The Taylor Swift economy: Business lessons from this ‘Eras’ biggest pop star

A touring Taylor Swift has proven to be a significant form of economic stimulus for the cities where she performs. So what are the business lessons here that even non-Swifties can appreciate?

Taylor Swift’s The Eras Tour is in the process of taking over the world. Thanks to the intensity of contemporary fandom and a post-pandemic thirst for fun, the tour is having a very positive impact on the economies of the places it visits.

In 2023, Swift’s 60 shows grossed $1.039 billion, displacing even the legendary Elton John’s 328-show Farewell Yellow Brick tour as the highest-grossing concert tour of all time. And the tour isn’t even at its halfway mark yet. The Eras Tour is scheduled to end on December 8, 2024, in Vancouver, Canada, with the completion of a total of 151 shows.

Described as a homage to the “musical eras” throughout Swift’s discography, The Eras Tour is the sixth concert tour by the American country singer-turned-pop icon.

RIO DE JANEIRO, BRAZIL - NOVEMBER 17: (EDITORIAL USE ONLY. NO BOOK COVERS.) Taylor Swift fans are seen during "Taylor Swift | The Eras Tour" at Estadio Olimpico Nilton Santos on November 17, 2023 in Rio de Janeiro, Rio de Janeiro. (Photo by Buda Mendes/TAS23/Getty Images for TAS Rights Management )

Above Fans of the musician, who are known as Swifties, wear friendship bracelets sparked by her song ‘You’re on Your Own, Kid’ from her album ‘Midnights’ (Photo: Getty Images)

Swiftonomics 101

The total economic impact of Swift’s tour is expected to be $5 billion, more than the gross domestic product (GDP) of 50 countries. The total expenses of the average concertgoer so far add up to more than $1,300.

Swifties everywhere are clamouring to see their idol. There were at least 800,000 people in the queue to buy tickets for the Sydney show—and the same for the Melbourne show. With no Eras shows in New Zealand, Air New Zealand added 2,000 seats on services to Australia as a result of demand from Kiwi Swifties.

For the Singapore shows, her only stop in Southeast Asia, pre-sale tickets sold out in 3 hours, with more than a million people queuing up virtually in hopes of securing them.

LAS VEGAS, NEVADA - FEBRUARY 11: Travis Kelce #87 of the Kansas City Chiefs and Taylor Swift react as they see Mecole Hardman Jr. #12 of the Kansas City Chiefs following the NFL Super Bowl 58 football game between the San Francisco 49ers and the Kansas City Chiefs at Allegiant Stadium on February 11, 2024 in Las Vegas, Nevada. (Photo by Michael Owens/Getty Images)

Above Swift with boyfriend, American football player Travis Kelce, who she has been publicly dating since September 2023 (Photo: Getty Images)

The Swift effect

The influence of Swift extends far beyond her music. With the pop icon’s relationship with American National Football League (NFL) player Travis Kelce in the spotlight, the spillover effect of Swift attending her boyfriend’s games to cheer him on has significantly increased the NFL’s viewership, especially among female viewers between the ages of 18 to 49. Thanks to Swift’s attendance at one of his games in September 2023, the month they went public with their relationship, Kelce’s jersey sales spiked by nearly 400 percent, making him one of the top five-selling NFL players.

Swift’s impact is also literally causing shockwaves. In July 2023, a pair of Eras Tour performances in Seattle was so loud that they registered as seismic events equivalent to a 2.3 magnitude earthquake.

More crushingly, the crash of Ticketmaster’s booking platform due to overwhelming demand for Swift’s concert tickets was so devastating that it even led to a congressional hearing in the US.

Swift’s influence on politics has been documented before during the US elections in 2018: Twenty-four hours after she posted on social media encouraging her hundreds of millions of fans to vote, it was reported that 65,000 people registered for the polls.

It seems her concerts may also be causing some Bad Blood between nations. The Eras Tour’s six-day stop in March 2024 in Singapore is part of a government initiative to make the city-state an events capital, but people in other countries around Asia where she isn’t performing aren’t too happy.

Inglewood, CA - August 07: Taylor Swift performs during The Eras Tour at SoFi Stadium in Inglewood Monday, Aug. 7, 2023. (Allen J. Schaben / Los Angeles Times via Getty Images)

Above Swift made her music debut in 2006 with the single, 'Tim McGraw’. She also released a self-titled album that same year (Photo: Getty Images)

Throughout her career, Swift has transcended the boundaries of music to become a defining cultural and business icon of our time. While not everyone—including some of her exes—might be a fan of her writing songs based on her past relationships, her lyrics have inspired and resonated with just as many or more on a deeply personal level, garnering her a fiercely loyal global fanbase willing to spend the money to show their support.

Swift and her team’s business acumen, evidenced by their clever decisions around album releases, copyright ownership and direct engagement with fans, also underscores how they are reshaping the entertainment and music industries.

Whether you love her or you hate her, Swift has become an icon of this generation that people can’t stop talking about or deny has achieved the kind of career success that most musicians dream about.

This article was adapted from our weekly newsletter, The Deep Dive. Read the full edition on the Taylor Swift economy. Subscribe to The Deep Dive here.

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Topics

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