AMC Entertainment has recently struck a deal to release a movie version of Beyoncé's latest world tour, Renaissance World Tour. The film will be screened in thousands of theaters across the United States, Canada, and Mexico starting from Dec. 1, with a minimum four-week run. While AMC will be distributing the movie, it will also be shown in Regal and Cinemark theaters, including on IMAX screens.
AMC stock experienced a 1.0% increase in premarket trading on Monday following the announcement. However, the boost was smaller compared to when it was first revealed that Taylor Swift's tour movie would be released in cinemas.
Taylor Swift is currently on track for the biggest concert tour of all time, and her movie release will coincide with her ongoing performances. According to Deadline, Swift's tour movie is expected to generate $100-$125 million in revenue during its opening weekend on Oct. 13.
Although some analysts believe that adding alternative content like concert films could significantly benefit AMC, others are more skeptical about its impact on the company's core business. This skepticism may be reflected in the stock's performance, as it has fallen 87% in the past 12 months and is down 78% in 2023 thus far, accounting for a reverse stock split earlier this year and the conversion of AMC Preferred Equity units to common shares.
