Taylor Swift’s The Eras Tour was one of the few things that exceeded its hype. From the sheer length of the concert, to the stage, costumes, lights, and light bracelets, it was phenomenal. You can’t go anywhere on the internet these days without seeing a TikTok, a news headline, or a Taylor Swift song being referenced or quoted. Despite the U.S. Tour being over, Swift gears up for her international tour and the news just can’t get enough of her. Even if you completely dislike her music and couldn’t care less about her, you have to admit that what she has achieved during this tour is remarkable and worth considering.
So what has Ms. Swift done? Well, she is estimated to have sold $14 million in ticket sales at each show. She has commanded media attention like no other touring artists this summer. While Drake and Beyonce are both touring, Taylor Swift is definitely making the most money. However, Beyonce is right behind her breaking several of her own records and going down as one of the top-grossing tours of the decade. Beyonce’s Renaissance Tour is a phenomenon in itself, just not the focus of this article today.
Swift has had more albums on the Billboard charts than any other female artist and she has placed at least one song from each of her 10 albums on the charts. She sells out her shows, and thousands of fans line up outside stadiums to listen to the three-plus hour setlist. Speaking of the enthusiasm of her fans, while performing in Seattle at Lumen Field, a 2.3 earthquake was caused by fans at the concert. By the end of The Eras Tour, including international performances, she is projected to make over 1 billion dollars. If she achieves this, she will be the first-ever artist in the history of music to do so, passing Elton John’s Farewell Tour. There really is something for everyone to appreciate about what she is doing here. It’s not just about the songs (while those are in fact spectacular). She is business savvy to the level of a mastermind if you will. If you really are having a hard time finding something to like about her, CBS News quotes the Federal Reserve saying she has boosted the United States Economy. So, thanks Taylor!
As an economics major and a Swiftie, I thought it would be fun if we explored what exactly Taylor’s tour has done economically. She has raised the GDP of every city she has stopped in. Her six shows in LA boosted the LA GDP by 320 million dollars according to a study done by the California Center for Jobs. Her tour also brought in around 46 million dollars in tax revenue for the state of California. Her tour has allowed the ‘female dollar’ to show the public how powerful it can be. However, it is incorrect to assume that all of Taylor’s fans are female. A study conducted in March found that 52% of her fans identify as female while the remaining 48% identify as male. It’s pretty even split. Here is a fun fact that doesn’t quite relate to economics but is still worth knowing: according to the survey conducted by Morning Consultant, her most liked era is 1989. My prediction is that the release of 1989 will do the best in terms of streams and sales than any of the other rerecorded albums.
From a business perspective, her whole rerecording strategy is genius. Rather than having to create new content, which she is fully capable of doing, she is making a profit off of a recycled product. Throwing in the vault tracks creates novelty to already familiar albums. She markets off of our nostalgia with each era and gets to share more ‘behind the scenes’ of her past self with her fans in the process. A tour like The Eras Tour is even more brilliant because it markets to all kinds of fans or even people who would identify as former fans. If there’s one era you love but don’t really care for the rest, you still can enjoy the concert.
Swift is respected by legends in other fields. Her friendship with Kobe Bryant and his family is one that stands out. As Kobe Bryant once said in an interview “I think it’s important to listen to people who do great things… Taylor has been at the top of the game for a very long time. How and why?… I don’t care if you like her music or don’t like her music, look at what she is doing. It’s frightening stuff. It’s unbelievable to pull that off over and over” (Kobe Bryant on the Jordan Harbinger Show). The “that” he is referring to is her ability to break her own records and continue to produce top-of-the-chart music. So, whether or not you like Taylor Swift or her music, it is undeniable that she is a fierce competitor, creator, and businesswoman. And after the economy’s struggles during the pandemic, it’s nice to know in-person events like concerts are amping it up again and that they can have such a positive effect on the city’s economies.
For more information about Taylor Swift’s impact on the economy or if you want to watch the Kobe Bryant interview visit these links below:
How Taylor Swift’s Eras Tour Conquered the World – The New York Times
Taylor Swift’s The Eras Tour could generate 46 billion for local economies
The Swift impact: Eras Tour stop is boosting Los Angeles’ GDP by estimated $320 million
Survey reveals which one of Taylor Swift’s “Eras” fans are most interested in seeing – MOViN 92.5
Kobe Bryant Thinks Taylor Swift is 100% Killer | Interview Clip | The Jordan Harbinger Show Ep. 249