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AMC Theatres Upped 2023 Revenue 24% Thanks to ‘Barbie,’ ‘Oppenheimer’ and Taylor Swift Media Play News

Taylor Swift: The Eras Tour

February 29, 2024

AMC Theatres, the world’s largest movie exhibitor, reported 2023 revenue of $4.81 billion, up 19% from revenue of $3.91 billion during 2022. Revenue drivers included food and beverage (up 27.4%) to $1.67 billion, and “other” (up 14.1%) to $452 million, which includes gift cards, in-theatre advertising, package tickets and theatre meetings.

The exhibitor, like the theatrical business in general, benefited from the outsized box office performance of Barbie — the top-grossing movie in 2023 — and Oppenheimer, which defied expectations approaching nearly $1 billion in ticket sales.

The increase in average ticket price was primarily due to higher ticket prices for Taylor Swift / The Eras Tour and Renaissance: A Film By Beyoncé and increased attendance for 3D content, partially offset by higher frequency of use by subscribers to A-List movie service, which affords members access up to three times per week, including multiple movies per day.

AMC narrowed its fiscal year loss nearly 60% to $396.6 million from a net loss of $973.6 million in 2022.

“Taylor’s movie in particular was the single highest-grossing movie of them all within the fourth quarter at the domestic box office and worldwide,” CEO Adam Aron said on the fiscal call. “At $275 million of gross, Taylor’s film also was the highest-grossing concert film of all time and the highest-grossing documentary of all time. It’s hard to believe, but it’s true.”

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Erik Gruenwedel

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