AMC sees Swift film presales cross $100M; cinema stocks rise
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AMC Entertainment (NYSE:AMC) saw a postmarket bump Thursday, up 1.7%, after it said Taylor Swift's Eras Tour concert film has crossed $100M in global advance ticket sales.
The film -- a chronicle of the pop superstar's record-breaking 2023-2024 stadium tour -- is set for release Oct. 13. AMC through partners has reached agreements to exhibit the movie in more than 8,500 theaters globally.
News of its release gave a solid bump to cinema stocks back on Aug. 31, and its early success even scared a key October horror release (Universal's (CMCSA) The Exorcist: Believer) to move away from an Oct. 13 opening date to come out a week earlier.
Cinemark (CNK) also noted presales for the movie set a chain record, saying the film is seeing demand 10 times higher than any other event film it's shown.
In-cinema advertiser National CineMedia (NCMI) rose 3.2% after hours.
The film marks a particular boon to exhibitors after twin Hollywood strikes (a writers strike recently resolved, and an actors strike in negotiations) gave a body blow to the movie release calendar.
Swift isn't the only musical superstar heading to the silver screen: BeyoncÃ© will release the film of her Renaissance world tour on Dec. 1.

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