Taylor Swift helps drive AMC Entertainment's stock higher after announcement of Eras Tour concert film
- AMC Entertainment jumped as much as 9% on Thursday after the announcement of a Taylor Swift concert movie.
- The movie theater company will show TAYLOR SWIFT | THE ERAS TOUR concert film starting on October 13.
- AMC said it is acting as a theatrical distributor of the film and has already inked a deal with Cinemark.
AMC Entertainment stock spiked as much as 9% on Thursday after the company announced details behind the upcoming concert film of Taylor Swift's Eras Tour.
The tour, which has been a massive success and a boon for local economies, will come to the big screen on October 13 across thousands of AMC's movie theaters.
The company said it would show at least four showings per day on Thursdays, Fridays, Saturdays, and Sundays, and that tickets to the film would be priced at just under $20.
"The Eras Tour has been the most meaningful, electric experience of my life so far and I'm overjoyed to tell you that it'll be coming to the big screen soon," Taylor Swift tweeted on Thursday, along with a short preview of the film. "Starting Oct 13th you'll be able to experience the concert film in theaters in North America! Tickets are on sale now... Eras attire, friendship bracelets, singing and dancing encouraged 1, 2, 3 LGB!!!! (iykyk)."
AMC said the upcoming Taylor Swift movie will mark its debut of a new line of business for the company: distributing movies to other movie theaters. The company said as the acting theatrical distributor of the Taylor Swift concert film, it would secure locations and movie theater screens across the US, Canada, and Mexico to show the film.
AMC said it has secured deals with Cinemark in the US, Cineplex in Canada, and Cinepolis in Mexico to show the concert film.
Thursday's price action in AMC Entertainment is likely welcomed by investors, especially after the stock plunged as much as 76% in the month of August amid the company's conversion of its APE units following a court ruling, as well as a reverse stock split.