The Street
The Street
  • 9 months ago
TheStreet’s Remy Blaire brings you the biggest news of the day, including what investors are watching and how Taylor Swift and Beyoncé helped to lift AMC.

Category

🥇
Sports
Transcript
00:00 I'm Emmy Blair reporting from the New York Stock Exchange.
00:03 Here's what we're watching on the street today.
00:05 Stocks are coming off another positive month with all three major averages ending February in the green.
00:11 Investors are hopeful that inflation will start to come down with bets on interest rate cuts in June.
00:17 And investors are looking ahead to a lineup of Fed speakers.
00:21 These comments will be closely monitored for hints into the Fed's path forward on interest rates.
00:26 And turning to the big screen, AMC says two people are solely responsible for its 2023 Q4 revenue growth,
00:34 and neither are Barbie or Oppenheimer.
00:37 CEO Adam Aaron says Taylor Swift's and Beyoncé's concert films accounted for, quote,
00:42 "literally all of the company's growth last quarter."
00:46 Aaron speaking on AMC's earnings call went on to say these two movies added greatly not only to AMC's bottom line,
00:53 but to movie theater success across our entire industry.
00:57 Just these two films represented fully one-ninth of the complete fourth-quarter domestic industry-wide box office.
01:05 Taylor Swift's heiress, a tour film, grossed more than $200 million alone.
01:10 AMC says that makes it the highest-grossing documentary or concert film of all time.
01:16 Meanwhile, Beyoncé's renaissance film brought in more than $35 million.
01:21 But AMC wasn't the only company to receive the Swifty and Beehive bub.
01:26 Lyft says rides to stadiums increased by 35 percent year-over-year
01:31 and specifically credit the two fan groups for the added rides.
01:35 That'll do it for your daily briefing.
01:37 From the New York Stock Exchange, I'm Amy Blair with The Street.
01:40 [street noise]
01:41 [BLANK_AUDIO]

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