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 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.
“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.
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.
Read more: Beyoncé Job Joins Taylor Swift Role to Cover $5.4 Billion Boom
The Eras Tour concert film will start playing in most of the confirmed 8,500 theaters across 100 countries on Oct. 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’s tour will come to movie screens on Dec. 1 across the US, Canada and Mexico.
(Updates AMC shares.)
