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    A $150 million opening for The Eras Tour concert film? Don’t doubt Taylor Swift

    Box office analysts predict Taylor Swift’s The Eras Tour concert film will easily surpass $100 million during its opening weekend.
    In fact, the film could generate as much as $150 million during its debut, a figure that would make it the highest opening of a concert film ever and also one of the highest openings of 2023.
    AMC Entertainment, which is distributing the film, reported last week that presales for its theaters had already exceeded $100 million for the full run of Swift’s film.

    U.S. singer-songwriter Taylor Swift performs during her The Eras Tour concert at SoFi Stadium in Inglewood, California, on Aug. 7, 2023.
    Michael Tran | Afp | Getty Images

    The weekend box office (Taylor’s Version).
    Taylor Swift has sold out stadiums worldwide and now she’s packing cinemas, with her sights set on a $100 million opening weekend for her The Eras Tour concert film — and that’s on the conservative side.

    Box office analysts predict Swift’s film could generate as much as $150 million during its debut this weekend, a figure that would make it the highest opening of a concert film ever, and also one of the highest openings of 2023.
    “Taylor is in a league of her own with this release,” said Shawn Robbins, chief analyst at BoxOffice.com.
    Fervor for the tickets has picked up because a significant portion of Swift’s fanbase was unable to attend the concert in person due to high demand and secondary market price surges. The film is expected to draw those who were unable to attend, as well as spark repeat viewings.
    “Given the unique nature of virtually every aspect of the marketing and theatrical release strategy of the Taylor Swift Eras Tour film, speculation is running rampant as to how massive the opening weekend will be,” said Paul Dergarabedian, senior media analyst a Comscore.
    Demand was so high, in fact, that Swift shifted the release date from Friday to Thursday, offering showtimes beginning at 6 p.m. local time.

    “Look what you genuinely made me do,” Swift wrote on Instagram on Wednesday as she announced the early access showings in the U.S. and Canada. “We’re also adding additional showtimes Friday and throughout the weekend. All tickets will be available by 10am tomorrow morning. And it’ll be showing starting Friday in 90 countries all over the world.”

    Just another record to burn

    Highest-grossing concert film worldwide: “Michael Jackson’s This Is It” — $262.5 million
    Highest opening weekend for a concert film: Miley Cyrus’ “Best of Both Worlds” — $31.1 million
    Widest domestic release for a concert film: “Michael Jackson’s This Is It” — 3,481 locations

    Source: Comscore

    Presales for the theatrical concert have generated interest on par with the likes of Disney’s Marvel and Star Wars franchises. Average ticket prices for the film are more than 40% higher than typical releases this year.
    Base prices for tickets for standard formats start at $19.89 for adults and $13.13 for kids. The numbers reflect Swift’s birth year and her lucky number, 13. Tickets for premium format screens such as IMAX and Dolby come at a higher cost.
    “Taylor is opening her movie like a traditional Hollywood tentpole in close to 4,000 theaters domestically,” Robbins said. “Whether or not Swift’s blockbuster has staying power will be up to her fans and whether or not casual audiences decide to check out the hype.”
    Comscore reports the film will open in 3,850 locations, the most of any concert film ever.

    $100 million opening weekends in 2023

    “Barbie” (Warner Bros.) – $162 million
    “The Super Mario Bros. Movie” (Universal) – $146.3 million
    “Spider-Man: Across the Spider-Verse” (Sony) – $120.6 million
    “Guardians of the Galaxy Vol. 2” (Disney) – $118.4 million
    “Ant-Man and the Wasp: Quantumania” (Disney) – $106.1 million

    Source: Comscore

    AMC Entertainment, which is distributing the film, reported last week that presales for its theaters had already exceeded $100 million for the full run of Swift’s film.
    Robbins warned that because the film is only showing on the weekends, instead of full-week play like traditional movies, it could skew box office comparisons after opening weekend. Still, expectations are high that Swift’s theatrical concert will generate revenue throughout its limited engagement. It runs through Nov. 5.
    Still, movie theaters are likely to see a big bump in concession sales as cinemas have designed specialty popcorn buckets and boutique cocktails for the film. Additionally, many locations have plans to set up friendship bracelet-making tables and other in-person events to make the occasion bigger and more memorable than just a trip to the movies.
    “No matter what, [the film is] already an enormous success and music to the ears of theater owners,” said Robbins. More

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    Incoming Walgreens CEO doesn’t mention walkouts as he praises pharmacy staff

    Incoming Walgreens CEO Tim Wentworth briefly praised the company’s pharmacy staff during the company’s fiscal fourth-quarter earnings call.
    But he made no mention of the three-day walkouts they held this week to protest chronic understaffing and other poor working conditions. 
    Growing labor pressure from frustrated pharmacists and pharmacy technicians is just one of several challenges Wentworth will have on his plate when he steps into the role Oct. 23.

