Taylor Swift’s star power has reached the big screen amid her unprecedented “Eras Tour” success, with a movie version of the concert opening in theaters this week across the U.S. and abroad.
The highly anticipated “Taylor Swift: The Eras Tour” made its debut on Thursday, a day earlier than planned, due to overwhelming demand. Early ticket sales data from over 8,500 theaters worldwide indicate that the film is poised to break records as the highest-grossing concert film of all time, surpassing the previous record set by “Justin Bieber: Never Say Never,” which earned over $73 million domestically. The opening weekend for Taylor Swift’s film brought in an impressive $29.5 million in domestic box office revenue, according to Comscore.
The Swift movie has already raked in $100 million in advance ticket sales across the world, AMC theatres said. It also shattered AMC’s U.S. record for the highest ticket-sales revenue in a single day in under 24 hours, AMC said.
Paul Dergarabedian, a senior media analyst at Comscore, stated to CBS MoneyWatch that it is evident that we will be considering an enormous figure.
Swift relief for a dying industry
At a critical point for the industry, with declining ticket sales and doubts about the future of movie theater format in the digital era due to the popularity of at-home streaming, the concert film has the potential to rejuvenate the movie-going experience.
Swift’s movie has the potential to challenge the belief that the rise of at-home streaming would render the movie theater experience irrelevant during the pandemic era.
According to Dergarabedian, when the pandemic struck, movie theaters were considered obsolete and many believed that streaming would dominate, leading to the extinction of the movie theater experience. He further added that the Swift concert film has greatly pleased the movie theater industry as it portrays them in a highly favorable light, thus serving multiple purposes.
According to Dergarabedian, with the addition of popcorn and concession stand, merchandise, and friendship bracelet sales, the upcoming weekend is expected to be a huge success.
The release of the Swift film is anticipated to generate interest in upcoming movies that might not typically receive much attention or hype. Fans of Swift, who attend the screenings for “Eras,” will have the opportunity to see posters for other films and watch trailers before they join together to sing along to Swift’s greatest hits.
According to Dergarabedian, the halo effect positively impacts upcoming movies, making it beneficial for studios with films releasing in the coming weeks and months.
Repeat visitors?
According to Alicia Reese, a vice president and entertainment analyst at Wedbush Securities, she predicts that the “Eras” film has the potential to earn an impressive $100 million to $400 million during its initial weekend at the box office.
“It’s impossible to make comparisons. This situation is completely unprecedented, making it extremely challenging to make any estimates,” she explained to CBS MoneyWatch. “This is due to two main factors: firstly, she has an enormous and dedicated fan base, and secondly, it’s difficult to gauge the number of repeat visitors who purchased presale tickets for the opening weekend and are likely to return over the next three to four weekends.”
Gap to fill as a result of Hollywood strikes
The film’s performance will be closely monitored by music and movie industry executives who may attempt to recreate its format multiple times, based on its success.
A recent writer’s strike, and ongoing actor’s strike have halted production and could lead to a gap in new television and movie releases next summer.
Reese stated that studios and theaters will seek alternative content in order to accomplish that.
This may encompass concert films or recorded comedy shows, which commonly premiere on streaming platforms such as HBO and Netflix.
Reese expressed, “However, movie theaters should not be discounted as they are certainly a viable option.”
