The limitless fame of Taylor Swift is causing an increase in stock prices in both the United States and Europe.
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, Inc. said it sold more than $100 million in advance tickets for the movie of the concert, sending the shares up as much as 5.7% on Friday.
According to AMC, there has been an incredible demand from the audience for Taylor Swift’s The Eras Tour concert film since its initial announcement. The company experienced its highest single-day ticket revenue in its 103-year history within the first 24 hours of the film being available for purchase.
According to Bloomberg Economics, the devoted followers of Ms. Swift, also known as Swifties, and the popular musician Beyoncé are projected to contribute $5.4 billion to the US gross domestic product in the third quarter through their expenditures on concerts. On average, a Swiftie spends $1,500 on attending a show, which includes expenses for tickets, accommodations, travel, and meals.
The concert film for the Eras Tour will be shown in the majority of the 8,500 confirmed theaters in 100 countries on October 13th. This release comes after an impressive 3 million fans attended the first of two US legs of the tour. It is projected that Ms. Swift’s performances worldwide will bring in a total of $1 billion.
The December 1st movie screenings of Beyoncé’s tour will be available in theaters throughout the United States, Canada, and Mexico.