Earlier this month Luminate published the 2023 Year End Music Report – an in depth analysis of the most impactful music trends of 2023. One of the trends mentioned in the report was the emergence of concert films making their way into movie theaters during the 4th quarter of last year. Some examples of concert films released in 2023 include Taylor Swift: The Eras Tour, Talking Heads: Stop Making Sense, and Renaissance: A Film by Beyoncé. Below is an overview of the Opening Weekend Box Office and On-Demand Audio (ODA) streaming data for each of these films:
One contribution to their Global streaming and box office success was the fact that these films were released both domestically and internationally on the same day. For example, Taylor Swift’s On-Demand Audio streams grew by +52.6% in the US, and +42.5% globally when comparing the 3 weeks pre and post Eras Tour film release. During the same time period, Taylor Swift experienced growth in Total On-Demand Streams (audio + video) outside of the US, with significant increases in the U.K. (+44.0%), the Philippines (+27.6%), and Mexico (+29.9%).
Why Are Concert Films Successful?
Theatrical release of concert films in movie theaters have the ability to bring music fans together and allow them to still experience a concert if they did not have the chance to see it in person. According to Luminate Insights’ Music 360 consumer research, movie theater goers are +70% more likely to have attended a live concert in the last 12 months when compared to the General US population. In addition, live concert goers are +76% more likely to go to a movie theater in the next 3 months. This all leaves us wondering if the successful theatrical releases from Beyoncé, Taylor Swift, and Talking Heads are a sign of more to come.