    Tim Wentworth, former CEO of Express Scripts.
    David A. Grogan | CNBC

    Incoming Walgreens CEO Tim Wentworth on Thursday briefly praised the company’s pharmacy staff, but made no mention of the three-day protest walkouts they held this week over poor working conditions.
    The walkouts reflect rising dissatisfaction among pharmacy employees, who have complained for years about having to grapple with understaffing and burdensome work expectations imposed by corporate management. The Covid-19 pandemic worsened those issues, with new duties such as testing and vaccinations stretching employees even thinner. 

    The growing labor pressure is just one of several challenges Wentworth will have to face when he steps into the chief executive role on Oct. 23.
    He will also have to grapple with a profit squeeze due to falling demand for Covid products and Walgreens’ rocky transition from being a major drugstore chain to a large health-care company. 
    Wentworth, during the company’s earnings call Thursday, shared a story about how an employee at a store in Rochester, New York, “professionally and cheerfully” helped deliver a critical medication prescription for his mother. 
    “It was the kind of experience I appreciate and everyone deserves,” Wentworth said in his first remarks as incoming CEO since Walgreens announced his appointment on Tuesday. 
    He said committed pharmacists and other team members can collectively “improve the lives of each person who walks through our door in my mom’s hometown Walgreens in Rochester, and in every store we operate.” 

    The experiences he has had with employees made his decision to join Walgreens “frankly, an easy one,” Wentworth added.
    His remarks partly echoed a statement the company issued earlier this week in response to the walkouts. 
    A Walgreens spokesperson touted the company’s pharmacy teams in the statement, noting that they work “tirelessly to serve our communities.”
    But the spokesperson also acknowledged that the “last few years have required an unprecedented effort from our team members.” 
    Walgreens is engaged and listening to the concerns of pharmacists and pharmacy technicians, the spokesperson said.
    But it’s unclear whether management has made any changes in response to any of those employees’ demands, which include more staff, payroll transparency, advance notice of staff and schedule changes and mandatory training for new hires, among other items. 
    In addition to filling and verifying prescriptions, pharmacy employees often have to juggle patient phone calls, administer a growing number of vaccines this fall, work with insurance companies on issues such as copays and reimbursements, perform rapid Covid and flu testing and deal with angry customers who are seeing longer wait times due to understaffing. More

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    Delta says Hollywood, auto strikes are denting business travel

    Recent strikes by Hollywood talent and autoworkers are weighing on business travel demand, Delta Air Lines said.
    The carrier has an outsized exposure to the automotive and entertainment industries.
    Delta President Hauenstein noted that demand from technology and financial services customers posted double-digit growth during the third quarter.

    A Delta Airlines passenger jet approaches to land at LAX during the outbreak of the coronavirus disease (COVID-19) in Los Angeles, California, U.S., April 7, 2021.
    Mike Blake | Reuters

    Recent strikes by Hollywood talent and United Auto Workers union members are a “drag” on business travel demand, which is otherwise recovering, Delta Air Lines President Glen Hauenstein said Thursday.
    Delta has an outsized exposure to the automotive and entertainment industries, with a more than 70% market share at Detroit Metropolitan Wayne County Airport and a nearly 20% share at Los Angeles International Airport, more than any other carrier, according to airport data.

