AMC shares extended their rally to three days amid expectations for the upcoming concert film Taylor Swift – The Eras Tour.
Its stock price soared by 8.78% to $8.24 per share on September 14. Moreover, market analysts expect an additional 1.13% increase to $8.35 apiece in the forthcoming session.
Set to air on October 13, the concert film documents Taylor Swift’s highly successful, ongoing sixth tour. The Eras Tour is the singer-songwriter’s most expansive tour yet, set to last 20 months.
Reaching out to the movie theater chain, Taylor Swift unconventionally bypassed the major film studios to directly partner with theaters. Thus, AMC Theatres, along with Cinemark Theatres, acquired both distribution and exhibition rights for the film.
Produced at a $20.00 million budget, the film amassed $37.00 million in first-day pre-sale revenue in the US. American Box office projections expect the concert film to set a record $70.00 to $100.00 million opening weekend gross.
The partnership is the latest step in AMC’s efforts to weather the ongoing Hollywood writer and actor strikes. On September 06, it raised $325.50 million by selling 40.00 million shares at an average price of $8.14 apiece.
In addition, AMC completed a 1-for-10 reverse stock split on August 24, hoping to improve its profitability and valuation. Then, on August 25, it initiated a 1-to-1 APE (AMC Preferred Equity) to AMC common share conversion.
Taylor Swift Film to be Available in AMC IMAX
AMC Theatres announced its intentions to make the experience available to the music icon’s extensive fan base. Each AMC theater in the US will offer at least four showtimes per day on Thursdays through Sundays.
Additionally, the company priced the tickets at $19.89 plus tax for adults and $13.13 plus tax for children and seniors. Also, it will hold IMAX screenings at each Dolby Cinema with standard upcharges.
Furthermore, it has even expanded its ticket server capacity to 500.00% in anticipation of record-breaking ticket demand.
Taylor Swift’s The Eras Tour consists of 146 shows, spanning March 17, 2023, through November 23, 2024. Each show comprises 44 songs grouped into 10 acts, lasting a total of three hours and 15 minutes.
