US Markets
Tuesday, October 3rd, 2023 2:21 pm EDT
Key Points
- AMC Entertainment has partnered with Parkwood Entertainment to bring a documentary about Beyonce’s Renaissance album and tour to movie theaters. The film will be shown on Thursdays, Fridays, Saturdays, and Sundays for approximately four weeks starting on December 1st. Tickets will start at $22 for standard showtimes, with premium options like IMAX and Dolby Cinema available for a higher fee. This release is seen as a boost for the North American box office, which is still recovering from the pandemic and a lack of recent releases.
- The release of Beyonce’s documentary in December comes at a time when there are relatively few high-profile new movie releases, making it an opportunity to attract audiences to theaters. The article also highlights the revenue-generating potential for AMC through distribution fees and ticket sales, which is crucial for the company as it grapples with film-licensing costs and theater rentals that often exceed ticket and concession sales. The success of concert films featuring artists like Beyonce and Taylor Swift is drawing attention to this strategy of alternative content in theaters.
AMC Entertainment has partnered with Parkwood Entertainment to bring a documentary about Beyonce’s Renaissance album and tour to movie theaters. The film will be shown on Thursdays, Fridays, Saturdays, and Sundays for approximately four weeks starting on December 1st. Ticket prices will start at $22 for standard showtimes, with premium options like IMAX and Dolby Cinema available at a higher cost. The film will be screened at various theaters nationwide, including AMC, Regal, Cinemark, Cinepolis, Cineplex, and Harkins.
This move is seen as a boost to the North American box office, which is still recovering from the pandemic and a decrease in releases, leading to reduced ticket sales. Beyonce’s film is expected to help fill the gap in December, a historically slow period for new releases. The release schedule for December includes Warner Bros. titles like “Wonka,” “Aquaman and the Lost Kingdom,” and “The Color Purple,” giving Beyonce’s movie ample room to perform.
AMC’s distribution strategy for these concert films is part of its efforts to generate revenue beyond traditional studio releases. The theater chain will earn distribution fees and a share of ticket sales, which is particularly important as it grapples with film-licensing costs and theater rentals that often exceed ticket and concession sales. This approach is expected to bolster the bottom line for movie theaters.
In addition to ticket sales, movie theater chains like AMC also benefit from increased concession sales during such events. AMC, for example, is promoting collectible Taylor Swift-themed popcorn tubs and cups. This strategy of screening concert films has gained attention and is likely to continue, especially with artists touring next summer, filling gaps in the release schedule due to production delays related to Hollywood labor strikes.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/10/03/beyonce-renaissance-concert-film-to-boost-box-office.html
