Taylor Swift arrives at the world premiere of the concert film "Taylor Swift: The Eras Tour" on Wednesday, Oct. 11, 2023, at AMC The Grove 14 in Los Angeles. Swift's concert movie is proving to be a fairy tale for cinemas grappling with the rise of streamers and ongoing Hollywood strikes. THE CANADIAN PRESS/AP/Chris Pizzello
TORONTO – Taylor Swift’s concert movie is proving to be a fairy tale for cinemas grappling with the rise of streamers and ongoing Hollywood strikes.
Cineplex Inc. says the “Taylor Swift: The Eras Tour” film hitting theatres today generated $6.2 million in pre-sales, making it the most successful event pre-sale of all time for Canada’s largest theatre chain.
Its arrival on the big screen comes amid a slew of halted film productions, as talent represented by the Screen Actors Guild-American Federation of Television and Radio Artists union remain on strike even after the writers’ union ratified an agreement recently.
Before the strikes, cinemas were already battling with the major streaming companies, which have cut theatrical releases for some of their films.
Cineplex chief executive Ellis Jacob has said that if the job action continues beyond the end of the year, it would be problematic for the cinema industry.
Theatre industry watchers believe Swift’s film and a concert movie from pop star Beyoncé premiering on Dec. 1 could help cinemas end the year on a high note.
This report by The Canadian Press was first published Oct. 12, 2023.
Companies in this story: (TSX:CGX)
