Taylor Swift Saves AMC: What's Going On With AMC Entertainment Stock?

AMC Entertainment Holdings, Inc. AMC shares are trading higher Friday. The company announced that the "Taylor Swift - The Eras Tour" concert film shattered advance ticket sales records.

What To Know:

AMC announced that Thursday's ticket sales for the "Taylor Swift - The Eras Tour" concert film produced $26 million in revenue and set a new record for ticket sales for a single title on one day at AMC theaters.

AMC also announced that it will add additional showtimes to increase capacity. AMC has stated that "Taylor Swift - The Eras Tour" will play at least four showtimes per day on Thursdays, Fridays, Saturdays and Sundays at every AMC theater location in the U.S.

AMC is also acting as the theatrical distributor for the concert film and is securing locations and screens with numerous other movie theater operators. AMC has engaged Variance Films to coordinate this booking with interested exhibitors in the United States.

Shares of AMC are up on heavy trading volume. According to Benzinga Pro, more than 13.2 million shares have been traded in the session, compared to the stock's 100-day average of 6.398 million shares.

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AMC Price Action: According to Benzinga Pro, AMC Entertainment shares are up nearly 4% at $13.05 at the time of publication.

Image: 20418232 from Pixabay