The Stock of AMC Surges After Taylor Swift's Concert Grosses $100 Million in Advance Sales

AMC Entertainment Holdings Inc., the renowned movie theater chain and beloved meme stock, experienced a remarkable surge in its stock price, with an increase of more than 10% on a Friday. This surge followed the company's announcement that the highly anticipated "Taylor Swift The Eras Tour" concert film had generated over $100 million in global advance ticket sales revenue.

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This eagerly awaited movie made its debut on Friday, October 13, with screenings in over 8,500 theaters across 100 countries worldwide, as confirmed by AMC in a statement released the day before. AMC expressed its enthusiasm for the film, highlighting the extraordinary demand from audiences since its initial announcement.

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AMC holds the role of theatrical distributor for "Taylor Swift The Eras Tour" and secured agreements with other major theater chains such as Cinemark Holdings Inc. and Regal in the United States, Cineplex in Canada, and Cinepolis in Mexico to exhibit the film.

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Within North America, AMC Theatres Distribution inked deals to showcase the movie at nearly 4,000 movie theaters, commencing on October 13, according to the company's statement.

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Earlier, AMC had disclosed that the film had broken the company's previous record for single-day advance ticket sales, raking in an impressive $26 million in ticket revenue on August 31. This achievement sparked a significant boost in AMC's stock price, which surged by 10.5% on the day in question, outpacing the S&P 500 index's more modest gain of 1.1%. Meanwhile, Cinemark's stock experienced a notable increase of 4.1%.

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Notably, Cinemark, another major player in the theater industry, had previously introduced an enticing offering known as Private Swiftie Parties. These events allow ardent Taylor Swift fans to rent out private auditoriums for an exclusive viewing experience of the film, catering to the strong demand from her fanbase.

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