The date Oct. 1, 2023, holds weight for the Beyhive for two reasons. One, it’s the day that Beyoncé closed out the “Renaissance World Tour” in Kansas City, MO, and two, that same night she shared a teaser for “Renaissance: A Film by Beyoncé.”
Released on Dec. 1, fans lined up to watch the documentary concert film at AMC Theatres. And while the impact was already felt within that limited time of its showing, a new report shares the true magnitude of it all.
According to The Hollywood Reporter, AMC Theatres announced that its fourth-quarter revenue for 2023 was $1.10 billion with a net loss of $182 million. In 2022, it had revenue of $990.9 million and a net loss of $287.7 million. The outlet details that AMC Theatres CEO Adam Aron said “literally all” of the company’s increase in revenue was due to Beyoncé and Taylor Swift’s concert films.
“What is particularly noteworthy is how much AMC benefited from our trailblazing industry leading efforts with our highly successful distribution of two concert movies, ‘Taylor Swift: The Eras Tour’ and ‘Renaissance: A Film By Beyoncé,'” Aron shared in a press statement, per the outlet.
He continued, “Despite a diminished box office overall, in the fourth quarter compared to the same quarter a year ago, AMC’s revenue grew by 11.5 percent and AMC’s adjusted EBITDA almost tripled. Literally, all of that increase in AMC’s Revenue and EBITDA is attributable to our having shown these two movies in our theatres in the U.S. and internationally.”
In addition, Aron shared that AMC Theatres’ “phones have been ringing off the hook” due to music artists inquiring about partnering with the company for their own films. He says that more concert movies can be expected in late 2024 and/or 2025.
As previously reported by AFROTECH, when fans were looking to secure their tickets for “Renaissance: A Film by Beyoncé,” AMC Theatres’ shares spiked by 1.5% during premarket trading on Oct. 2, 2023. The film went on to rake in $21 million during its opening weekend alone, per CNN.
