Taylor Swift’s latest cinematic venture, “Taylor Swift: The Eras Tour,” emerged as a powerhouse at the box office, claiming the top spot with an estimated $95 to $97 million in domestic ticket sales over the weekend, according to AMC (AMC) reports.
While industry experts initially projected slightly lower figures, hovering just above $93 million, this achievement still secures the film’s position as the second-best domestic opening weekend for October, following the 2019 release of “Joker.”
The concert film’s global appeal was further underscored as it raked in an impressive $31 to $33 million in overseas revenue, as reported by the theater chain, solidifying its position as the most successful debut of any concert film in history.
In a parallel triumph, Imax (IMAX) experienced an extraordinary surge, amassing $13 million in global earnings. This feat sets a new record for any film by a musical artist, be it concert or documentary.
Shawn Robbins, chief analyst at Box Office Pro, commended this innovative approach to moviegoing, expressing optimism for its potential expansion in the future. “It’s really kind of an outside-the-box approach to moviegoing right now and something that I think we could see more of going forward,” Robbins commented.
Despite this victorious performance, both AMC and Cinemark (CNK) observed a slight decline in their shares during Monday afternoon trading, with a 1.5% and 3% decrease respectively. In contrast, Imax shares remained steady.
The release of “Taylor Swift: The Eras Tour” carries substantial weight for the industry, arriving in the wake of a nearly five-month-long writers’ strike that caused considerable upheaval in release schedules. Notably, Warner Bros.’ (WBD) highly anticipated “Dune” sequel saw its release date shift from November 2023 to March 2024.
The strike also prompted other studios to reorganize their programming schedules, with prominent Hollywood actors uniting on picket lines. The Screen Actors Guild‐American Federation of Television and Radio Artists (SAG-AFTRA) accused the Alliance of Motion Picture and Television Producers (AMPTP) of “bullying tactics” after negotiations faltered due to disputes over viewership bonuses and AI-related regulations.
Representing major studios including Warner Bros. (WBD), Disney (DIS), Netflix (NFLX), Amazon (AMZN), Apple (AAPL), NBCUniversal (CMCSA), Paramount (PARA), and Sony (SONY), the AMPTP plays a pivotal role in industry negotiations.
Shawn Robbins underscored the significance of this weekend for theater owners, particularly in light of recent disruptions caused by the strikes. “Here we are talking about an almost $100 million opening weekend that was basically created out of thin air. This is not something that was on the industry’s radar just as recently as the end of summer.”
Swift’s concert film now stands as the third-highest grossing opening weekend of the year, following Mattel (MAT) and Warner Bros.’ “Barbie,” and Disney’s “The Little Mermaid.” Notably, it outperformed Universal’s “Oppenheimer,” which garnered just over $82 million in its July debut.
Robbins anticipates that the film’s success will propel the industry toward its ambitious $9 billion domestic box office target by year-end. As of now, the box office has accumulated over $7 billion in sales, according to Box Office Mojo.
This feat achieved by Taylor Swift could herald a new trend, as Beyoncé’s Renaissance World Tour film is slated to debut in theaters this December. This development suggests a potential surge of concert films gracing the silver screen.
In closing, the analyst remarked, “Taylor has certainly shown what’s possible with a concert film when given a true wide release in close to 4,000 theaters, but she’s also a hard act to follow. We saw a wave of similar films hit cinemas a little over one decade ago. There’s no question that they can provide exhibitors with a great source of alternative revenue during slower periods on the Hollywood release calendar.”
Source: Yahoo Finance
