Taylor Swift performs on stage during “Taylor Swift | The Eras Tour” at SoFi Stadium on August 9, 2023 in Inglewood, California. Evin Winter/TAS23/Getty Images for TAS Rights Management
Taylor Swift’s seemingly limitless popularity is driving up share prices on both sides of the Atlantic.
Shares in CTS Eventim AG rose on Thursday after the German live events company said revenue would rise thanks to strong pre-sales of tickets for Swift’s The Eras tour. A few hours later, AMC Entertainment Holdings Inc. said it sold more than $100 million worth of concert movie tickets in advance, sending shares up 5.7% on Friday.
“Audience demand for Taylor Swift’s concert film The Eras Tour has been incredible since it was first announced,” AMC said. The company reported the highest single-day ticket revenue in its 103-year history just 24 hours after the film went on sale.
Bloomberg Economics expects Swift fans, known as Swifties, and fellow superstar musician Beyonce to add $5.4 billion to U.S. gross domestic product in the third quarter by spending on concerts. The typical Swiftie spends $1,500 to attend a performance, including expenses for tickets, hotels, airfare and food.
The Eras Tour concert film will begin showing in most of the confirmed 8,500 cinemas in 100 countries on October 13. The theatrical release comes after more than 3 million fans attended the first of two US legs of the tour. Overall, Swift’s performances around the world are expected to bring in $1 billion.
Beyoncé’s tour will hit theaters on December 1 across the United States, Canada and Mexico.