    The strikes have had “a not insignificant change in the business travel to and from Los Angeles as well as now the UAW strike, which curtailed a significant amount of the business in Detroit,” Hauenstein said on an earnings call Thursday. “We are probably the most impacted by those two sectors.”
    The United Auto Workers’ targeted strikes, which began after major Detroit automakers and the union failed to reach labor deals before a September contract expiration, are entering their fourth week — and escalating.
    Hollywood writers earlier this week ratified a new three-year contract after nearly 150 days of work stoppage that suspended significant film and TV production.
    But Hollywood actors, represented by the Screen Actors Guild-American Federation of Television and Radio Artists, are still on strike. And late Wednesday, the Alliance of Motion Picture and Television Producers, which represents production studios like Disney, Universal, Netflix and others, said talks have been been suspended with the two sides far apart on a deal.
    Delta’s Hauenstein noted that demand from technology and financial services customers posted double-digit growth in the third quarter, contributing to an overall rebound for business travel.

    A company survey of corporate customers found that a majority expect their travel to stay the same or increase in the last three months of this year and into 2024, Hauenstein said.
    Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is a member of the Alliance of Motion Picture and Television Producers. More

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    Here’s the inflation breakdown for September 2023 — in one chart

    The consumer price index rose 3.7% in the 12 months through September, unchanged from August, the U.S. Bureau of Labor Statistics said Thursday.
    Pandemic-era inflation peaked at 9.1% in June 2022, the highest rate since November 1981.
    The Federal Reserve aims for a 2% annual inflation rate over the long term. Fed officials don’t expect that to happen until 2026.

    Mario Tama | Getty Images

    Inflation was unchanged in September, but price pressures seem poised to continue their broad and gradual easing in coming months, according to economists.
    In September, the consumer price index increased 3.7% from 12 months earlier, the same rate as in August, the U.S. Bureau of Labor Statistics said Thursday.

    The latest reading is a significant improvement on the Covid pandemic-era peak of 9.1% in June 2022 — the highest rate since November 1981.
    “The speed of the decline is always going to be uncertain,” said Andrew Hunter, deputy chief U.S. economist at Capital Economics. “But anywhere you look, [data] suggests inflation should be falling rather than rising.”

    The CPI is a key barometer of inflation, measuring how quickly the prices of anything from fruits and vegetables to haircuts and concert tickets are changing across the U.S. economy.
    Despite recent improvements, economists say it will take a while for inflation to return to normal, stable levels.
    The Federal Reserve aims for a 2% annual inflation rate over the long term. Fed officials don’t expect that to happen until 2026.

    “Ultimately, inflation is still the most menacing issue in the economy right now,” said Sarah House, senior economist at Wells Fargo Economics. “We’re edging our way back [to target], but there’s still quite a bit of ground to cover,” she added.

    Gas prices still something consumers ‘contend with’

    Gas prices were up 2.1% in September, on a monthly basis — a “major contributor” to inflation last month, the BLS said.
    However, that’s a big improvement from August, when prices at the pump jumped 10.6% during the month largely due to dynamics in the market for crude oil, which is refined into gasoline.
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    “It’s still something consumers have to contend with, but not as big an increase as what households were having to deal with in August,” House said.
    Prices have fallen in October, too. The average price per gallon was $3.68 as of Oct. 9, down 15 cents a gallon since Sept. 25, according to the Energy Information Administration.

    Housing inflation continues to move downward

    When assessing underlying inflation trends, economists generally like to look at a measure that strips out energy and food prices, which tend to be volatile from month to month.
    This pared-down measure — known as the “core” CPI — fell to an annual rate of 4.1% in September from 4.3% in August.
    Shelter — the average household’s biggest expense — has accounted for more than 70% of that total increase in the core CPI over the past year. Housing inflation increased in September, to its highest monthly rate since May.

    However, the housing-price trend “remains firmly downward,” and should continue to slow through roughly summer next year, House said.
    “That will be an important source of the overall rate of disinflation as we move through 2024,” she said.
    Other categories with “notable” increases in the past year include motor vehicle insurance (up 18.9%), recreation (up 3.9%), personal care (up 6.1%) and new vehicles (up 2.5%), the BLS said.

    Why inflation is returning to normal

    At a high level, inflationary pressures — which have been felt globally — are due to an imbalance between supply and demand.
    Energy prices spiked in early 2022 after Russia invaded Ukraine. Supply chains were snarled when the U.S. economy restarted during the Covid-19 pandemic, driving up prices for goods. Consumers, flush with cash from government stimulus and staying home for a year, spent liberally. Wages grew at their fastest pace in decades, pushing up business’ costs.
    Now, those pressures have largely eased, economists said.

