What Taylor Swift's concert film success means for Beyoncé

Taylor Swift's Eras Tour concern film premiered over the weekend, making and breaking monumental box office records. Yahoo Finance Entertainment Reporter Alexandra Canal joins Rachelle Akuffo to discuss what the Eras Tours' box office performance could mean for movie theaters ahead of Beyoncé's own Renaissance concert film premiere.

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Video Transcript

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RACHELLE AKUFFO: There was no blank space in theaters this weekend after Taylor Swift's "Eras Tour Film" hit the big screen, becoming the highest opening concert film of all time, bringing in between $95 and $97 million in its debut, according to AMC. Yahoo Finance's Alexandra Canal has those details for us. Hey, Allie.

ALEXANDRA CANAL: Hi, Rachelle. That's right. Nearly $100 million in domestic ticket sales, an additional 31 to 33 million overseas, that's a projection from AMC. And you're right, for a concert film, these results are truly incredible.

If you think about the types of movies that have debuted so far this year, this is the third highest opening of the year, even beating a film like "Oppenheimer" in terms of that debut. So just truly phenomenal.

This was a very difficult movie to forecast due to a variety of factors, such as premium surcharges. How much the pre-sale factor would eat into overall ticket sales when you think about all of those fans wanting to rush in and get those tickets right away. But it's clear that those Swifties showed up for this event.

It comes at a very important time at the Box Office where we've seen a lot of potential blockbusters be pushed into 2024 due to the double strike in Hollywood. The writers strike officially reached its conclusion after nearly five months, but the actors strike is still ongoing and does provide that overarching threat when we think about the Box Office.

But a film like "The Heiress" horror movie certainly adds to that goal of the industry reaching $9 billion in ticket sales by the end of this year. And it also helps this notion that there are other alternate forms of revenue that theaters can rely on, like concert films, to really fill out this theatrical slate, especially during some of those months where things are a bit slow.

We'll have Beyonce's "Renaissance" Tour in movie form coming out in December. So really just a lot to look forward to here at a time when originally we didn't. And all of a sudden, now we have Taylor Swift, we have Beyonce.

I think it's going to be really hard to recreate the same type of momentum and the same type of enthusiasm with other artists. But we'll see if we can ride this wave, especially since live events are such a big thing right now, post-pandemic. People just want to get out there. And now, they're showing up at the theater as well.

RACHELLE AKUFFO: And that's true because we wondered how some of these theaters were going to bounce back. But when you have something as interactive as an experience like this-- I mean, my daughter picked out her outfit, her little Taylor Swift bracelet. She's all the way ready.

And then, of course, we saw Beyonce turn up at the Taylor Swift premiere with Taylor side-by-side. So you have these two amazing queens with their two concerts coming out. What are the expectations, though, for how Beyonce's concert film is going to do?

ALEXANDRA CANAL: I think it's roughly around the same. And depending on how Taylor Swift-- if those fans continue to show up, if they go to multiple showings, that is going to be a big factor as well in terms of how the Beyonce concert film will do. But you're right, we have two of the biggest stars right now, having this dueling moment. However, they're a bit of time apart.

And I think if people go to the Taylor Swift show and they love it, I think odds are they're going to show up to the Beyonce show as well. I know it's slightly different in terms of the actual content. The Taylor Swift "Eras Tour" movie, it is just the concert. It's not documentary style. You are up on your feet, you're singing those songs.

Beyonce, I think, you're going to see a little bit more of the behind the scenes of filming and behind the scenes of the tour, which I think people are curious about as well. Beyonce is this mystical figure in a lot of our world. So I think to get a little peek behind the curtain is very intriguing as well.

RACHELLE AKUFFO: I probably will go and see both. I saw Beyonce in concert. Didn't get to see Taylor. But I was like, the movie I could do. That, I think, I will do. And it's a team event. I think about 20 kids are going to the Taylor Swift event. So it's a moment--

ALEXANDRA CANAL: I love it.

RACHELLE AKUFFO: --we should be looking forward to. Why not? We need some things to get excited about. Appreciate you as always. Our very own, Allie Canal.