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Can Taylor Swift’s Eras Tour concert film save movie theaters?
Taylor Swift’s star power has reached the big screen amid her unprecedented “Eras Tour” success, with a movie version of the concert opening in theaters this week across the U.S. and abroad.
“Taylor Swift: The Eras Tour” premiered Thursday, a day ahead of its scheduled release, due to unprecedented demand. Early ticket sales numbers from more than 8,500 theaters globally show it is already on track to become the highest-grossing concert film ever, beating out “Justin Bieber: Never Say Never,” which grossed more than $73 million at the domestic box office. It brought in $29.5 million domestically opening weekend, according to Comscore.
The Swift movie has already raked in $100 million in advance ticket sales across the world, AMC theatres said. It also shattered AMC’s U.S. record for the highest ticket-sales revenue in a single day in under 24 hours, AMC said.
“Clearly we are going to be looking at an astronomical number,” Comscore senior media analyst Paul Dergarabedian told CBS MoneyWatch.
Swift relief for a dying industry
The concert film could help revive the movie-going experience at a crucial time for the industry as the rise of at-home streaming has thrashed ticket sales and called into question the viability of the movie theater format in the digital age.
Swift’s movie could dismantle the pandemic-era notion that at-home streaming would make the movie theater experience obsolete.
“Movie theaters were counted out when the pandemic hit and a lot of people thought streaming would take over and the movie theater experience would disappear,” Dergarabedian said. “The Swift concert film is so welcome by the movie theater industry on so many levels, because it creates a very positive image for them.”
Add popcorn and concession stand, merchandise and friendship bracelet sales to the mix and “it’s shaping up to be blockbuster weekend,” Dergarabedian added.
The Swift film is also expected to drum up interest in upcoming movie releases that might not otherwise draw a lot of attention or generate buzz. Swift fans who go to theaters for “Eras” will lay eyes on posters for other films and view trailers from their seats just before they start singing in unison to Swift’s greatest hits.
“There is a halo effect on upcoming movies, so it’s also good for studios that have films coming out in weeks and months ahead,” Dergarabedian said.
Repeat visitors?
Alicia Reese, a vice president and entertainment analyst for Wedbush Securities said she estimates the “Eras” film could gross anywhere from $100 million to $400 million in its opening weekend.
“There are no comparisons. It’s unprecedented, so it’s really hard to estimate,” she told CBS MoneyWatch. “The reason for that is one, because she has such a massive built-in fan base, and two, because it’s hard to estimate the number of repeat visitors who bought presale tickets for opening weekend who are going to go back the next three to four weekends.”
Gap to fill as a result of Hollywood strikes
Music and movie industry executives will be keeping a close eye on the film’s performance, and depending on its success, will seek to replicate the format many times over.
A recent writer’s strike, and ongoing actor’s strike have halted production and could lead to a gap in new television and movie releases next summer.
“Studios and theaters will look to alternative content to do that,” Reese said.
That could include concert movies or recorded comedy shows, which typically debut on streaming platforms like HBO and Netflix.
“But why not movie theaters? They are definitely a possibility,” Reese said.
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How some Nevada voters see the affordable housing crisis
Las Vegas — For nearly a year now, 32-year-old renter Mason Cunha and his realtor have been struggling to find the right home in Las Vegas at the right price.
What’s keeping Cunha from purchasing a home?
“It just doesn’t really make sense right now to buy a home with the interest rates where they are, and with the inventory what it is,” Cunha said.
Vice President Kamala Harris has said that if she wins the general election in November, she plans to work with the private sector to build three million new homes and rental units.
Cunha, a Harris supporter, is in favor of the proposal.
“I think it’s going to definitely help, if you were to double or triple or quadruple the inventory,” Cunha said.
Harris is also proposing outlawing price fixing by corporate landlords and giving first-time homebuyers who have paid their rent on time for two years with up to $25,000 in down payment assistance.
“I would want to review what the qualifications are for that,” said 32-year-old Andrew Lum of Las Vegas, a wedding DJ and married father. “Where is that $25,000 coming from?”
Lum sold his home when his family expanded. He now rents a bigger house but he can’t afford to buy. Lum says his life was better when former President Donald Trump was in office.
“In 2020 we were able to buy a home,” Lum said. “We were able to buy it at an interest rate that was possible. We were able to buy it with, you know, minimal down payments.”
Trump’s plan involves reducing mortgage rates by slashing inflation. Trump has also said he would open limited portions of federal lands to allow for new home construction, a plan the Biden administration is already enacting. As an example, one such 20-acre plot in Las Vegas was recently transferred from the federal government to Clark County, and now it has been designated for affordable housing.
According to the Congressional Research Service, 80.1% of the land in Nevada is owned by the federal government.
Trump has also said that that his promised mass deportations will make more housing available. It is an argument that both Lum and Cunha don’t seem to agree with.
“It just seems a little farfetched to me that all the houses are being purchased by immigrants,” Lum said.
“I think everything that Trump says has to be taken with a really aggressive grain of salt because he is known to inflate the truth,” Cunha said.
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