    Plus, the Federal Reserve has raised interest rates to their highest level since the early 2000s to cool the economy. This tool aims to make it more expensive for consumers and businesses to borrow, and therefore rein in inflation.
    Average wage growth also declined to 4.4% in September, from a peak 9.3% in January 2022, according to Indeed data.
    “Most of the evidence suggests the economy is still strong, but maybe cooling a bit,” Hunter said. “Labor market conditions are continuing to gradually cool as well.”
    That said, there are a few potential sources of upward pressure on inflation, economists said. For example, the Israel-Hamas war has the potential to nudge up global energy prices. United Auto Workers strikes could elevate prices for cars if inventory declines. More

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    Hollywood stuck in a rut after talks break down between actors’ union and studios

    After just under two weeks, negotiations between SAG-AFTRA and the AMPTP broke down Wednesday night.
    It appears that wages and artificial intelligence protections remain sticking points between actors and studios.
    The strike will rage on, disrupting marketing campaigns and preventing production from commencing on many film and TV projects.

    Members of the Writers Guild of America and the Screen Actors Guild walk a picket line on Day 1 outside NBC Universal in New York City on July 14, 2023. 
    Timothy A. Clary | AFP | Getty Images

    Forget about a Hollywood ending for actors and studios — for now.
    After just under two weeks, negotiations between the Screen Actors Guild-American Federation of Television and Radio Artists and the Alliance of Motion Picture and Television Producers broke down Wednesday night.

    It appears that wages and artificial intelligence protections remain sticking points between actors and studios.
    The AMPTP claims that SAG-AFTRA’s offer would cost more than $800 million per year, a sum that studios said would “create an untenable economic burden.” SAG-AFTRA’s negotiating team countered on Thursday, accusing studios of using bully tactics to misrepresent the cost of the actor’s proposal, overstating the price by 60%.The two parties have also clashed on what guardrails should and should not be attached to the use of AI.
    With the dissolution of talks, the strike will rage on, disrupting marketing campaigns and preventing production from commencing on a significant portion of Hollywood’s film and television projects.
    While some talk shows, like those of late-night heavyweights Jimmy Fallon, Jimmy Kimmel, Seth Meyers, Stephen Colbert and John Oliver, returned following the WGA deal, most scripted programs remain dark. Some independent productions have managed to continue by agreeing to SAG-AFTRA’s interim agreement.
    If negotiations do not continue or become resolved soon, more theatrical film release dates will be delayed, disrupting the box office, and television releases will be pushed.

    Short-lived hope

    Hollywood and industry observers had hoped negotiations would move quickly in the wake of the Writers Guild of America’s deal with the AMPTP last month. Writers officially ratified the new contract earlier this week.
    But Wednesday’s bad turn dashed those hopes.
    “After meaningful conversations, it is clear that the gap between the AMPTP and SAG-AFTRA is too great, and conversations are no longer moving us in a productive direction,” the AMPTP said in a statement Wednesday.
    Meanwhile, SAG-AFTRA’s negotiators claim that the proposal from AMPTP was “shockingly, worth less than they proposed before the strike began.”
    “These companies refuse to protect performers from being replaced by AI, they refuse to increase your wages to keep up with inflation, and they refuse to share a tiny portion of the immense revenue your work generates for them,” SAG-AFTRA negotiators wrote in a letter to striking actors.
    The AMPTP said common issues, like general wage increases, SVOD residuals and viewership bonuses, were the same terms ratified by the Directors Guild of America and the WGA.
    The WGA secured pay increases in each of the next three years, artificial intelligence restrictions and a new residual system for streaming based on viewership. The guild also negotiated higher contribution rates to health benefits and pensions, as well as a guaranteed number of writers in writers’ rooms for television shows.
    SAG-AFTRA is looking to improve wages, working conditions and health and pension benefits, as well as establish guardrails for the use of AI in future television and film productions. Additionally, the union is seeking more transparency from streaming services about viewership so that residual payments can be made equitable to linear TV. The guild is also looking to standardize the self-tape process.
    Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is a member of the AMPTP. More

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    Watch: IMF’s Georgieva and other leaders discuss debt relief and reforms on CNBC panel

    [The stream is slated to start at 10:45 a.m. ET. Please refresh the page if you do not see a player above at that time.]
    CNBC’s Joumanna Bercetche is moderating a panel at the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco.

