Benzinga - by Chris Katje, Benzinga Staff Writer.
Legendary musician Beyonce had one of the highest-grossing tours of 2023 with her "Renaissance Tour." A concert film from AMC Entertainment Holdings (NYSE:AMC) highlights the success of the tour and demand for the singer.
What Happened: Movie theater company AMC could have two of the biggest concert tour films of all time with the releases of the Taylor Swift "The Eras Tour" film and the upcoming "Renaissance: A Film by Beyonce."
Hitting theaters on Nov. 30, the new Beyonce concert tour film is expected to be the top-grossing movie this week. Estimates from Deadline call for the movie to gross around $20 million domestically and around $20 million in international markets, which could give the movie a $40 million worldwide opening.
For comparison, the Taylor Swift concert film had an opening of $92.8 million. Presales for the Beyonce film are estimated around $6 million compared to $65 million for Swift's film.
While Beyonce's film could come in significantly lower than the Swift film, a $20 million open would put the movie on par with past concert films from Justin Bieber and Michael Jackson.
The film comes with a higher ticket price of around $22 and will also be shown in premium theater formats such as screens at IMAX Corp (NYSE:IMAX) theater locations.
Like the Swift concert tour film, the Beyonce film will be shown in theaters from Thursday through Sunday each week, excluding several weekdays. This could drive additional weekend demand for the film.
Other movie theater chains like Cinemark Holdings (NYSE:CNK) will also show the film.
Related Link: AMC Q3 Earnings Highlights: Revenue Beat, EPS Beat; Q4 To Include Taylor Swift, Beyonce Film Results; Hollywood Strike’s Impact To Be Felt In 2024
Why It's Important: The Swift concert tour film, which was distributed by AMC, grossed around $250 million worldwide and has a couple of weeks left before it heads to at-home viewing soon on the singer's Dec. 13 birthday.
The timing of the releases of the Swift concert film and the upcoming Beyonce concert film could be important for shareholders of AMC.
Both films were released in the company's fourth quarter and will be part of that quarterly earnings report, likely to come in February.
The fourth quarter financial results from AMC could prove important given the timing of the two distributed concert films and the holiday slate of movies. The movie theater company could share additional details on the impact of the Hollywood Strike, which has led to several blockbuster movies being shifted from 2024 to 2025.
AMC Price Action: AMC shares are up 5.22% to $7.05 on Wednesday. Shares of the movie theater company are down 80% year-to-date in 2023.
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Photos: RENAISSANCE: A FILM BY BEYONCÉ 12.01, (c) Parkwood Entertainment; Beyoncé at film premiere, Sat. Nov. 25, photo: Mason Poole. Both images via Beyoncé press site via Cison
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