Whatever Taylor Swift can do, Beyoncé can do better? Well that’s the hope of AMC Entertainment which has struck a deal to release a movie version of Beyoncé’s most recent world tour.
AMC
(ticker: AMC) said Monday that the movie of Beyoncé’s Renaissance World Tour would be released in thousands of theaters in the U.S., Canada and Mexico from Dec. 1, for a minimum of four weeks. The movie is being distributed by AMC but will also be screened at
Regal
and Cinemark (CNK) theaters, with showings on IMAX (IMAX) screens.
AMC stock was up 1.0% in premarket trading on Monday. That’s a smaller boost than the meme-stock favorite received when it was first announced that Taylor Swift: The Eras Tour would be released in cinemas.
That might indicate some investor skepticism that the movie version of Beyoncé’s tour –which ended on Sunday in Kansas City, Missouri– can match Taylor Swift’s pull.
Swift is on track for the biggest concert tour of all time and the release of her movie will come while she’s still performing. The movie version of Swift’s tour is expected to pull in revenue of $100-$125 million in its opening weekend when it opens on Oct. 13 in cinemas, according to entertainment-news outlet Deadline.
While some analysts have said AMC could get a meaningful benefit by adding alternative content such as concert films to its typical offering, others have been more skeptical about how much they can boost its underlying business. AMC stock has fallen 87% in the past 12 months and is down 78% in 2023 so far. Those figures account for a reverse stock split earlier this year and the conversion of AMC Preferred Equity units, or APEs, to common shares.
Write to Adam Clark at [email protected]
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