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Taylor Swift and Beyoncé’s large stadium world excursions helped increase rides on Uber and Lyft in 2023. Each firms have highlighted the bumps they’ve seen in rides due to the pop stars.
“Final yr, followers flocked to stadiums, with these rides rising by greater than 35% year-over-year, driven by high-attendance stadium events including Taylor Swift and Beyoncé concerts, the U.S. Open, and soccer video games,” Lyft stated in its newest quarterly earnings report launched Tuesday.
Uber CEO Dara Khosrowshahi identified the impression of the excursions again in August. In a put up on X, previously often called Twitter, Khosrowshahi stated every present of the collective 200-stop excursions averaged over 3,000 rides every for Uber alone.
General, Uber’s variety of rides grew 24% in 2023 to 9.4 billion rides globally, up from 7.6 billion the prior yr. Lyft’s rides had been up 18% to 709 million within the U.S. and Canada — the place the corporate operates — up from 599 million in 2022. These figures translated to bumps in income too. Uber’s full-year income grew 17% to $115 billion and Lyft’s rose 8% to $4.4 billion in 2023.
Their shares are additionally up immediately following sturdy earnings studies from each firms. Uber’s inventory is up 12%. And Lyft shares skyrocketed over 31%, despite a typo in its earnings report.
The financial energy of pop
The Beyoncé-Taylor bump on ride-sharing apps is simply one other instance of the affect 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, in accordance with the New York Occasions. Swift’s The Eras Tour generated $5.7 billion.
Within the sports activities world, Swift’s relationship with Tremendous Bowl champ Travis Kelce has generated $331.5 million in model worth for the NFL and the Kansas Metropolis Chiefs.
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