A new film about Beyoncé’s Renaissance World Tour will debut in theaters on Friday, the second concert film from a major artist to hit the big screen this year.
"Renaissance: A Film by Beyoncé" — which, similarly to Taylor Swift's "Eras Tour," will be distributed by AMC (AMC) as opposed to a traditional studio — is estimated to gross between $14 million and $25 million in its domestic debut, according to Box Office Pro. It's currently tracking to be the No. 1 film of the weekend.
Beyoncé will take home 50% of box office proceeds with AMC collecting a small distribution fee. Theater chains that show the documentary-style film will collect the rest.
"The addition of Renaissance to the release calendar earlier this fall was a welcome surprise for theater owners who typically have to endure post-Thanksgiving blues at the box office," Box Office Pro chief analyst Shawn Robbins wrote.
"Thursday preview interest was robust from the outset of pre-sales two months ahead of time, while ticket volume has been comparable to that of 'The Eras Tour's' second weekend. An average ticket price north of $20 is also worth factoring in," he said.
AMC stock was down about 7% on Thursday, just ahead of the debut.
Robbins cautioned that based on presale data, Beyoncé’s film remains "sharply behind" the first weekend of "The Eras Tour," which boasted a debut of nearly $100 million in domestic ticket sales last month.
Still, "there was never a realistic expectation" that "Renaissance" would hit those numbers, he said — despite the tour grossing close to $600 million to become the eighth-highest-grossing concert tour of all time.
Earlier this week, Swift's film surpassed $250 million globally, a major feat that places it in the top 20 films of the entire year and the best-performing concert film of all time.
It will be available to rent on demand in the US, Canada, and other countries beginning Dec. 13, Swift's birthday.
The release of both concert films has come at a critical time for theaters as the nearly five-month-long writers strike, coupled with the recently concluded actors strike, caused multiple disruptions to the film release schedule.