 and children’s $13, likely raising the quarter’s average ticket price,” he added.

The movie-theater chain is also offering Private Swiftie Parties, where fans can hire a private auditorium to see “Taylor Swift: The Eras Tour.” Shares of Cinemark are down 0.5% Wednesday. Of 10 analysts surveyed by FactSet, six have a buy rating, three have a hold rating and one has a sell rating for Cinemark.

Major concert films are in the spotlight, boosted by the high-profile tours by Swift and Beyoncé. Earlier this month, Beyoncé’s production and management company Parkwood Entertainment and AMC announced that “Renaissance: A Film by Beyoncé” will hit AMC theaters in the U.S., Canada and Mexico on Dec. 1. Cinemark and Marcus Corp.’s
MCS,
-0.38%
Marcus Theatres are also showing the Beyoncé movie.

Related: ‘Barbie’ in the rearview mirror: Here’s a potential red flag for a U.S. consumer spending slowdown

Data from Apollo Global Management indicate that movie-theater visits have slowed significantly in recent weeks, after a spike driven by summer blockbusters “Barbie” and “Oppenheimer.”

Barbara Kollmeyer contributed.

Original Source Link