The production of a film based on the worldwide sensation of the year, Renaissance World Tour by Beyonce, is in the midst of negotiations to be distributed directly to AMC Theaters, Variety reports.
Two weeks ago, CAA, a mega-agency, held preliminary negotiations with major record labels and streaming platforms, according to a separate source.
The source further stated that the players were encouraged to be prepared to bid on the project, which the artist has been working on for a number of years.
The film is expected to encompass elements of her most successful live shows of 2023, as well as elements of her long-awaited visual album Renaissance and documentary-style documentation of the recording process and the development of the tour (confirmed to include cameos from Blue Ivy Carter).
The project is expected to receive a wide release on December 1, according to sources. By the conclusion of the tour, ticket sales are estimated to have reached approximately $560 million, according to a Variety report.
The announcement comes at a time when Taylor Swifts own concert film is set to be released on October 13th.
The film, based on Swifts Eras Tour, is set to be distributed globally through AMC and is expected to be a major box office success. Initial ticket sales for Swifts film have reached $26 million, and it is anticipated that the film will surpass $100 million on its opening weekend.
According to Variety, Beyoncs deal structure could be similar to that of Swift, who will receive more than half of the box-office revenue from the film.
Sources have informed Variety that the terms of Beyoncs deal are likely to be altered.
Beyonc and Swift have both been credited with contributing to a surge in consumer spending during the summer season, despite the pressures of inflation on consumers budgets.
Additionally, they have both been praised for contributing to local economies around the world while they were on tour.
Industry analysts are predicting that the presence of the two music icons will have a similar impact on the film industry, where ticket sales and movie theaters have been affected by the historic strike by actors and writers in Hollywood, which has halted some production.
