Pop artist Taylor Swift’s concert film is coming to the UK and it's something Everyman Media Group PLC (AIM:EMAN), the luxury cinema operator, believes could be helpful in pushing the group forward to a strong second-half performance.
Set for release in the UK on 13 October, 'Taylor Swift: The Eras Tour' is shaping up to what could be a huge hit for cinemas, with AMC, the US movie theatre group, already experiencing a share price bounce earlier this month after revealing the film helped it to its highest-ever day of pre-sales.
Fans who missed out on her world tour will be able to watch highlights from Swift's performances in the 2-hours and 45-minutes-long feature film, which has been produced independently by Taylor Swift Productions.
Swift’s tour, which spanned five continents over 146 dates and sees the artist perform a collection of her hits, is touted to bring in US$2.2 billion in revenues from North America alone.
Cinema groups Vue and Odeon have also announced they will be screening the concert film.
Tim Richards, chief executive and founder of Vue International, said: “As part of our growing programme of event cinema, we are delighted to be screening Taylor Swift’s sold-out Eras tour.
“Since our first event working with (Sir) Brian May and Queen in 2005 to one of the first live concerts ever working with Genesis in 2007, we have screened a wide range of cultural and sporting events.”
Everyman for himself
Things haven’t been easy for cinema companies since the pandemic and with consumers saving money here, there and everywhere, it is no wonder that going to the pictures has been one activity that has been dropped – especially the higher-end offerings.
Despite this trend, which has resulted in administration for Cineworld, Everyman fights on and remains optimistic about the future, with Barbie and Oppenheimer set to help with financial performances in the year's second half.
Comfy seats and mid-movie drinks service are commonplace at Everyman Source: Company
Planning to open several new theatres over the next year, including sites in Marlow, Cambridge and Durham, the luxury cinema firm even has a “well-developed” pipeline for 2025.
Revenues and profits did however slump in the first half, with sales dropping from £40.7 million to £38.3 million, while underlying earnings fell from £7.5 million to £5.8 million even though gross profit margins improved by over three percentage points, the company's interim results revealed.
Shares slipped back a little over 1% on the back of this news and means the stock, which opened trading at around 55.5p on Wednesday, has lost over a third of its value in the year to date.