AMC Entertainment has witnessed impressive double-digit revenue growth, attributing its success to strategic partnerships with Taylor Swift and Beyoncé.

Despite an industry-wide decline in box office revenues in the fourth quarter, AMC’s unique collaborations led to substantial growth. The company reported Q4 revenue of $1.10B, surpassing Wall Street expectations and marking a significant increase from $990.9M in 2022. The overall deficit for the quarter narrowed to $182M, compared to $287.7M the previous year.

For the entire year, AMC’s total revenue reached $4.8B, a notable rise from $3.9B in 2022, with the overall deficit showing improvement at $396.6M, a $577M improvement from the previous year.

CEO Adam Aron attributed this success to the contributions of Taylor Swift and Beyoncé, whose concert movies resulted in increased attendance and engagement. Aron highlighted the positive impact of showing these films in theaters, leading to an 11.5% growth in AMC’s revenue and almost tripling its adjusted EBITDA in the fourth quarter.

Despite industry challenges, including a 35% decline in domestic box office revenue compared to 2019, Aron expressed optimism for the future, expecting a gradual easing of strike impacts and a positive outlook for industry recovery.

Additionally, AMC Theatres announced plans for a new commercial featuring Nicole Kidman and an enhanced pre-show experience, aiming to elevate the cinematic experience for patrons. Starting March 1, audiences will enjoy three different 30-second Nicole Kidman commercials before each movie on a rotating basis. Aron remains hopeful for industry recovery, anticipating improvements in the spring.