AMC shares rise as meme-stock darling eyes another big Taylor Swift weekend

“Weekend #3 for Taylor Swift The Eras Tour: Thursday through Sunday,” tweeted AMC CEO Adam Aaron Wednesday. “Playing at all AMC & Odeon theatres in the U.S. & Europe. The highest grossing concert film of all time. CinemaScore A+, RT 99%/98%. See the phenomenon that has captivated the world.”

Related: AMC still riding a ‘Taylor Swift: The Eras Tour’ wave

Earlier this week Aaron tweeted that the movie enjoyed a successful second weekend in theaters. “It’s such a privilege to report that Taylor Swift The Eras Tour won the weekend again!” he wrote on Monday. “The first ever movie distributed by AMC, it had the biggest box office gross last weekend and this weekend! Grossed $179 million so far. All the credit goes to the extraordinary Taylor Swift!”

Set against this backdrop AMC
AMC,
-0.87%
shares rose 1.9% Friday and are on pace to snap a two-day losing streak.

In addition to showing “Taylor Swift: The Eras Tour” in its theaters, AMC  is also the theatrical distributor for the movie. AMC Theatres Distribution and subdistribution partners Variance Films, Trafalgar Releasing, Cinepolis and Cineplex Inc. have clinched deals with movie-theater operators representing more than 8,500 theaters globally to show the film, according to AMC.

EXCLUSIVE: AMC boosted by Taylor Swift and summer blockbusters, cinema foot-traffic data show

“Taylor Swift: The Eras Tour” remained atop the domestic box office last weekend, ahead of Martin Scorsese’s “Killers of the Flower Moon,” which brought in an estimated $23 million on its debut weekend, according to Comscore data released Sunday. The new Scorsese movie, which stars Leonardo DiCaprio, also enjoyed a strong opening weekend internationally, bringing in an estimated $21 million.

Shares of movie theater chain and meme stock darling AMC have fallen 73.8% in 2023, compared with S&P 500 index’s
SPX
gain of 7.2%.