AMC Entertainment Holdings (NYSE:AMC) shares have been buoyed by the news that Taylor Swift’s concert film has surpassed $200 million in global box office takings.
According to reports, 'Taylor Swift: The Eras Tour' brought in another $14.7 million during its third weekend of screenings, generating $149.3 million in North America and $203 million globally.
Shares of the cinema chain, which in addition to showing the film is its theatrical distributor, added 8.9% to US$9.96 at Monday's market close.
AMC CEO Adam Aaron wrote on X, the social media platform formerly known as Twitter, on Monday that there were “about 200 million reasons why” 12 of his last 13 tweets were about Taylor Swift.
“Taylor Swift’s concert film is the highest grossing in history,” he wrote on X.
Twelve of my last 13 tweets (there's that ubiquitous lucky number 13 again) have been about Taylor Swift.
Want to know why?
Well there are about 200 million reasons why!
Taylor Swift's concert film is the highest grossing in history. pic.twitter.com/89SlgXqcSK
— Adam Aron (@CEOAdam) October 30, 2023
Swift’s film took the crown for highest-grossing concert movie in its opening weekend from the previous record holder 2011’s 'Justin Bieber: Never Say Never,' which grossed $99 million worldwide.
And the film is steadily closing in on the 2009 documentary 'Michael Jackson’s This Is It,' which is not technically a concert film and grossed $261 million at the global box office.
- Updated with share price movement -
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on X, formerly known as Twitter, @emilyjjarvie