AMC Entertainment (AMC) -) shares slumped lower in early Monday trading despite data suggesting that Taylor Swift: The Eras Tour movie generated nearly $100 million in box office receipts over the weekend, making it the highest-grossing concert film on record.
The film, which chronicles the stadium tour as well as highlights from the seventeen-year career of one of the world's biggest and most lucrative entertainers, likely drew between $95 million and $105 million in weekend revenues in the U.S. and Canada, based on data from Comscore and Boxoffice Pro, with another $30 million-plus from international markets.
The overall tally for the Eras Tour film, which was shot from performances at Los Angeles' SoFi stadium, dwarfs the previous concert film record, attributed to Justin Bieber's 2011 release 'Never Say Never', which drew around $29.5 million in its opening weekend and $99 million from hits entire months-long run.
"With more reviews out and millions watching the movie, people are raving about Taylor Swift The Eras Tour," said AMC CEO Adam Aron in a post on the social media website X. "We won’t know exactly until Sunday, but likely to be one of the biggest grossing movies of all time released during the month of October."
AMC Entertainment shares were marked 4% lower in early Monday trading to change hands at $9.12 each, extending the stock's six month slide to around 77.5%.
AMC reported a surprise second quarter profit of a penny a share in late August, with revenue rising 15.6% to $1.35 billion. It said the current quarter was off to an "explosive" start thanks to the success of summer blockbusters "Barbie" and "Oppenheimer," which combined for the best box office opening weekend in four years in late July.
'Barbie,' the Warner Bros. Discover (WBD) -) film about the eponymous Mattel (MAT) -)-made doll staring Margot Robbie and Ryan Gosling, has taken in $1.35 billion in global office receipts since its late July debut, according to Comscore data, surpassing 'Super Mario Bros. Movie' as the biggest hit of the year.
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