Taylor Swift and Beyonce boost the stock market

Live Nation Entertainment is on pace for its best annual results ever. Sales in the third quarter rose 32 percent to $8.2 billion versus expectations of $6.99 billion. Earnings per share closed at $1.78, versus $1.27 expected.

Almost all of Live Nation’s revenue comes from organizing concerts and selling “merch”.»And also sell tickets. Right now, it’s superstars Taylor Swift and Beyoncé who are making money at the box office. Tickets for the second part of Swift’s world tour, which begins in November, and Beyoncé’s concert, which begins in the new year, are in high demand.

In addition, Swift’s concert film Eras Tour broke all records after its debut in October, earning more than 2 billion kroner globally. And now there are high expectations for Beyoncé’s “Renaissance Tour” documentary, which will be released next December.

There is a general desire to hold concerts and other live events post-pandemic, and almost every major band is touring or planning to launch.

Ticket prices are up, and Live Nation reports that concertgoers are spending more money on food, drink and “merch.”».

Live Nation expects to attract 55 million people to its concerts and events this year, compared to 49 million last year.

Live Nation expects 2024 to be even better, with good traction from Swift and Beyoncé. Live Nation has already booked more than half of its biggest arenas for next year, when crowd favorites Coldplay, Metallica, Pink, Bruno Mars, Aerosmith, Foo Fighters and Ed Sheeran will be on the bill. The Rolling Stones are also expected to tour next year.

Live Nation states that nearly half of the company’s revenue comes from outside the United States.

Live Nation stock rose 2.55% on the stock exchange on Thursday, and the rise continued in after-market trading, rising another 3% late Thursday evening.(conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead directly to our pages. No copying or other use of all or part of the Content may be permitted except with written permission or as permitted by law. For more terms see here.