Shares of AMC Entertainment Holdings Inc. were up 8.1% Monday and are set to break a three-day losing streak. The stock is also on pace for its largest daily percentage gain since Oct. 6, when it gained 11.6%.
The movie-theater chain and meme-stock darling has been reaping the benefits of Taylor Swift’s record-breaking concert film, which opened Oct. 12. “Taylor Swift: The Eras Tour,” was expected to cross $200 million at the global box office on Sunday, according to Comscore data. The film has brought in an estimated $203 million worldwide since its release, making it the first pure concert film in history to record more than $200 million in global box-office receipts, Comscore said in a statement released Sunday.
Related: AMC shares rise as ‘Taylor Swift: The Eras Tour’ sets another record
In addition to showing “Taylor Swift: The Eras Tour” in its theaters, AMC
AMC,
is also the theatrical distributor for the movie. AMC Theatres Distribution and subdistribution partners Variance Films, Trafalgar Releasing, Cinepolis and Cineplex Inc.
CGX,
CPXGF,
have clinched deals with movie-theater operators representing more than 8,500 theaters globally to show the film, according to AMC.
“Taylor Swift: The Eras Tour” was breaking records even before its scheduled release on Oct. 13, prompting more showings to be added. On Oct. 11, Swift tweeted that early access showings would be held on Oct. 12, citing “unprecedented demand” for the movie.
Related: AMC shares rise as meme-stock darling eyes another big Taylor Swift weekend
AMC shares have fallen 72.5% in 2023, compared with the S&P 500 index’s
SPX
gain of 8.7%.
Read the full article here
