Movie theater chains rally as Taylor Swift takes Eras Tour to the big screen

Cinemark Holdings

31/08/2023 19:29

(Updates)
    ** Shares of movie theater chains rise - AMC Entertainment
Holdings  AMC.N  up 1.3% at $12.89 and Cinemark Holdings  CNK.N 
edges 1.4% higher to $16.28
    ** Canadian cinema chain Cineplex  CGX.TO  also gains 2.8%
at C$8.48
    ** "Taylor Swift: The Eras Tour" will play in cinemas in
North America starting Oct. 13 - Taylor Swift posts on X,
formerly Twitter
    ** "It will certainly help Q4 box office revenue as some
titles are shifting to next year due to the Hollywood labor
strikes," says Wedbush Securities analyst Alicia Reese
    ** Screening the record-breaking billion-dollar concert will
help theatre chains fill scheduling gaps caused by the ongoing
writer's and actor guild strike in Hollywood
    ** Demand for tickets for the all-stadium tour overwhelmed
Ticketmaster's website last year as fans, bots and scalpers
scrambled for them
    ** "The Eras Tour has been the most meaningful, electric
experience of my life so far and I'm overjoyed to tell you that
it’ll be coming to the big screen soon," Swift says
    ** Up to last close, AMC down ~64%, CNK up ~85%, while CGX
up ~2% YTD

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))