Beyoncé’s Beyhive, Taylor Swift’s Swifties, Scuderia Ferrari’s tifosi. Superfans can be found across different mediums, and Bernstein sees them as crucial to growth and profitability in the next phase of the entertainment industry.

Bernstein’s Ian Moore kicked off coverage on the sector, initiating Live Nation Entertainment Inc., Spotify Technology SA, TKO Group Holdings Inc., DraftKings Inc. and Warner Music Group Corp. at outperform. Meanwhile, Liberty Media Corp-Liberty Formula One and Flutter Entertainment Plc were rated market perform.