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Reside Nation Leisure is effectively on its strategy to reaching its greatest annual outcomes ever. Third-quarter income rose 32 p.c to $8.2 billion, versus expectations of $6.99 billion. Earnings per share ended at $1.78, versus expectations of $1.27.
Virtually all of Reside Nation’s revenue comes from organizing live shows and promoting ‘merch’»and ticket gross sales. Proper now, it is tremendous artists Taylor Swift and Beyoncé who’re making a living on the field workplace. Tickets are in excessive demand for each Swift’s second leg of her world tour, which begins in November, and Beyoncé, which kicks off within the new yr.
As well as, Swift’s live performance movie Eras Tour broke all data after its premiere in October and grossed greater than two billion kroner worldwide. Now expectations are excessive for Beyoncé’s documentary Renaissance Tour, which will likely be launched in December.
There’s a normal want for live shows and different dwell occasions post-pandemic, and just about each main band is on tour or planning to hit the highway.
Ticket costs have risen and Reside Nation says concertgoers are spending more cash on meals, drinks and merchandise».
Reside Nation expects to welcome 55 million folks to its live shows and occasions this yr, up from 49 million final yr.
The article continues under the commercialReside Nation expects 2024 to be even higher, with good traction from Swift and Beyoncé. Reside Nation has already booked greater than half of the largest arenas for subsequent yr, when crowd favorites equivalent to Coldplay, Metallica, Pink, Bruno Mars, Aerosmith, Foo Fighters and Ed Sheeran are on the invoice. The Rolling Stones are additionally anticipated to tour subsequent yr.
Reside Nation says about half of the corporate’s income comes from exterior america.
Reside Nation shares rose 2.55 p.c on the inventory market Thursday, and the rise continued in aftermarket buying and selling, the place it rose one other three p.c late Thursday night time.(Circumstances)Copyright Dagens Næringsliv AS and/or our suppliers. We wish you to share our circumstances through hyperlinks that lead on to our pages. Copying or different use of all or a part of the contents could solely be made with written permission or as permitted by regulation. For additional circumstances see right here.
Taylor Swift and Beyoncé are boosting the inventory market
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