{"id":76393,"date":"2023-10-24T19:56:12","date_gmt":"2023-10-24T23:56:12","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/exclusive-amc-boosted-by-taylor-swift-and-summer-blockbusters-cinema-foot-traffic-data-show\/"},"modified":"2023-10-24T19:56:15","modified_gmt":"2023-10-24T23:56:15","slug":"exclusive-amc-boosted-by-taylor-swift-and-summer-blockbusters-cinema-foot-traffic-data-show","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76393","title":{"rendered":"EXCLUSIVE: AMC boosted by Taylor Swift and summer blockbusters, cinema foot-traffic data show"},"content":{"rendered":"
\n

AMC Entertainment Holdings Inc. is enjoying a foot-traffic boost thanks to\u00a0\u201cTaylor Swift: The Eras Tour\u201d\u00a0and summer blockbusters \u201cBarbie\u201d and \u201cOppenheimer,\u201d according to U.S. data from analytics company Placer.ai.<\/p>\n

\u201cDespite the ongoing economic headwinds impacting many consumer segments, out-of-home entertainment emerged as one of summer\u2019s major winners \u2014 in large part thanks to the blockbuster success of Barbie and Oppenheimer,\u201d Placer.ai said in a statement shared exclusively with MarketWatch. \u201cThe movies, both released on July 21st, 2023, drove massive and sustained year-over-year increase in weekly visits to leading chains, including AMC Theatres, Regal Cinemas, and Cinemark.\u201d<\/p>\n

\n

The data also suggest that cinema chains are getting closer to prepandemic visit numbers. Compared with 2019, overall visits to AMC
\n AMC,
\n +1.86%<\/bg-quote>
\n and Regal during the third quarter were down by 16.9% and 19%, an improvement over 30.8% and 32.1%, respectively, in the second quarter, according to Placer.ai. Cinemark Holdings Inc.\u2019s
\n CNK,
\n -1.03%<\/bg-quote>
\n third-quarter 2023 foot traffic even exceeded third-quarter 2019 visits by 0.9%.<\/p>\n

Related: <\/strong>AMC still riding a \u2018Taylor Swift: The Eras Tour\u2019 wave<\/p>\n

\u201cPart of the movie theater visit growth was likely driven by an increase in the share of repeat visitors,\u201d Placer.ai said in the statement, citing the massive buzz around the \u201cBarbie\u201d and \u201cOppenheimer\u201d movies this summer. \u201c\u2019Barbenheimer\u2019 emerged as a cultural phenomenon, with some movie-goers watching both movies as a double feature \u2014 and many more who first came to theaters for \u2018Barbie\u2019 or \u2018Oppenheimer\u2019 may have returned later to watch the other film,\u201d the company said, adding that customers enjoying \u201cBarbie\u201d and \u201cOppenheimer\u201d were likely reminded of the pleasures of watching films in theaters.<\/p>\n

\u201cThe Equalizer 3,\u201d starring Denzel Washington, which was released on Sept. 1, brought another visit spike, Placer.ai said, and the eagerly anticipated \u201cTaylor Swift: The Eras Tour,\u201d which opened on Oct. 12, then delivered a major boost, mostly for AMC, which is also the movie\u2019s theatrical distributor. During the first week of the movie\u2019s release, AMC\u2019s combined share of movie-theater visits relative to Regal and Cinemark jumped to 49.6%, up from 41.8% just a week earlier. Regal\u2019s share fell to 29.1% from 32.9% and Cinemark\u2019s share fell to 21.3% from 25.3% over the same period.<\/p>\n

AMC Theatres Distribution and subdistribution partners Variance Films, Trafalgar Releasing, Cinepolis and Cineplex Inc.\u00a0have clinched deals with movie-theater operators representing more than 8,500 theaters globally to show the Taylor Swift film, according to AMC.<\/p>\n

Don\u2019t miss:<\/strong>\u00a0Taylor Swift tops Martin Scorsese at box office despite strong start for \u2018Killers of the Flower Moon\u2019<\/p>\n

\u201cTaylor Swift: The Eras Tour\u201d was breaking records\u00a0even before its scheduled release on Oct. 13, prompting more showings to be added. On Oct. 11, Swift tweeted that early access showings would be held on Oct. 12, citing \u201cunprecedented demand\u201d for the movie.<\/p>\n

\u201cDue to the publicized nature of Taylor Swift\u2019s AMC distribution deal, some fans may have mistakenly assumed that the movie would only be showing at AMC venues. AMC may have also had an easier time accommodating the \u2018surprise\u2019 October 12th<\/sup> early showing, giving the chain an advantage in catering to the early viewers,\u201d Placer.ai said in the statement. \u201cEither way, AMC\u2019s outsize piece of the \u2018Taylor Swift: The Eras Tour\u2019 pie \u2014 both from the distribution deal and from its significant ticket sales \u2014 highlights one more path that movie theater chains can take to remain relevant in 2023.\u201d<\/p>\n

The movie shattered the record for the biggest global opening weekend for a concert film, racking up $128 million in box-office returns, according to Comscore. Imax Corp.\u00a0
\n IMAX,
\n +1.78%<\/bg-quote>
\n also\u00a0announced that \u201cTaylor Swift: The Eras Tour\u201d had a $13 million debut in global box office, making it the largest Imax opening for a concert or documentary film by a musical artist.<\/p>\n

Also see:\u00a0<\/strong>AMC price target, estimates, raised by Roth MKM as box-office results improve<\/p>\n

The film brought in an estimated $31 million domestically and $10.5 million internationally during its second weekend, according to Comscore data released Sunday. Since\u00a0its opening, the movie has brought in $164.79 million globally, Comscore said.<\/p>\n

AMC reports third-quarter results after market close on Nov. 8. Analysts surveyed by FactSet are looking for the movie-theater chain and meme-stock darling to report a loss of 26 cents in adjusted earnings per share and revenue of $1.23 billion. Shares of AMC have fallen 73.3% in 2023, compared with the S&P 500\u2019s
\n SPX
\n gain of 10.5%.<\/p>\n

Cinemark reports third-quarter results before market open on Nov. 3. Analysts surveyed by FactSet are looking for Cinemark to report adjusted earnings of 38 cents a share and revenue of $837 million. Shares of Cinemark have risen 77.6% in 2023.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

AMC Entertainment Holdings Inc. is enjoying a foot-traffic boost thanks to\u00a0\u201cTaylor Swift: The Eras Tour\u201d\u00a0and summer blockbusters \u201cBarbie\u201d and \u201cOppenheimer,\u201d according to U.S. data from analytics company Placer.ai. \u201cDespite the ongoing economic headwinds impacting many consumer segments, out-of-home entertainment emerged as one of summer\u2019s major winners \u2014 in large part thanks to the blockbuster success […]<\/p>\n","protected":false},"author":1,"featured_media":76394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-76393","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nEXCLUSIVE: AMC boosted by Taylor Swift and summer blockbusters, cinema foot-traffic data show | iFintechWorld<\/title>\n<meta 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