Taylor Swift’s star power shines on the big screen as her groundbreaking “Eras Tour” concert film debuts in theaters worldwide this week.
“Taylor Swift: The Eras Tour” premiered Thursday, a day earlier than scheduled due to overwhelming demand. Early ticket sales from over 8,500 theaters globally indicate that it is on track to become the highest-grossing concert film ever, surpassing the record set by “Justin Bieber: Never Say Never,” which earned over $73 million at the domestic box office. According to Comscore, the film made $29.5 million domestically during its opening weekend.
The Swift movie has already generated $100 million in advance ticket sales globally, as reported by AMC Theatres. In addition, it broke AMC’s U.S. record for the highest revenue from ticket sales in a single day, achieved in less than 24 hours.
“Clearly, we are expecting an astronomical number,” said Comscore senior media analyst Paul Dergarabedian to CBS MoneyWatch.
A Swift relief for a struggling industry
At a crucial moment for the movie industry, which has faced declining ticket sales due to the rise of streaming services, the concert film could revitalize the movie-going experience.
Swift’s film challenges the notion that at-home streaming would make movie theaters irrelevant in the digital age.
“Movie theaters were written off when the pandemic hit, and many believed that streaming would take over and eliminate the movie theater experience,” said Dergarabedian. “The Swift concert film is extremely valuable to the movie theater industry, as it portrays a positive image for them.”
With the addition of popcorn and concessions, merchandise sales, and Swiftie friendship bracelets, the weekend is poised to be a blockbuster success, added Dergarabedian.
The Swift film is also expected to generate interest in upcoming movie releases that may not receive much attention otherwise. As fans gather in theaters for “Eras,” they will encounter promotional materials for other films and watch trailers before joining together to sing along to Swift’s greatest hits.
“There is a halo effect on upcoming movies, so it’s also beneficial for studios with films releasing in the coming weeks and months,” said Dergarabedian.
Will fans watch multiple times?
Alicia Reese, a vice president and entertainment analyst at Wedbush Securities, estimates that the “Eras” film could earn anywhere between $100 million and $400 million during its opening weekend.
“There is no comparison. It’s unprecedented, so it’s difficult to estimate,” she told CBS MoneyWatch. “The reasons for this are the massive built-in fanbase and the uncertainty regarding how many fans who bought presale tickets for the opening weekend will return in the following three to four weeks.”
Opportunity arises amid Hollywood strikes
Music and movie industry executives will closely monitor the performance of the film. Depending on its success, they may seek to replicate this format in the future.
A recent writer’s strike and an ongoing actor’s strike have disrupted production and may lead to a shortage of new television and movie releases next summer.
“Studios and theaters will explore alternative content options,” said Reese. This could include concert films or recorded comedy shows, traditionally released on streaming platforms like HBO and Netflix.
“But why not movie theaters? They are certainly a possibility,” Reese added.
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