Taylor Swift merchandising gross sales enhance Common Music’s outcomes

The sale of Taylor Swift merchandising pushed income at Common Music Group within the second quarter, the world’s largest report label stated Wednesday.

The American pop star’s ongoing “Eras Tour” has attracted sufficient followers to assist enhance lodge and restaurant income in cities internationally, and even contribute to live performance ticket inflation, a phenomenon that some economists have termed “Swiftflation.”

“Lately, Taylor Swift grew to become the very first girl in historical past to have 4 albums within the prime 10 concurrently, together with this week’s primary,” the corporate’s chief govt, Lucian Grainge, informed analysts on a convention name.

Common Music’s merchandising income grew 12% to 157 million euros ($173.77 million) within the April-June interval, additionally fueled by a powerful efficiency from Swift, the group stated.

This greater than offset a decline in Common Music Group’s touring income from the outsized development recorded in 2022 as COVID-19 touring bans have been lifted, it added.

Whole income was 2.7 billion euros within the quarter, whereas its margin on adjusted earnings earlier than curiosity, tax, depreciation and amortization (EBITDA) stood at 21.9%, the corporate reported.

Common Music expects current value will increase at Spotify to spice up income ranging from the fourth quarter and into 2024, its chief monetary officer, Boyd Muir, stated on the convention name.

Spotify had on Monday raised costs for its premium plans throughout a number of nations together with the US and Britain.

Main labels like Common Music seize the overwhelming majority of Spotify’s income and are the primary beneficiaries of the streaming agency’s sturdy person development.

Other than Swift, different prime sellers within the second quarter have been South Korean boy band Seventeen, King & Prince, Morgan Wallen, and Stray Children, Common Music stated.