AMC Has Now Tapped Into A Market With Big Profit
AMC Entertainment (NYSE:AMC) has now tapped into a market with big profit as it continues to close deals with artists to distribute film concerts globally.
In early 2022, we saw Chance The Rapper partner up with AMC Entertainment when they released “Magnificent Coloring World”, a dive into the artist’s tour.
Taylor Swifts 2023 New Eras Tour broke record at AMC Entertainment in September when it pulled more than $26 million in pre-sale tickets alone.
The movie theater company announced that Swift’s film beat the record previously held by “Spider-Man: No Way Home,” which held the previous one-day AMC record with $16.9 million in sales, according to a news release.
Swift’s fans “shattered” the record in just three hours, AMC said.
The film, which will hit theaters Oct. 13, is already pushing out the competition.
The upcoming horror movie, “The Exorcist: Believer” announced it was changing its release date, which was originally set for the same day.
On Twitter, AMC CEO Adam Aron announced that AMC Theatres Distribution will lead the effort in enabling RENAISSANCE: A FILM BY BEYONCÉ to take over movie theatres worldwide.
“RENAISSANCE: A FILM BY BEYONCÉ will also play at most other U.S., Canadian and Mexican movie theatre chains starting Nov 30/Dec 1 as well, including Cinemark, Regal, Cineplex, Cinepolis and so many others.
The release date for other international screenings throughout the world will be announced later in October.
This is such exciting news for AMC and for the world’s entire movie theatre industry.”
Shares of AMC Entertainment rose nearly +2% while Cinemark (NYSE:CNK) shares rose more than +1% on Monday following the announcement.
Fundamentally speaking, it seems AMC Entertainment may have just found its next gold mine — will it be able to successfully tap into the sports segment too?
I’d love to hear your thoughts on this. Leave a comment down below.
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