by Diamond Brown
Greg Marcus, the CEO and chair of the Marcus Corporation, a prominent figure in the movie business, finds himself in an unusual role—encouraging moviegoers to take out their phones and create friendship bracelets. This unusual scenario is all part of the preparation for the opening weekend of "Taylor Swift: The Eras Tour," set to premiere this Friday.
Image Credit: Kevin Winter/TAS23 / Contributor / Getty Images
The concert film, compiled from Taylor Swift's performances at Southern California's SoFi Stadium, has generated immense excitement. With advance ticket sales exceeding $100 million worldwide, the film is expected to have a remarkable $100 million opening or possibly more. Dedicated Swifties are poised to fill theaters, where dancing and singing are actively encouraged, creating a vibrant atmosphere of enjoyment.
While concert films are not new to the industry, "The Eras Tour" signifies a significant shift. It marks the entry of two global superstars, Taylor Swift and Beyoncé, directly into cinemas through groundbreaking arrangements with AMC Theaters, bypassing Hollywood studios and temporarily sidelining streaming platforms.
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Movie theaters have been redefining their role as venues for visual media, primarily driven by studios diverting content to streaming platforms and the postponement of major releases due to an ongoing actors' strike. They have evolved into more than just movie showtime venues.
For example, earlier this year, BTS released a concert film with higher ticket prices and limited showtimes, and the Metropolitan Opera has successfully broadcast live performances in theaters for years. "The Eras Tour" could be the beginning of a broader transformation, turning movie theaters into destinations for various visual experiences.
Taylor Swift's motivation to release "The Eras Tour" as a movie arose while her stadium tour was still ongoing, expected to earn approximately $1.4 billion. The tour had witnessed Ticketmaster's site crashing, high resale prices, and fans priced out of attending. The concert film, directed by Sam Wrench, provides millions more with the opportunity to experience the Eras Tour.
Adult tickets are priced at $19.89, a reference to Swift's birth year and her 2014 album. This pricing is higher than the average movie ticket but significantly more affordable than live concert tickets. The film's swift release, just over two months after the SoFi shows, was facilitated by Taylor Swift's direct involvement, bypassing the traditional studio promotion process.
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Adding to the excitement, the film is associated with Kansas City Chiefs tight end Travis Kelce. While TV ads for the film have been limited, this unique release challenges Hollywood norms.
Ticket sales will be divided, with theaters receiving 43% and Swift and AMC sharing 57%, primarily benefiting the pop star. The film will exclusively play in theaters for at least 13 weeks, longer than most Hollywood releases. AMC CEO Adam Aron has called this a "coup for AMC."
The release of "The Eras Tour" is expected to boost the North American box office in 2023, potentially exceeding $9 billion, up from the $7.4 billion in the previous year, and approaching the $11.4 billion of 2019.
These changes have been facilitated by the removal of long-standing antitrust restrictions governing movie distribution. The termination of the Paramount consent decrees in 2020, suggested by the Department of Justice, has paved the way for new distribution models that benefit both exhibitors and consumers.
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In conclusion, "Taylor Swift: The Eras Tour" is poised to become one of the most successful concert films ever, challenging records like "Justin Bieber: Never Say Never." For theaters like Marcus Corporation, this release has sparked innovative initiatives, including friendship bracelet stations and enhanced sound systems to create a concert-like atmosphere. The collaboration between theaters and music stars is reshaping the rules of success in the movie industry.
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