Theaters seek Taylor Swift’s help to overcome box office slump.
By Dawn Chmielewski and Lisa Richwine
October 6, 2023 – 3:19 AM PDT
LOS ANGELES, Oct 6 (Reuters) – Taylor Swift’s Impact on the Movie Box Office
In her latest endeavor, Taylor Swift is set to revolutionize the movie box office, which is still recovering from the pandemic and Hollywood strikes. “Taylor Swift: The Eras Tour,” a concert film hitting theaters on Oct. 13, will serve as a high-profile test to see if alternative content can draw audiences to cinemas and provide more stability to the industry. Analysts and studio executives predict that the film could generate $120 million in its opening weekend, giving a much-needed boost to theater chains like AMC Theatres and Cineworld.
However, while Taylor Swift and fellow pop superstar Beyonce’s concert films may help fill some of the gaps left by the Hollywood strikes, they may not completely compensate for the absence of highly anticipated films like ”Dune: Part 2,” “Kraven the Hunter,” and the next “Ghostbusters,” which have been postponed to 2024 due to the ongoing SAG-AFTRA actors union strike.
Despite the challenges, theater owners are embracing the alternative content trend. They are turning the screenings of “Taylor Swift: The Eras Tour” into events, complete with pink carpets, photo booths, and even encouraging fans to dance during the show. The advance sales for the film are on par with Star Wars or Marvel blockbusters, with box office analysts projecting ticket sales between $150 million and $225 million over its theatrical run in the United States and Canada.
The Uncertain Future of the Film Industry
While Taylor Swift and Beyonce’s films provide some relief, the strikes have disrupted the industry’s comeback and cast uncertainty over the 2024 release slate. The lack of a clear December blockbuster and the lingering effects of the strikes have led to a revised forecast for 2023 domestic ticket sales, which are now expected to reach around $9.6 billion, 16% below pre-pandemic levels. Theater owners are concerned that the strikes may continue to impact next year’s film lineup, as resuming productions and untangling actors’ schedules will pose challenges.
Negotiations between Hollywood actors and major studios have resumed, and if a deal is reached this month, the near-term damage from the strikes may be limited. However, the impact on the 2024 release slate remains uncertain.
Despite the challenges, the film industry continues to adapt and explore new opportunities. OpenAI is considering developing its own artificial intelligence chips, and South Korea’s telecommunications regulator has accused Google and Apple of abusing their dominant app market positions. Additionally, billionaire Elon Musk is currently under investigation by the U.S. Securities and Exchange Commission regarding his acquisition of Twitter in 2022.
Reporting by Dawn Chnmielewski and Lisa Richwine in Los Angeles; Editing by Kenneth Li and Mark Porter in New York
Reporting by Dawn Chnmielewski and Lisa Richwine in Los Angeles; Editing by Kenneth Li and Mark Porter in New York
with Rep. Marjorie Taylor Greene
with Sheriff Mark Lamb
with Rep. Andy Biggs
with Joe Hoft
Joe Biden’s administration is facing pressure from some lawmakers to restrict American companies from working on a freely available chip technology widely used in China.
OpenAI is exploring making its own artificial intelligence chips and is evaluating a potential acquisition target.
South Korea’s telecommunications regulator said on Friday that Alphabet Inc’s Google and Apple have abused their dominant app market position.
Billionaire Elon Musk is under investigation by the U.S. Securities and Exchange Commission over his 2022 purchase of social media giant Twitter
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How are theater owners embracing the alternative content trend, and what steps are they taking to make screenings of Taylor Swift’s concert film into special events
Taylor Swift’s Impact on the Movie Box Office
LOS ANGELES, Oct 6 (Reuters) – In her latest endeavor, Taylor Swift is set to revolutionize the movie box office, which is still recovering from the pandemic and Hollywood strikes. “Taylor Swift: The Eras Tour,” a concert film hitting theaters on Oct. 13, will serve as a high-profile test to see if alternative content can draw audiences to cinemas and provide more stability to the industry. Analysts and studio executives predict that the film could generate $120 million in its opening weekend, giving a much-needed boost to theater chains like AMC Theatres and Cineworld.
However, while Taylor Swift and fellow pop superstar Beyonce’s concert films may help fill some of the gaps left by the Hollywood strikes, they may not completely compensate for the absence of highly anticipated films like “Dune: Part 2,” “Kraven the Hunter,” and the next ”Ghostbusters,” which have been postponed to 2024 due to the ongoing SAG-AFTRA actors union strike.
Despite the challenges, theater owners are embracing the alternative content trend. They are turning the screenings of “Taylor Swift: The Eras Tour” into events, complete with pink carpets, photo booths, and even encouraging fans to dance during the show. The advance sales for the film are on par with Star Wars or Marvel blockbusters, with box office analysts projecting ticket sales between $150 million and $225 million over its theatrical run in the United States and Canada.
The Uncertain Future of the Film Industry
While Taylor Swift and Beyonce’s films provide some relief, the strikes have disrupted the industry’s comeback and cast uncertainty over the 2024 release slate. The lack of a clear December blockbuster and the lingering effects of the strikes have led to a revised forecast for 2023 domestic ticket sales, which are now expected to reach around $9.6 billion, 16% below pre-pandemic levels. Theater owners are concerned that the strikes may continue to impact next year’s film lineup, as resuming productions and untangling actors’ schedules will pose challenges.
Negotiations between Hollywood actors and major studios have resumed, and if a deal is reached this month, the near-term damage from the strikes may be limited. However, the impact on the 2024 release slate remains uncertain.
Despite the challenges, the film industry continues to adapt and explore new opportunities. OpenAI is considering developing its own artificial intelligence chips, and South Korea’s telecommunication companies are partnering with filmmakers to create virtual reality experiences. These innovations may provide a much-needed boost to the industry and help navigate the uncertainties and challenges posed by the ongoing strikes.
In conclusion, Taylor Swift’s concert film release and the popularity of alternative content show promise for the struggling movie box office. It remains to be seen how much it can truly compensate for the absence of highly anticipated films, but the industry’s ability to adapt and explore new avenues of innovation provide hope for its recovery. The upcoming negotiations and the eventual resolution of the strikes will play a crucial role in shaping the future of the film industry and determining its path to stability and success.
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