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Taylor Swift and Beyoncé’s massive stadium world excursions helped boost rides on Uber and Lyft in 2023. Both companies bask in highlighted the bumps they’ve viewed in rides which capacity that of the pop stars.
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“Final yr, followers flocked to stadiums, with these rides growing by bigger than 35% yr-over-yr, pushed by high-attendance stadium occasions including Taylor Swift and Beyoncé concerts, the U.S. Originate, and football video games,” Lyft said in its most unusual quarterly earnings file released Tuesday.
Uber CEO Dara Khosrowshahi identified the influence of the excursions reduction in August. In a post on X, previously is understood as Twitter, Khosrowshahi said each point out of the collective 200-discontinue excursions averaged over 3,000 rides each for Uber alone.
Total, Uber’s need of rides grew 24% in 2023 to 9.4 billion rides globally, up from 7.6 billion the prior yr. Lyft’s rides were up 18% to 709 million within the U.S. and Canada — where the firm operates — up from 599 million in 2022. These figures translated to bumps in earnings too. Uber’s corpulent-yr earnings grew 17% to $115 billion and Lyft’s rose 8% to $4.4 billion in 2023.
Their shares are moreover up this day following solid earnings experiences from each companies. Uber’s inventory is up 12%. And Lyft shares skyrocketed over 31%, despite a typo in its earnings file.
The economic power of pop
The Beyoncé-Taylor bump on poke-sharing apps is correct one more example of the influence the 2 singers wield over the economic system.
Beyoncé’s Renaissance World Tour generated an estimated $4.5 billion for the U.S. economic system, per the New York Occasions. Swift’s The Eras Tour generated $5.7 billion.
In the sports activities world, Swift’s relationship with Astronomical Bowl champ Travis Kelce has generated $331.5 million in brand price for the NFL and the Kansas Metropolis Chiefs.
