AMC credits Taylor Swift and Beyoncé for all of it’s Q4 revenue growth

The Street

TheStreet’s Remy Blaire brings you the biggest news of the day, including what investors are watching and how Taylor Swift and Beyoncé helped to lift AMC.

Transcript

00:00 I'm Emmy Blair reporting from the New York Stock Exchange.

00:03 Here's what we're watching on the street today.

00:05 Stocks are coming off another positive month with all three major averages ending February in the green.

00:11 Investors are hopeful that inflation will start to come down with bets on interest rate cuts in June.

00:17 And investors are looking ahead to a lineup of Fed speakers.

00:21 These comments will be closely monitored for hints into the Fed's path forward on interest rates.

00:26 And turning to the big screen, AMC says two people are solely responsible for its 2023 Q4 revenue growth,

00:34 and neither are Barbie or Oppenheimer.

00:37 CEO Adam Aaron says Taylor Swift's and Beyoncé's concert films accounted for, quote,

00:42 "literally all of the company's growth last quarter."

00:46 Aaron speaking on AMC's earnings call went on to say these two movies added greatly not only to AMC's bottom line,

00:53 but to movie theater success across our entire industry.

00:57 Just these two films represented fully one-ninth of the complete fourth-quarter domestic industry-wide box office.

01:05 Taylor Swift's heiress, a tour film, grossed more than $200 million alone.

01:10 AMC says that makes it the highest-grossing documentary or concert film of all time.

01:16 Meanwhile, Beyoncé's renaissance film brought in more than $35 million.

01:21 But AMC wasn't the only company to receive the Swifty and Beehive bub.

01:26 Lyft says rides to stadiums increased by 35 percent year-over-year

01:31 and specifically credit the two fan groups for the added rides.

01:35 That'll do it for your daily briefing.

01:37 From the New York Stock Exchange, I'm Amy Blair with The Street.

01:40 [street noise]

01:41 [BLANK_AUDIO]

Category

Transcript

Recommended