Taylor Swift effect boosts stocks on both sides of the Atlantic
Swift’s performances around the world are expected to gross $1 billion
New York: The seemingly boundless popularity of Taylor Swift is boosting stock prices on both sides of the Atlantic.
Shares of CTS Eventim AG surged on Thursday after the German live-events company said earnings would be driven higher by strong advance ticket sales for Swift’s The Eras tour. A few hours later, AMC Entertainment Holdings said it sold more than $100 million in advance tickets for the movie of the concert, sending the shares higher in Friday premarket trading.
“Audience demand for Taylor Swift The Eras Tour concert film has been incredible from the moment it was first announced,” according to AMC. The company posted the highest single-day ticket revenue in its 103-year history within 24 hours of the film going on sale.
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Bloomberg Economics expects fans of Swift - known as Swifties - and fellow superstar musician Beyoncé to have added $5.4 billion to US gross domestic product in the third quarter as they spend on concerts. The typical Swiftie spends $1,500 to attend a performance, including costs for tickets, hotels, flights and food.
The Eras Tour concert film will start playing in most of the confirmed 8,500 theaters across 100 countries on October 13. The theatrical release comes after more than 3 million fans attended the first of the tour’s two US legs. Overall, Swift’s performances around the world are expected to gross $1 billion.
Beyoncé tour will come to movie screens on December 1 across the US, Canada and Mexico.