    Titled, “Reform Priorities for Tackling Debt,” the seminar will include Kristalina Georgieva, the managing director of the IMF, Ajay Banga, the president of the World Bank Group, Mohammad Al-Jadaan, the minister of finance for Saudi Arabia, Situmbeko Musokotwane, minister of finance for Zambia, and Anna Gelpern, professor of law and international finance at Georgetown Law
    Subscribe to CNBC on YouTube.  More

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    AMC CEO identified as the victim of an online blackmail attempt last year

    AMC CEO Adam Aron confirmed on Thursday he was the victim of a blackmail attempt by a New York woman last year.
    The case had been previously publicized, identifying the victim in legal documents only as a CEO of a publicly traded company.
    News outlet Semafor reported Thursday that Aron was the unnamed CEO, which he later confirmed in a post on X, formerly know as Twitter.

    Adam Aron, Chairman of the Board and CEO, AMC Entertainment, listens during the Milken Institute Global Conference on October 18, 2021 in Beverly Hills, California.
    Patrick T. Fallon | AFP | Getty Images

    AMC CEO Adam Aron confirmed on Thursday he was the victim of a blackmail attempt by a New York woman last year.
    The case had been previously publicized, identifying the victim in legal documents only as a CEO of a publicly traded company. News outlet Semafor reported Thursday that Aron was the unnamed CEO, which he later confirmed in a post on X, formerly know as Twitter.

    “Unfortunately, last year I became the victim of an elaborate criminal extortion by a third party who was unknown to me related to false allegations about my personal life,” Aron said.
    “Rather than give in to blackmail, I personally engaged counsel and other professional advisors and reported the matter to law enforcement,” he said. “I did so knowing I risked personal embarrassment. But with my access to resources, if I did not stand up against blackmail, who could?”
    The New York woman behind the blackmail attempt, Sakoya Blackwood, pretended to be a former romantic partner of Aron using an anonymous online account beginning in March 2022. She then attempted to extort Aron of $300,000, threatening to expose Aron’s online behavior to the AMC board.
    Blackwood was charged in a Manhattan federal court for her extortion attempts and was sentenced in July to time already served in jail.
    Aron said Thursday he was asked by law enforcement to keep the matter confidential during the investigation and legal proceedings, and that he informed AMC’s board after Blackwood’s sentencing.
    “This indeed was entirely a personal matter, and the matter is closed,” Aron said. More

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    While ChatGPT stokes fears of mass layoffs, new jobs are being spawned to review AI

    Since Nov. 2022, global business leaders, workers and academics alike have been gripped by fears that the emergence of generative AI will disrupt vast numbers of professional jobs.
    But the inputs that AI models receive, and the outputs they create, often need to be guided and reviewed by humans — and this is creating new paid careers and side hustles.
    Prolific, a company that helps connect AI developers with research participants, has had direct involvement in providing people with compensation for reviewing AI-generated material.

    The logo of generative AI chatbot ChatGPT, which is owned by Microsoft-backed company OpenAI.
    CFOTO | Future Publishing via Getty Images

    Artificial intelligence might be driving concerns over people’s job security — but a new wave of jobs are being created that focus solely on reviewing the inputs and outputs of next-generation AI models.
    Since Nov. 2022, global business leaders, workers and academics alike have been gripped by fears that the emergence of generative AI will disrupt vast numbers of professional jobs.

    Generative AI, which enables AI algorithms to generate humanlike, realistic text and images in response to textual prompts, is trained on vast quantities of data.
    It can produce sophisticated prose and even company presentations close to the quality of academically trained individuals.
    That has, understandably, generated fears that jobs may be displaced by AI.
    Morgan Stanley estimates that as many as 300 million jobs could be taken over by AI, including office and administrative support jobs, legal work, and architecture and engineering, life, physical and social sciences, and financial and business operations. 
    But the inputs that AI models receive, and the outputs they create, often need to be guided and reviewed by humans — and this is creating some new paid careers and side hustles.

    Getting paid to review AI

    Prolific, a company that helps connect AI developers with research participants, has had direct involvement in providing people with compensation for reviewing AI-generated material.

