Taylor Swift is now a billionaire
TheStreet’s J.D. Durkin brings you the biggest news of the day, including an update on earnings season and Taylor Swift joining the billionaire’s club.
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00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here's a look at what we
00:03 are watching on the street today. Positive earnings from both Amazon and Intel helping
00:08 ease worries around big tech after the market witness steeped losses on Thursday. Amazon
00:13 reporting better than expected results in its third quarter with a 13% jump in revenue. Meanwhile,
00:19 Intel also posting strong results with upbeat guidance heading into the fourth quarter.
00:24 Investors are also digesting the latest inflation report we got early this morning,
00:28 PCE data. The figure coming in at 0.3% right in line with expectations. The U.S. Federal Reserve
00:35 pays the closest attention to PCE as it could help decide the agency's path forward on interest
00:41 rates. Currently, investors are pricing in a 99% chance, yes 99%, that the central bank holds rates
00:49 steady in its upcoming November meeting. We'll get that decision on Wednesday of next week.
00:54 Switching tunes, Taylor Swift can certainly call herself a lot of things, music star,
00:58 pop culture icon, and now according to Bloomberg, a billionaire. Thanks to Taylor Swift's record
01:05 breaking Eras tour, her net worth now sits at $1.1 billion. Here's the breakdown of how the
01:11 singer earned her first billion. Her entire music catalog is worth an estimated $400 million.
01:16 Ticket sales and merchandise from concerts account for $300 million. Spotify and YouTube earnings
01:22 about $120 million. Her five personal properties account for $110 million, while royalties brought
01:29 in $80 million. The Eras tour, which still has 89 more shows scheduled, could bring in more than
01:36 $2 billion in North American ticket sales alone. But Taylor Swift's not only raking in the cash
01:41 for herself, Swift's 53 U.S. concerts this year have added more than, get this, $4.3 billion
01:48 to our nation's GDP, at least according to analysis from Bloomberg. The final six nights
01:53 of her tour in Los Angeles boosted the city's economy to the tune of $320 million. That'll
02:00 do it for your daily briefing. From the floor of the New York Stock Exchange, I am JD Durkin
02:04 with The Street.
02:05 you
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