    The company pays its candidates sums of money to assess the quality of AI-generated outputs. Prolific recommends developers pay participants at least $12 an hour, while minimum pay is set at $8 an hour.
    The human reviewers are guided by Prolific’s customers, which include Meta, Google, the University of Oxford and University College London. They help reviewers through the process, learning about the potentially inaccurate or otherwise harmful material they may come across.
    They must provide consent to engage in the research.
    One research participant CNBC spoke to said he has used Prolific on a number of occasions to give his verdict on the quality of AI models.
    The research participant, who preferred to remain anonymous due to privacy concerns, said that he often had to step in to provide feedback on where the AI model went wrong and needed correcting or amending to ensure it didn’t produce unsavory responses.
    He came across a number of instances where certain AI models were producing things that were problematic — on one occasion, the research participant would even be confronted with an AI model trying to convince him to buy drugs.
    He was shocked when the AI approached him with this comment — though the purpose of the study was to test the boundaries of this particular AI and provide it with feedback to ensure that it doesn’t cause harm in future.

    The new ‘AI workers’

    Phelim Bradley, CEO of Prolific, said that there are plenty of new kinds of “AI workers” who are playing a key role in informing the data that goes into AI models like ChatGPT — and what comes out.

    As governments assess how to regulate AI, Bradley said that it’s “important that enough focus is given to topics including the fair and ethical treatment of AI workers such as data annotators, the sourcing and transparency of data used to build AI models, as well as the dangers of bias creeping into these systems due to the way in which they are being trained.”
    “If we can get the approach right in these areas, it will go a long way to ensuring the best and most ethical foundations for the AI-enabled applications of the future.”
    In July, Prolific raised $32 million in funding from investors including Partech and Oxford Science Enterprises.
    The likes of Google, Microsoft and Meta have been battling to dominate in generative AI, an emerging field of AI that has involved commercial interest primarily thanks to its frequently floated productivity gains.
    However, this has opened a can of worms for regulators and AI ethicists, who are concerned there is a lack of transparency surrounding how these models reach decisions on the content they produce, and that more needs to be done to ensure that AI is serving human interests — not the other way around.
    Hume, a company that uses AI to read human emotions from verbal, facial and vocal expressions, uses Prolific to test the quality of its AI models. The company recruits people via Prolific to participate in surveys to tell it whether an AI-generated response was a good response or a bad response.
    “Increasingly, the emphasis of researchers in these large companies and labs is shifting towards alignment with human preferences and safety,” Alan Cowen, Hume’s co-founder and CEO, told CNBC.
    “There’s more of an emphasize on being able to monitor things in these applications. I think we’re just seeing the very beginning of this technology being released,” he added. 
    “It makes sense to expect that some of the things that have long been pursued in AI — having personalised tutors and digital assistants; models that can read legal documents and revise them these, are actually coming to fruition.”

    Another role placing humans at the core of AI development is prompt engineers. These are workers who figure out what text-based prompts work best to insert into the generative AI model to achieve the most optimal responses.
    According to LinkedIn data released last week, there’s been a rush specifically toward jobs mentioning AI.
    Job postings on LinkedIn that mention either AI or generative AI more than doubled globally between July 2021 and July 2023, according to the jobs and networking platform.

    Reinforcement learning

    Meanwhile, companies are also using AI to automate reviews of regulatory documentation and legal paperwork — but with human oversight.
    Firms often have to scan through huge amounts of paperwork to vet potential partners and assess whether or not they can expand into certain territories.
    Going through all of this paperwork can be a tedious process which workers don’t necessarily want to take on — so the ability to pass it on to an AI model becomes attractive. But, according to researchers, it still requires a human touch.
    Mesh AI, a digital transformation-focused consulting firm, says that human feedback can help AI models learn mistakes they make through trial and error.
    “With this approach organizations can automate analysis and tracking of their regulatory commitments,” Michael Chalmers, CEO at Mesh AI, told CNBC via email.
    Small and medium-sized enterprises “can shift their focus from mundane document analysis to approving the outputs generated from said AI models and further improving them by applying reinforcement learning from human feedback.”
    WATCH: Adobe CEO on new AI models, monetizing Firefly and new growth More